Brown & Brown, Inc. $BRO Shares Sold by Advisory Services Network LLC

Advisory Services Network LLC lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 36.5% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 33,320 shares of the financial services provider’s stock after selling 19,178 shares during the period. Advisory Services Network LLC’s holdings in Brown & Brown were worth $3,694,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Parnassus Investments LLC acquired a new position in Brown & Brown during the first quarter worth $899,139,000. Vanguard Group Inc. grew its stake in shares of Brown & Brown by 16.8% in the second quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock valued at $3,949,779,000 after buying an additional 5,124,203 shares in the last quarter. Norges Bank purchased a new stake in shares of Brown & Brown in the 2nd quarter valued at $433,740,000. Boston Partners purchased a new stake in shares of Brown & Brown in the 2nd quarter valued at $171,163,000. Finally, State Street Corp lifted its stake in Brown & Brown by 11.3% during the 2nd quarter. State Street Corp now owns 12,460,821 shares of the financial services provider’s stock worth $1,381,531,000 after acquiring an additional 1,262,139 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of BRO stock opened at $81.00 on Wednesday. The company has a market cap of $27.65 billion, a P/E ratio of 24.25, a PEG ratio of 1.93 and a beta of 0.82. The firm has a fifty day moving average price of $82.91 and a 200 day moving average price of $94.01. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.62. Brown & Brown, Inc. has a 12 month low of $76.17 and a 12 month high of $125.68.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The company had revenue of $1.55 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 quarterly revenue was up 35.4% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. Sell-side 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 declared a quarterly dividend, which was paid on Wednesday, November 12th. Investors of record on Wednesday, November 5th were issued a dividend of $0.165 per share. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, November 5th. Brown & Brown’s dividend payout ratio is 19.76%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Raymond James Financial reaffirmed an “outperform” rating on shares of Brown & Brown in a research report on Monday, November 3rd. Mizuho set a $89.00 price objective on shares of Brown & Brown and gave the company a “neutral” rating in a research note on Monday. Citigroup cut shares of Brown & Brown from a “buy” rating to a “neutral” rating in a report on Monday, November 3rd. Truist Financial cut their target price on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Finally, Bank of America reissued a “neutral” rating and issued a $97.00 price target (down previously from $135.00) on shares of Brown & Brown in a research report on Monday, November 3rd. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $101.71.

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.