Forsta AP Fonden Sells 5,200 Shares of Brown & Brown, Inc. (NYSE:BRO)

Forsta AP Fonden decreased its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 11.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 39,200 shares of the financial services provider’s stock after selling 5,200 shares during the period. Forsta AP Fonden’s holdings in Brown & Brown were worth $3,505,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. American Century Companies Inc. boosted its holdings in Brown & Brown by 14.8% in the 2nd quarter. American Century Companies Inc. now owns 16,508 shares of the financial services provider’s stock valued at $1,476,000 after purchasing an additional 2,123 shares during the period. Studio Investment Management LLC boosted its holdings in Brown & Brown by 2.1% in the 2nd quarter. Studio Investment Management LLC now owns 6,417 shares of the financial services provider’s stock valued at $574,000 after purchasing an additional 130 shares during the period. Coldstream Capital Management Inc. boosted its holdings in Brown & Brown by 2.4% in the 2nd quarter. Coldstream Capital Management Inc. now owns 28,846 shares of the financial services provider’s stock valued at $2,579,000 after purchasing an additional 668 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Brown & Brown by 2.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 26,293 shares of the financial services provider’s stock valued at $2,351,000 after purchasing an additional 746 shares during the period. Finally, Royal London Asset Management Ltd. boosted its holdings in Brown & Brown by 105.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after purchasing an additional 1,059,711 shares during the period. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BRO shares. Keefe, Bruyette & Woods boosted their target price on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research report on Friday, July 26th. Wells Fargo & Company upgraded shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $94.00 to $112.00 in a research report on Monday, August 12th. Barclays started coverage on shares of Brown & Brown in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 target price for the company. UBS Group boosted their target price on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Finally, Truist Financial upped their price objective on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Insider Activity

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the transaction, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

Brown & Brown Trading Up 0.9 %

NYSE:BRO opened at $103.13 on Monday. The firm’s fifty day moving average is $99.60 and its 200-day moving average is $91.28. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. Brown & Brown, Inc. has a 52 week low of $66.73 and a 52 week high of $106.02. The firm has a market cap of $29.42 billion, a P/E ratio of 31.73, a P/E/G ratio of 2.34 and a beta of 0.83.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the firm posted $0.68 EPS. The company’s quarterly revenue was up 12.5% on a year-over-year basis. Equities analysts expect that Brown & Brown, Inc. will post 3.68 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s dividend payout ratio is currently 16.00%.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.