Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Avior Wealth Management LLC

Avior Wealth Management LLC lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 18.8% during the third quarter, Holdings Channel.com reports. The fund owned 571 shares of the financial services provider’s stock after selling 132 shares during the period. Avior Wealth Management LLC’s holdings in Brown & Brown were worth $59,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Oregon Public Employees Retirement Fund increased its stake in shares of Brown & Brown by 0.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock valued at $1,819,000 after acquiring an additional 100 shares during the period. Trust Point Inc. grew its position in Brown & Brown by 4.3% in the third quarter. Trust Point Inc. now owns 2,519 shares of the financial services provider’s stock worth $261,000 after buying an additional 103 shares during the last quarter. Creative Planning grew its position in Brown & Brown by 0.4% in the third quarter. Creative Planning now owns 29,892 shares of the financial services provider’s stock worth $3,097,000 after buying an additional 112 shares during the last quarter. Crossmark Global Holdings Inc. grew its position in Brown & Brown by 0.5% in the third quarter. Crossmark Global Holdings Inc. now owns 22,929 shares of the financial services provider’s stock worth $2,375,000 after buying an additional 113 shares during the last quarter. Finally, Anchor Investment Management LLC grew its position in Brown & Brown by 4.0% in the second quarter. Anchor Investment Management LLC now owns 3,286 shares of the financial services provider’s stock worth $294,000 after buying an additional 125 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Activity at Brown & Brown

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

Brown & Brown Price Performance

Shares of BRO stock opened at $112.05 on Monday. Brown & Brown, Inc. has a 1 year low of $69.13 and a 1 year high of $114.08. The firm’s 50 day moving average is $106.16 and its 200-day moving average is $98.92. The firm has a market capitalization of $32.04 billion, a price-to-earnings ratio of 30.53, a PEG ratio of 2.55 and a beta of 0.82. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (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 company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business earned $0.71 earnings per share. Brown & Brown’s quarterly revenue was up 11.0% on a year-over-year basis. Sell-side analysts forecast that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were issued a $0.15 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown’s dividend payout ratio is currently 16.35%.

Analyst Upgrades and Downgrades

BRO has been the topic of several research analyst reports. Royal Bank of Canada lifted their price objective on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Barclays lifted their price objective on shares of Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Thursday. Truist Financial lifted their target price on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. StockNews.com lowered shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Finally, Bank of America lifted their target price on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. 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 company. Based on data from MarketBeat.com, Brown & Brown presently 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.