Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Amalgamated Bank

Amalgamated Bank reduced its stake in Brown & Brown, Inc. (NYSE:BRO) by 0.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,530 shares of the financial services provider’s stock after selling 297 shares during the period. Amalgamated Bank’s holdings in Brown & Brown were worth $4,428,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Crewe Advisors LLC grew its position in Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 228 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Brown & Brown during the 1st quarter worth approximately $32,000. Alaska Permanent Fund Corp acquired a new position in shares of Brown & Brown in the 1st quarter valued at approximately $36,000. First PREMIER Bank purchased a new position in shares of Brown & Brown during the 1st quarter valued at approximately $40,000. Finally, Intelligent Financial Strategies acquired a new stake in shares of Brown & Brown during the first quarter worth approximately $45,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Royal Bank of Canada lifted their price target on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Raymond James upped their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Citigroup boosted their price target on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Moderate Buy” and an average price target of $100.00.

Insider Activity

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

Brown & Brown Trading Down 0.4 %

Brown & Brown stock opened at $101.01 on Friday. The firm has a 50-day moving average price of $100.70 and a two-hundred day moving average price of $91.88. The firm has a market capitalization of $28.81 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 2.42 and a beta of 0.83. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a 52-week low of $66.73 and a 52-week high of $106.02.

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

Brown & Brown Dividend Announcement

The business also recently declared 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 0.51%. The ex-dividend date was Wednesday, August 7th. Brown & Brown’s dividend payout ratio is currently 16.00%.

About Brown & Brown

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.