FourThought Financial LLC Decreases Holdings in Brown & Brown, Inc. (NYSE:BRO)

FourThought Financial LLC trimmed its holdings in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 34.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,301 shares of the financial services provider’s stock after selling 2,277 shares during the quarter. FourThought Financial LLC’s holdings in Brown & Brown were worth $260,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. State of Michigan Retirement System grew its stake in Brown & Brown by 0.3% in the 3rd quarter. State of Michigan Retirement System now owns 63,451 shares of the financial services provider’s stock worth $3,838,000 after acquiring an additional 200 shares in the last quarter. Retirement Systems of Alabama boosted its stake in shares of Brown & Brown by 0.3% during the third quarter. Retirement Systems of Alabama now owns 77,868 shares of the financial services provider’s stock valued at $4,709,000 after purchasing an additional 200 shares in the last quarter. Raymond James Trust N.A. boosted its stake in shares of Brown & Brown by 1.3% during the third quarter. Raymond James Trust N.A. now owns 15,753 shares of the financial services provider’s stock valued at $953,000 after purchasing an additional 206 shares in the last quarter. Nomura Holdings Inc. boosted its stake in shares of Brown & Brown by 1.3% during the third quarter. Nomura Holdings Inc. now owns 18,275 shares of the financial services provider’s stock valued at $1,105,000 after purchasing an additional 234 shares in the last quarter. Finally, Virtus ETF Advisers LLC boosted its stake in shares of Brown & Brown by 2.3% during the third quarter. Virtus ETF Advisers LLC now owns 10,896 shares of the financial services provider’s stock valued at $659,000 after purchasing an additional 250 shares in the last quarter. 69.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BRO. StockNews.com began coverage on shares of Brown & Brown in a research note on Thursday. They set a “hold” rating on the stock. Citigroup initiated coverage on shares of Brown & Brown in a research note on Wednesday, December 14th. They set a “neutral” rating and a $62.00 price objective on the stock. BMO Capital Markets initiated coverage on shares of Brown & Brown in a research report on Thursday, January 19th. They set an “outperform” rating and a $67.00 target price for the company. Morgan Stanley decreased their target price on shares of Brown & Brown from $69.00 to $65.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 22nd. Finally, Wells Fargo & Company decreased their target price on shares of Brown & Brown from $60.00 to $59.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 25th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $66.30.

Brown & Brown Trading Up 3.1 %

NYSE BRO opened at $55.11 on Friday. The company has a fifty day simple moving average of $57.99 and a two-hundred day simple moving average of $58.91. The stock has a market cap of $15.67 billion, a P/E ratio of 23.35 and a beta of 0.75. Brown & Brown, Inc. has a 12-month low of $52.82 and a 12-month high of $74.00. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.80.

Brown & Brown (NYSE:BRO – Get Rating) last posted its quarterly earnings results on Tuesday, January 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.04. The business had revenue of $901.40 million during the quarter, compared to analysts’ expectations of $897.98 million. Brown & Brown had a net margin of 18.80% and a return on equity of 14.88%. The business’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter last year, the company posted $0.42 earnings per share. On average, analysts forecast that Brown & Brown, Inc. will post 2.47 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 15th. Stockholders of record on Friday, February 3rd were paid a $0.115 dividend. The ex-dividend date of this dividend was Thursday, February 2nd. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.83%. Brown & Brown’s payout ratio is currently 19.49%.

Insider Transactions at Brown & Brown

In other Brown & Brown news, Director Lawrence L. Gellerstedt III acquired 3,400 shares of the business’s stock in a transaction dated Friday, February 10th. The shares were purchased at an average price of $57.92 per share, for a total transaction of $196,928.00. Following the completion of the purchase, the director now directly owns 16,284 shares of the company’s stock, valued at $943,169.28. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 16.67% of the company’s stock.

Brown & Brown Profile

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Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.