Rhumbline Advisers Decreases Position in Brown & Brown, Inc. (NYSE:BRO)

Rhumbline Advisers lessened its holdings in Brown & Brown, Inc. (NYSE:BRO) by 0.0% during the second quarter, Holdings Channel.com reports. The firm owned 537,074 shares of the financial services provider’s stock after selling 258 shares during the quarter. Rhumbline Advisers’ holdings in Brown & Brown were worth $48,020,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Crewe Advisors LLC raised its position in Brown & Brown by 330.4% in the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 228 shares during the period. Headlands Technologies LLC purchased a new position in Brown & Brown in the 1st quarter worth $32,000. Alaska Permanent Fund Corp purchased a new position in Brown & Brown in the 1st quarter worth $36,000. First PREMIER Bank bought a new stake in Brown & Brown in the 1st quarter worth $40,000. Finally, Intelligent Financial Strategies bought a new stake in Brown & Brown in the 1st quarter worth $45,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Down 1.1 %

Shares of BRO opened at $104.61 on Friday. The firm’s 50-day moving average price is $98.04 and its 200-day moving average price is $90.38. The firm has a market capitalization of $29.84 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 2.44 and a beta of 0.83. 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, Inc. has a 1-year low of $66.73 and a 1-year high of $106.02.

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

Brown & Brown Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Truist Financial raised their price target on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Citigroup raised their price target on shares of Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Keefe, Bruyette & Woods raised their price target on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Finally, UBS Group raised their price target on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. One 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 company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.00.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s 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 this hyperlink. In other Brown & Brown news, 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 completion of the transaction, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 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 currently 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.