Hartford Investment Management Co. Has $1.58 Million Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Hartford Investment Management Co. cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 1.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,199 shares of the financial services provider’s stock after selling 179 shares during the quarter. Hartford Investment Management Co.’s holdings in Brown & Brown were worth $1,575,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Royal London Asset Management Ltd. lifted its holdings in shares of Brown & Brown by 105.1% in the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after acquiring an additional 1,059,711 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Brown & Brown by 24.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after purchasing an additional 687,783 shares during the last quarter. Capital World Investors boosted its position in Brown & Brown by 50.5% in the first quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock valued at $123,714,000 after buying an additional 473,982 shares in the last quarter. Natixis Advisors LLC increased its holdings in shares of Brown & Brown by 123.9% during the second quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock worth $65,597,000 after buying an additional 406,064 shares in the last quarter. Finally, Truist Financial Corp lifted its stake in shares of Brown & Brown by 392.3% in the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after acquiring an additional 376,892 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the business’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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Brown & Brown Price Performance

BRO stock opened at $105.26 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 firm has a market cap of $30.03 billion, a price-to-earnings ratio of 30.25, a PEG ratio of 2.48 and a beta of 0.83. The company’s fifty day simple moving average is $103.99 and its 200 day simple moving average is $95.00. Brown & Brown, Inc. has a 12-month low of $67.30 and a 12-month high of $107.67.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the business earned $0.68 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. On average, analysts expect that Brown & Brown, Inc. will post 3.69 earnings per share for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.57%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Wednesday, November 6th. Brown & Brown’s dividend payout ratio is presently 14.94%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada boosted their price objective on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Barclays began coverage on Brown & Brown in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price objective for the company. Wells Fargo & Company lifted their target price on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. StockNews.com cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods lifted 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $105.67.

About Brown & Brown

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.