Shell Asset Management Co. Decreases Stake in Brown & Brown, Inc. (NYSE:BRO)

Shell Asset Management Co. reduced its stake in Brown & Brown, Inc. (NYSE:BROGet Rating) by 12.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 4,718 shares of the financial services provider’s stock after selling 698 shares during the period. Shell Asset Management Co.’s holdings in Brown & Brown were worth $341,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of BRO. Commonwealth Equity Services LLC raised its position in shares of Brown & Brown by 2.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 62,643 shares of the financial services provider’s stock valued at $4,402,000 after purchasing an additional 1,238 shares during the last quarter. Yousif Capital Management LLC purchased a new position in Brown & Brown during the 4th quarter worth approximately $3,383,000. CWM LLC purchased a new position in Brown & Brown during the 4th quarter worth approximately $209,000. Xponance Inc. raised its position in Brown & Brown by 25.4% during the 4th quarter. Xponance Inc. now owns 16,249 shares of the financial services provider’s stock worth $1,142,000 after buying an additional 3,292 shares during the last quarter. Finally, Calamos Advisors LLC raised its position in Brown & Brown by 13.6% during the 4th quarter. Calamos Advisors LLC now owns 42,321 shares of the financial services provider’s stock worth $2,974,000 after buying an additional 5,068 shares during the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BRO shares. Jefferies Financial Group reduced their price target on shares of Brown & Brown from $82.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, July 12th. Wells Fargo & Company dropped their price objective on shares of Brown & Brown to $66.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. The Goldman Sachs Group began coverage on shares of Brown & Brown in a research note on Tuesday, July 12th. They set a “neutral” rating and a $67.00 price objective on the stock. UBS Group began coverage on shares of Brown & Brown in a research note on Monday, April 18th. They set a “neutral” rating and a $76.00 price objective on the stock. Finally, Truist Financial dropped their price objective on shares of Brown & Brown from $82.00 to $75.00 in a research note on Monday, July 18th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $69.00.

Brown & Brown Trading Up 0.9 %

Shares of BRO opened at $64.90 on Friday. Brown & Brown, Inc. has a 52-week low of $52.91 and a 52-week high of $74.00. The company has a quick ratio of 3.90, a current ratio of 3.90 and a debt-to-equity ratio of 0.97. The firm’s fifty day moving average is $59.29 and its two-hundred day moving average is $63.40. The stock has a market cap of $18.33 billion, a PE ratio of 30.05 and a beta of 0.80.

Brown & Brown (NYSE:BROGet Rating) last announced its earnings results on Monday, July 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. Brown & Brown had a net margin of 18.86% and a return on equity of 15.36%. The company had revenue of $838.70 million for the quarter, compared to analysts’ expectations of $803.46 million. During the same quarter in the previous year, the company posted $0.49 EPS. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. Research analysts forecast that Brown & Brown, Inc. will post 2.31 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 17th. Stockholders of record on Wednesday, August 10th will be issued a dividend of $0.102 per share. The ex-dividend date is Tuesday, August 9th. This represents a $0.41 annualized dividend and a dividend yield of 0.63%. Brown & Brown’s dividend payout ratio is presently 18.98%.

Insider Transactions at Brown & Brown

In related news, Director Lawrence L. Gellerstedt III acquired 1,800 shares of Brown & Brown stock in a transaction that occurred on Thursday, May 19th. The shares were purchased at an average cost of $54.95 per share, for a total transaction of $98,910.00. Following the acquisition, the director now owns 12,884 shares in the company, valued at $707,975.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 17.02% of the company’s stock.

About Brown & Brown

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Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.

Further Reading

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BROGet Rating).

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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