Summit Wealth Partners LLC Reduces Holdings in Brown & Brown, Inc. (NYSE:BRO)

Summit Wealth Partners LLC lessened its holdings in Brown & Brown, Inc. (NYSE:BRO) by 3.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,700 shares of the financial services provider’s stock after selling 8,350 shares during the period. Brown & Brown comprises 4.4% of Summit Wealth Partners LLC’s investment portfolio, making the stock its 3rd biggest holding. Summit Wealth Partners LLC’s holdings in Brown & Brown were worth $21,163,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. California State Teachers Retirement System lifted its position in shares of Brown & Brown by 3.0% during the fourth quarter. California State Teachers Retirement System now owns 384,699 shares of the financial services provider’s stock valued at $27,356,000 after purchasing an additional 11,100 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in Brown & Brown in the fourth quarter worth $256,000. NEOS Investment Management LLC bought a new position in Brown & Brown in the 4th quarter valued at $232,000. Rafferty Asset Management LLC increased its position in shares of Brown & Brown by 6.0% during the 4th quarter. Rafferty Asset Management LLC now owns 83,724 shares of the financial services provider’s stock valued at $5,954,000 after purchasing an additional 4,735 shares during the last quarter. Finally, Carmignac Gestion increased its position in shares of Brown & Brown by 6.0% during the 4th quarter. Carmignac Gestion now owns 47,011 shares of the financial services provider’s stock valued at $3,343,000 after purchasing an additional 2,681 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

BRO has been the subject of several research reports. Raymond James 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 report on Thursday, July 25th. Argus started coverage on shares of Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price for the company. Wells Fargo & Company raised shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $94.00 to $112.00 in a report on Monday, August 12th. StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Finally, Barclays assumed coverage on Brown & Brown in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $101.67.

Brown & Brown Price Performance

Brown & Brown stock opened at $105.01 on Wednesday. The business has a 50-day simple moving average of $101.89 and a 200 day simple moving average of $92.67. Brown & Brown, Inc. has a 52 week low of $66.73 and a 52 week high of $106.02. The stock has a market cap of $29.95 billion, a price-to-earnings ratio of 32.31, a PEG ratio of 2.40 and a beta of 0.83. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share 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 company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the business earned $0.68 earnings per share. Brown & Brown’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, research analysts forecast that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders 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 0.50%. The ex-dividend date was Wednesday, August 7th. Brown & Brown’s dividend payout ratio is currently 16.00%.

Insider Buying and Selling

In other news, CFO R. Andrew Watts sold 2,500 shares of the company’s 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 transaction, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred on 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 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 SEC, which is available at this hyperlink. Also, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction on 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 owned by company insiders.

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.