Brown & Brown, Inc. (NYSE:BRO) Shares Sold by DoubleLine ETF Adviser LP

DoubleLine ETF Adviser LP lowered its stake in Brown & Brown, Inc. (NYSE:BRO) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,901 shares of the financial services provider’s stock after selling 139 shares during the period. DoubleLine ETF Adviser LP’s holdings in Brown & Brown were worth $349,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in BRO. Oregon Public Employees Retirement Fund raised its stake in Brown & Brown by 0.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock worth $1,819,000 after acquiring an additional 100 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Brown & Brown by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock worth $2,243,000 after purchasing an additional 125 shares during the last quarter. Studio Investment Management LLC lifted its holdings in shares of Brown & Brown by 2.1% during the second quarter. Studio Investment Management LLC now owns 6,417 shares of the financial services provider’s stock worth $574,000 after purchasing an additional 130 shares during the period. Simplicity Wealth LLC boosted its position in Brown & Brown by 5.6% in the second quarter. Simplicity Wealth LLC now owns 2,505 shares of the financial services provider’s stock valued at $224,000 after buying an additional 132 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in Brown & Brown by 2.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,856 shares of the financial services provider’s stock worth $613,000 after buying an additional 163 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Brown & Brown

In related news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction dated 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 directly owns 88,445 shares in the company, valued at $8,872,802.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown 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 owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. 17.02% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on BRO shares. Raymond James lifted their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Argus initiated coverage on Brown & Brown in a research report on Tuesday. They set a “buy” rating and a $120.00 price target on the stock. Citigroup boosted their price objective on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Truist Financial raised their target price on Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.67.

Brown & Brown Stock Performance

Shares of BRO stock opened at $102.99 on Friday. The company has a market capitalization of $29.38 billion, a P/E ratio of 31.69, a P/E/G ratio of 2.37 and a beta of 0.83. Brown & Brown, Inc. has a 12-month low of $66.73 and a 12-month high of $106.02. The business’s 50 day moving average is $101.47 and its two-hundred day moving average is $92.32. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.14 billion. During the same quarter last year, the firm posted $0.68 EPS. The business’s revenue was up 12.5% on a year-over-year basis. Analysts expect that Brown & Brown, Inc. will post 3.68 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.50%. The ex-dividend date 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.