AE Wealth Management LLC Sells 3,528 Shares of Brown & Brown, Inc. $BRO

AE Wealth Management LLC reduced its position in Brown & Brown, Inc. (NYSE:BRO) by 19.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 14,244 shares of the financial services provider’s stock after selling 3,528 shares during the period. AE Wealth Management LLC’s holdings in Brown & Brown were worth $1,579,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Bares Capital Management Inc. bought a new position in shares of Brown & Brown during the 1st quarter worth approximately $26,000. ST Germain D J Co. Inc. raised its stake in Brown & Brown by 298.5% in the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 200 shares during the period. SouthState Corp lifted its holdings in Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 166 shares during the last quarter. Motco bought a new position in Brown & Brown during the second quarter worth $32,000. Finally, Bruce G. Allen Investments LLC boosted its position in Brown & Brown by 1,129.6% during the second quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 305 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $80.19 on Thursday. The business has a fifty day moving average price of $89.33 and a two-hundred day moving average price of $99.32. The stock has a market capitalization of $27.38 billion, a PE ratio of 24.01, a P/E/G ratio of 1.70 and a beta of 0.77. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 6.72. Brown & Brown, Inc. has a fifty-two week low of $76.17 and a fifty-two week high of $125.68.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.Brown & Brown’s revenue was up 35.4% on a year-over-year basis. During the same quarter last year, the business earned $0.91 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 12th. Investors of record on Wednesday, November 5th were given a dividend of $0.165 per share. The ex-dividend date was Wednesday, November 5th. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. Brown & Brown’s dividend payout ratio is currently 19.76%.

Analyst Ratings Changes

A number of research firms have recently issued reports on BRO. Barclays cut their target price on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Argus restated a “hold” rating on shares of Brown & Brown in a research report on Thursday, July 31st. BMO Capital Markets reduced their price objective on Brown & Brown from $122.00 to $106.00 and set an “outperform” rating for the company in a report on Wednesday, July 30th. Finally, Keefe, Bruyette & Woods lowered their target price on Brown & Brown from $92.00 to $79.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 4th. Five analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $105.23.

About Brown & Brown

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.