Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Prospera Financial Services Inc

Prospera Financial Services Inc decreased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,566 shares of the financial services provider’s stock after selling 145 shares during the period. Prospera Financial Services Inc’s holdings in Brown & Brown were worth $1,923,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in BRO. Royal London Asset Management Ltd. increased its stake in Brown & Brown by 105.1% during the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after purchasing an additional 1,059,711 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Brown & Brown by 24.6% during the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after acquiring an additional 687,783 shares during the last quarter. Capital World Investors grew its position in shares of Brown & Brown by 50.5% during the first quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock worth $123,714,000 after acquiring an additional 473,982 shares during the last quarter. Natixis Advisors LLC grew its position 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 acquiring an additional 406,064 shares during the last quarter. Finally, Truist Financial Corp grew its position in shares of Brown & Brown by 392.3% during the second quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock worth $42,287,000 after acquiring an additional 376,892 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Up 0.2 %

NYSE:BRO opened at $109.61 on Thursday. Brown & Brown, Inc. has a 12 month low of $69.13 and a 12 month high of $114.08. The firm has a market cap of $31.34 billion, a price-to-earnings ratio of 29.87, a P/E/G ratio of 2.54 and a beta of 0.82. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average is $105.80 and its 200-day moving average is $98.54.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. Brown & Brown’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the company posted $0.71 earnings per share. Equities analysts anticipate that Brown & Brown, Inc. will post 3.73 EPS for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 0.55%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is currently 16.35%.

Insiders Place Their Bets

In other 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 value of $14,071,226.40. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 17.02% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Bank of America upped their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Jefferies Financial Group upped their price objective on shares of Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Argus initiated coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. Finally, Barclays initiated coverage on shares of Brown & Brown in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown has an average rating of “Hold” and a consensus price target of $106.50.

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.