AGF Management Ltd. Lowers Stake in Brown & Brown, Inc. (NYSE:BRO)

AGF Management Ltd. lessened its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,850 shares of the financial services provider’s stock after selling 153 shares during the period. AGF Management Ltd.’s holdings in Brown & Brown were worth $2,401,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Crewe Advisors LLC grew its position in Brown & Brown by 330.4% during the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 228 shares during the period. Headlands Technologies LLC purchased a new stake in Brown & Brown during the first quarter valued at about $32,000. Alaska Permanent Fund Corp purchased a new stake in Brown & Brown during the first quarter valued at about $36,000. First PREMIER Bank purchased a new stake in shares of Brown & Brown in the first quarter worth about $40,000. Finally, Intelligent Financial Strategies purchased a new stake in shares of Brown & Brown in the first quarter worth about $45,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Activity

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction on Thursday, August 8th. The stock was 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 directly owns 88,445 shares in the company, valued at $8,872,802.40. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Brown & Brown Trading Up 0.9 %

Shares of NYSE BRO opened at $103.13 on Friday. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. The stock’s 50 day moving average price is $99.35 and its two-hundred day moving average price is $91.06. Brown & Brown, Inc. has a 52-week low of $66.73 and a 52-week high of $106.02. The stock has a market capitalization of $29.42 billion, a P/E ratio of 31.73, a PEG ratio of 2.34 and a beta of 0.83.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.05. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 EPS. On average, analysts anticipate that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were given a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.50%. Brown & Brown’s payout ratio is currently 16.00%.

Analyst Ratings Changes

BRO has been the subject of several analyst reports. Bank of America raised Brown & Brown from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $91.00 to $101.00 in a research report on Wednesday, May 22nd. UBS Group upped their target price on Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Royal Bank of Canada boosted their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Wells Fargo & Company raised shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $94.00 to $112.00 in a research report on Monday, August 12th. Finally, Citigroup lifted their target price on Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $100.00.

Brown & Brown 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.