Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Millennium Management LLC

Millennium Management LLC lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 73.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,961 shares of the financial services provider’s stock after selling 284,219 shares during the quarter. Millennium Management LLC’s holdings in Brown & Brown were worth $9,385,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its position in Brown & Brown by 24.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after buying an additional 687,783 shares during the last quarter. MBB Public Markets I LLC purchased a new stake in shares of Brown & Brown in the second quarter valued at about $1,329,000. Dundas Partners LLP boosted its holdings in shares of Brown & Brown by 1.0% in the second quarter. Dundas Partners LLP now owns 479,205 shares of the financial services provider’s stock valued at $42,846,000 after acquiring an additional 4,528 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Brown & Brown during the second quarter worth about $1,463,000. Finally, Zurich Insurance Group Ltd FI purchased a new position in Brown & Brown during the second quarter worth about $16,146,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on BRO. StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a report on Friday, August 16th. UBS Group lifted their price target on Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Barclays initiated coverage on Brown & Brown in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 target price for the company. Keefe, Bruyette & Woods increased their price target on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a report on Friday, July 26th. Finally, Argus started coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $101.67.

Brown & Brown Trading Up 3.1 %

Brown & Brown stock opened at $105.25 on Wednesday. The stock has a 50-day moving average price of $102.63 and a 200 day moving average price of $93.47. Brown & Brown, Inc. has a 52 week low of $66.73 and a 52 week high of $106.02. The stock has a market cap of $30.02 billion, a PE ratio of 32.38, a P/E/G ratio of 2.44 and a beta of 0.83. 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 posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share 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 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 business posted $0.68 earnings per share. The company’s revenue was up 12.5% on a year-over-year basis. Equities research analysts predict that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently disclosed 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 0.49%. The ex-dividend date was Wednesday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is 16.00%.

Insider Transactions at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the company’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Hyatt J. Brown sold 134,640 shares of the company’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 transaction of $14,071,226.40. The sale 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 Brown & Brown 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 transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

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.