Wedmont Private Capital Decreases Holdings in Brown & Brown, Inc. $BRO

Wedmont Private Capital cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 10.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,713 shares of the financial services provider’s stock after selling 321 shares during the quarter. Wedmont Private Capital’s holdings in Brown & Brown were worth $293,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in BRO. Bank Pictet & Cie Europe AG purchased a new stake in Brown & Brown in the 4th quarter worth about $907,000. State of Wyoming boosted its position in shares of Brown & Brown by 17.7% during the 4th quarter. State of Wyoming now owns 964 shares of the financial services provider’s stock valued at $98,000 after acquiring an additional 145 shares during the last quarter. Two Sigma Advisers LP bought a new stake in shares of Brown & Brown during the 4th quarter valued at about $4,254,000. Squarepoint Ops LLC raised its holdings in shares of Brown & Brown by 671.1% during the 4th quarter. Squarepoint Ops LLC now owns 49,153 shares of the financial services provider’s stock valued at $5,015,000 after buying an additional 42,779 shares in the last quarter. Finally, Vident Advisory LLC raised its holdings in shares of Brown & Brown by 36.2% during the 4th quarter. Vident Advisory LLC now owns 4,346 shares of the financial services provider’s stock valued at $443,000 after buying an additional 1,156 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling

In other Brown & Brown news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business’s stock in a transaction on Wednesday, August 6th. The shares were bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at approximately $457,200. This represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul J. Krump purchased 2,678 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the acquisition, the director owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.59% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

BRO has been the subject of a number of analyst reports. 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. BMO Capital Markets reduced their target price on Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 30th. Wall Street Zen raised Brown & Brown from a “sell” rating to a “hold” rating in a research note on Saturday. Wells Fargo & Company cut Brown & Brown from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $104.00 to $101.00 in a research note on Wednesday, August 13th. Finally, Truist Financial set a $120.00 target price on Brown & Brown in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $112.64.

Brown & Brown Trading Down 0.1%

Brown & Brown stock opened at $91.79 on Monday. The company has a market capitalization of $30.27 billion, a price-to-earnings ratio of 26.45, a price-to-earnings-growth ratio of 2.07 and a beta of 0.80. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a 12 month low of $89.99 and a 12 month high of $125.68. The business’s fifty day simple moving average is $96.41 and its two-hundred day simple moving average is $107.45.

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

Brown & Brown Dividend Announcement

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

Brown & Brown 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.