Toronto Dominion Bank Cuts Stake in Brown & Brown, Inc. (NYSE:BRO)

Toronto Dominion Bank lessened its stake in Brown & Brown, Inc. (NYSE:BRO) by 30.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 116,113 shares of the financial services provider’s stock after selling 51,653 shares during the quarter. Toronto Dominion Bank’s holdings in Brown & Brown were worth $10,382,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Zurich Insurance Group Ltd FI bought a new position in shares of Brown & Brown during the 2nd quarter valued at about $16,146,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Brown & Brown by 61.1% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 46,524 shares of the financial services provider’s stock worth $4,160,000 after buying an additional 17,642 shares in the last quarter. Point72 DIFC Ltd bought a new position in Brown & Brown during the second quarter valued at approximately $117,000. Xponance Inc. grew its holdings in Brown & Brown by 2.4% during the 2nd quarter. Xponance Inc. now owns 41,870 shares of the financial services provider’s stock valued at $3,744,000 after buying an additional 994 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its stake in Brown & Brown by 8.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 40,185 shares of the financial services provider’s stock worth $3,593,000 after acquiring an additional 2,990 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BRO shares. Raymond James boosted their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Royal Bank of Canada lifted their price target on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Argus initiated coverage on Brown & Brown in a research report on Tuesday. They set a “buy” rating and a $120.00 price objective on the stock. Citigroup raised their price objective on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, UBS Group boosted their target price on Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Brown & Brown has an average rating of “Moderate Buy” and an average target price of $101.67.

Brown & Brown Stock Down 0.3 %

NYSE:BRO opened at $102.66 on Friday. The company has a market cap of $29.28 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 2.37 and a beta of 0.83. Brown & Brown, Inc. has a twelve month low of $66.73 and a twelve month 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. The stock has a fifty day simple moving average of $101.68 and a 200-day simple moving average of $92.45.

Brown & Brown (NYSE:BRO) last announced 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. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the business posted $0.68 EPS. Analysts anticipate that Brown & Brown, Inc. will post 3.68 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were issued 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 0.51%. Brown & Brown’s payout ratio is 16.00%.

Insider Buying and Selling

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

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.