Wellington Management Group LLP Sells 617,976 Shares of Brown & Brown, Inc. (NYSE:BRO)

Wellington Management Group LLP trimmed its position in Brown & Brown, Inc. (NYSE:BRO) by 79.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 155,710 shares of the financial services provider’s stock after selling 617,976 shares during the period. Wellington Management Group LLP owned 0.05% of Brown & Brown worth $11,073,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its holdings in shares of Brown & Brown by 2.4% during the 4th quarter. Principal Financial Group Inc. now owns 12,325,905 shares of the financial services provider’s stock worth $876,495,000 after acquiring an additional 294,143 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Brown & Brown by 0.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,236,392 shares of the financial services provider’s stock worth $372,360,000 after acquiring an additional 29,514 shares during the last quarter. Norges Bank bought a new stake in shares of Brown & Brown during the 4th quarter worth $217,663,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Brown & Brown by 76.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock worth $142,236,000 after acquiring an additional 865,082 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Brown & Brown by 15.9% during the 3rd quarter. Royal Bank of Canada now owns 1,715,645 shares of the financial services provider’s stock worth $119,821,000 after acquiring an additional 235,001 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Brown & Brown news, EVP Julie Turpin sold 3,350 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $89.92, for a total transaction of $301,232.00. Following the completion of the transaction, the executive vice president now owns 23,597 shares of the company’s stock, valued at $2,121,842.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 17.02% of the stock is owned by insiders.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $90.57 on Thursday. The company has a market cap of $25.84 billion, a price-to-earnings ratio of 27.87, a price-to-earnings-growth ratio of 2.39 and a beta of 0.82. The company has a 50-day moving average price of $87.68 and a 200-day moving average price of $82.27. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 12 month low of $66.23 and a 12 month high of $93.75.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. Brown & Brown had a net margin of 21.09% and a return on equity of 16.43%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the firm earned $0.84 earnings per share. Brown & Brown’s revenue was up 12.7% on a year-over-year basis. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 3.61 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date was Friday, May 3rd. Brown & Brown’s payout ratio is currently 16.00%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Truist Financial boosted their price target on shares of Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Royal Bank of Canada boosted their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Tuesday. Raymond James boosted their price target on shares of Brown & Brown from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 26th. Finally, Bank of America raised shares of Brown & Brown from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $91.00 to $101.00 in a research note on Wednesday, May 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $89.40.

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.