Brown & Brown, Inc. (NYSE:BRO) Stake Cut by Tredje AP fonden

Tredje AP fonden cut its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,574 shares of the financial services provider’s stock after selling 594 shares during the quarter. Tredje AP fonden’s holdings in Brown & Brown were worth $3,359,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in 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 during the last quarter. Principal Financial Group Inc. lifted its stake in Brown & Brown by 0.7% in the second quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock valued at $1,144,893,000 after buying an additional 86,824 shares during the last quarter. Norges Bank bought a new stake in Brown & Brown in the fourth quarter valued at $217,663,000. Royal London Asset Management Ltd. lifted 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 buying an additional 1,059,711 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Brown & Brown by 76.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock valued at $142,236,000 after buying an additional 865,082 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Trading Down 1.0 %

Shares of BRO opened at $101.45 on Friday. The business’s 50-day moving average price is $100.56 and its 200 day moving average price is $91.71. The stock has a market capitalization of $28.94 billion, a P/E ratio of 31.22, a P/E/G ratio of 2.37 and a beta of 0.83. Brown & Brown, Inc. has a 1-year low of $66.73 and a 1-year high of $106.02. 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 issued its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.05. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. Brown & Brown’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the business posted $0.68 EPS. 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. Investors of record on Wednesday, August 7th were paid a $0.13 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a yield of 0.51%. Brown & Brown’s dividend payout ratio is currently 16.00%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BRO shares. Citigroup lifted their price objective on shares of Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Barclays started coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price objective on the stock. Truist Financial lifted their price objective on shares of Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Royal Bank of Canada 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 Wednesday, July 24th. Finally, StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. One investment 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 an average rating of “Moderate Buy” and a consensus target price of $100.00.

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.