Inspire Investing LLC Trims Holdings in Brown & Brown, Inc. $BRO

Inspire Investing LLC lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 77.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,570 shares of the financial services provider’s stock after selling 9,076 shares during the period. Inspire Investing LLC’s holdings in Brown & Brown were worth $320,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Capital Investment Advisors LLC purchased a new stake in shares of Brown & Brown in the first quarter valued at about $1,929,000. GW&K Investment Management LLC lifted its position in Brown & Brown by 104.4% in the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider’s stock valued at $52,000 after buying an additional 214 shares during the last quarter. Fifth Third Bancorp boosted its stake in Brown & Brown by 7.1% during the first quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider’s stock worth $847,000 after buying an additional 450 shares during the period. Tandem Investment Advisors Inc. raised its stake in shares of Brown & Brown by 2.5% in the 1st quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider’s stock valued at $95,130,000 after acquiring an additional 18,677 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Brown & Brown by 172.5% in the 1st quarter. Handelsbanken Fonder AB now owns 1,314,434 shares of the financial services provider’s stock worth $163,516,000 after acquiring an additional 832,100 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Price Performance

Brown & Brown stock opened at $92.20 on Thursday. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a fifty day simple moving average of $97.02 and a 200-day simple moving average of $107.99. The stock has a market cap of $30.41 billion, a P/E ratio of 26.57, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81. Brown & Brown, Inc. has a 12-month low of $89.99 and a 12-month high of $125.68.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the firm earned $0.93 earnings per share. Brown & Brown’s quarterly revenue was up 9.1% on a year-over-year basis. Equities analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were issued a $0.15 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.7%. Brown & Brown’s dividend payout ratio is presently 17.29%.

Insiders Place Their Bets

In related news, Director Paul J. Krump purchased 2,678 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the transaction, the director directly owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business’s stock in a transaction dated Wednesday, August 6th. The shares were bought at an average price of $91.44 per share, with a total value of $91,440.00. Following the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company’s stock.

Wall Street Analyst Weigh In

BRO has been the subject of several research reports. Raymond James Financial reiterated an “outperform” rating and issued a $120.00 target price (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Keefe, Bruyette & Woods dropped their price objective on Brown & Brown from $104.00 to $87.00 and set an “underperform” rating for the company in a research note on Thursday, July 31st. Wells Fargo & Company lowered Brown & Brown from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $104.00 to $101.00 in a research note on Wednesday, August 13th. Bank of America raised Brown & Brown from a “neutral” rating to a “buy” rating and lifted their target price for the company from $126.00 to $130.00 in a research report on Wednesday, July 30th. Finally, Citigroup initiated coverage on shares of Brown & Brown in a research report on Wednesday, August 13th. They set a “buy” rating and a $112.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $112.64.

Brown & Brown Company Profile

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.