Summit Wealth Partners LLC Has $21.16 Million Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Summit Wealth Partners LLC lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 236,700 shares of the financial services provider’s stock after selling 8,350 shares during the period. Brown & Brown accounts for approximately 4.4% of Summit Wealth Partners LLC’s investment portfolio, making the stock its 3rd biggest holding. Summit Wealth Partners LLC owned approximately 0.08% of Brown & Brown worth $21,163,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BRO. Vanguard Group Inc. raised its position in shares of Brown & Brown by 0.7% in the first quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider’s stock valued at $2,482,223,000 after buying an additional 203,105 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Brown & Brown by 0.7% during the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock worth $1,144,893,000 after purchasing an additional 86,824 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Brown & Brown by 24.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after purchasing an additional 687,783 shares during the period. Royal London Asset Management Ltd. raised its stake in Brown & Brown by 105.1% in the second 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Brown & Brown by 8.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock worth $138,899,000 after purchasing an additional 114,688 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Price Performance

BRO stock opened at $105.01 on Wednesday. The company has a market capitalization of $29.95 billion, a P/E ratio of 32.31, a PEG ratio of 2.40 and a beta of 0.83. The company has a fifty day moving average price of $101.89 and a 200-day moving average price of $92.67. 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.

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, topping 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 business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company earned $0.68 EPS. Brown & Brown’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, equities analysts expect that Brown & Brown, Inc. will post 3.68 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.50%. The ex-dividend date was Wednesday, August 7th. Brown & Brown’s payout ratio is presently 16.00%.

Insider Buying and Selling at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $250,800.00. Following the completion of the sale, the chief financial officer now 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.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Truist Financial raised their target price on shares of Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Raymond James boosted their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. UBS Group raised their target price on Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Finally, Argus initiated coverage on Brown & Brown in a research note on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price for the company. 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 company. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Moderate Buy” and an average target price of $101.67.

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.