Claro Advisors LLC Lowers Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Claro Advisors LLC lessened its holdings in Brown & Brown, Inc. (NYSE:BROFree Report) by 2.9% during the third quarter, Holdings Channel.com reports. The firm owned 9,709 shares of the financial services provider’s stock after selling 293 shares during the quarter. Claro Advisors LLC’s holdings in Brown & Brown were worth $1,006,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Brown & Brown by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider’s stock valued at $2,482,223,000 after purchasing an additional 203,105 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Brown & Brown by 0.7% in the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock valued at $1,144,893,000 after purchasing an additional 86,824 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Brown & Brown by 0.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock valued at $405,638,000 after purchasing an additional 28,180 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings 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 in the last quarter. Finally, Royal London Asset Management Ltd. boosted its holdings in Brown & Brown by 105.1% in the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Up 0.5 %

Shares of Brown & Brown stock opened at $110.05 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. Brown & Brown, Inc. has a 1 year low of $69.13 and a 1 year high of $114.08. The company has a market capitalization of $31.47 billion, a P/E ratio of 29.99, a P/E/G ratio of 2.54 and a beta of 0.82. The business has a 50 day moving average price of $105.38 and a 200 day moving average price of $98.09.

Brown & Brown (NYSE:BROGet Free Report) last issued its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. Brown & Brown’s revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.71 EPS. Sell-side analysts anticipate that Brown & Brown, Inc. will post 3.73 EPS for the current fiscal year.

Brown & Brown Increases Dividend

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

Insider Activity

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 transaction of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 17.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a report on Friday, July 26th. Jefferies Financial Group boosted their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Argus assumed coverage on Brown & Brown in a research note on Tuesday, September 24th. They set a “buy” rating and a $120.00 price target on the stock. Truist Financial boosted their price target on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Brown & Brown currently has an average rating of “Hold” and an average target price of $106.50.

Get Our Latest Stock Report on BRO

About Brown & Brown

(Free Report)

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.

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

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