Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 2.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,124 shares of the financial services provider’s stock after selling 1,114 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Brown & Brown were worth $3,766,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of BRO. State Board of Administration of Florida Retirement System boosted its holdings in Brown & Brown by 2.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock valued at $23,390,000 after acquiring an additional 6,613 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Brown & Brown by 12.7% in the 1st quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock valued at $24,169,000 after purchasing an additional 31,071 shares in the last quarter. Great Valley Advisor Group Inc. purchased a new stake in shares of Brown & Brown during the 2nd quarter worth about $1,512,000. DekaBank Deutsche Girozentrale increased its position in Brown & Brown by 12.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock worth $21,855,000 after purchasing an additional 27,879 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in Brown & Brown by 339.1% in the fourth quarter. Allianz Asset Management GmbH now owns 648,550 shares of the financial services provider’s stock valued at $46,118,000 after buying an additional 500,847 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

BRO stock opened at $101.01 on Monday. The stock’s 50 day moving average is $100.70 and its two-hundred day moving average is $91.93. Brown & Brown, Inc. has a 52-week low of $66.73 and a 52-week high of $106.02. The company has a market capitalization of $28.81 billion, a PE ratio of 31.08, a P/E/G 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 (NYSE:BRO) last issued its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The business’s revenue was up 12.5% compared to the same quarter last year. Analysts predict that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.51%. Brown & Brown’s dividend payout ratio (DPR) is presently 16.00%.

Insider Transactions at Brown & Brown

In related news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the sale, 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 filing with the SEC, which can be accessed through this link. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the business’s 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 completion of the sale, the chief financial officer now owns 88,445 shares in the company, valued at $8,872,802.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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. Corporate insiders own 17.02% of the company’s stock.

Analyst Ratings Changes

BRO has been the subject of several research reports. Raymond James boosted their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. UBS Group upped their price target on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Truist Financial raised their price objective on Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada upped their target price on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Wells Fargo & Company upgraded Brown & Brown from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $94.00 to $112.00 in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.00.

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.