Mutual of America Capital Management LLC Sells 1,067 Shares of Brown & Brown, Inc. (NYSE:BRO)

Mutual of America Capital Management LLC reduced its position in Brown & Brown, Inc. (NYSE:BRO) by 2.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,057 shares of the financial services provider’s stock after selling 1,067 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Brown & Brown were worth $4,254,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of Brown & Brown by 0.7% in the second quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock worth $1,144,893,000 after buying an additional 86,824 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Brown & Brown by 0.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock worth $405,638,000 after purchasing an additional 28,180 shares during the period. The Manufacturers Life Insurance Company lifted 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 purchasing an additional 687,783 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in shares of 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 worth $184,930,000 after purchasing an additional 1,059,711 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Brown & Brown by 8.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock valued at $138,899,000 after purchasing an additional 114,688 shares during the period. Institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. 17.02% of the stock is owned by insiders.

Brown & Brown Trading Up 1.2 %

BRO opened at $110.95 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. The firm has a market cap of $31.73 billion, a price-to-earnings ratio of 30.18, a PEG ratio of 2.52 and a beta of 0.82. Brown & Brown, Inc. has a 12 month low of $69.13 and a 12 month high of $114.08. The stock has a fifty day moving average price of $105.80 and a 200-day moving average price of $98.54.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the company posted $0.71 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were given a dividend of $0.15 per share. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 0.54%. Brown & Brown’s dividend payout ratio is presently 16.35%.

Analysts Set New Price Targets

BRO has been the topic of several recent analyst reports. Royal Bank of Canada raised their price target on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Jefferies Financial Group increased their price objective on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Truist Financial raised their price objective on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Keefe, Bruyette & Woods upped their target price on 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 assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $107.42.

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.