Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Axa S.A.

Axa S.A. lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 13.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 82,100 shares of the financial services provider’s stock after selling 13,100 shares during the quarter. Axa S.A.’s holdings in Brown & Brown were worth $7,341,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Point72 Hong Kong Ltd acquired a new stake in Brown & Brown in the 2nd quarter valued at about $1,463,000. Zurich Insurance Group Ltd FI purchased a new stake in shares of Brown & Brown during the second quarter worth approximately $16,146,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in 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 valued at $4,160,000 after acquiring an additional 17,642 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Brown & Brown in the second quarter worth approximately $117,000. Finally, 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 worth $3,744,000 after acquiring an additional 994 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BRO shares. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Raymond James lifted their price target on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Truist Financial increased their price objective on Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Keefe, Bruyette & Woods boosted their target price on Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research note on Friday, July 26th. Finally, Royal Bank of Canada increased their price target 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. One research 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $101.67.

Insider Activity at Brown & Brown

In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 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. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown 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 disclosure for this sale can be found here. 17.02% of the stock is currently owned by insiders.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $102.65 on Friday. The stock has a market cap of $29.28 billion, a P/E ratio of 31.58, a P/E/G ratio of 2.40 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 stock has a 50 day moving average of $101.68 and a two-hundred day moving average of $92.45. 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. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Brown & Brown’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.68 EPS. On average, research analysts forecast that Brown & Brown, Inc. will post 3.68 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date was Wednesday, August 7th. Brown & Brown’s dividend payout ratio is currently 16.00%.

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.