Congress Asset Management Co. Sells 170,821 Shares of Brown & Brown, Inc. $BRO

Congress Asset Management Co. reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 20.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 669,667 shares of the financial services provider’s stock after selling 170,821 shares during the period. Congress Asset Management Co. owned 0.20% of Brown & Brown worth $62,808,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Baker Tilly Wealth Management LLC raised its stake in shares of Brown & Brown by 4.1% in the 3rd quarter. Baker Tilly Wealth Management LLC now owns 3,330 shares of the financial services provider’s stock valued at $312,000 after acquiring an additional 132 shares in the last quarter. Financial Enhancement Group LLC grew its holdings in Brown & Brown by 11.3% during the third quarter. Financial Enhancement Group LLC now owns 8,428 shares of the financial services provider’s stock valued at $809,000 after purchasing an additional 854 shares during the last quarter. U.S. Capital Wealth Advisors LLC raised its position in shares of Brown & Brown by 1.2% in the third quarter. U.S. Capital Wealth Advisors LLC now owns 31,104 shares of the financial services provider’s stock valued at $2,917,000 after purchasing an additional 355 shares during the period. Czech National Bank lifted its stake in shares of Brown & Brown by 8.6% in the third quarter. Czech National Bank now owns 74,415 shares of the financial services provider’s stock worth $6,979,000 after buying an additional 5,907 shares during the last quarter. Finally, Spring Capital Management LLC lifted its stake in shares of Brown & Brown by 5.0% in the third quarter. Spring Capital Management LLC now owns 100,510 shares of the financial services provider’s stock worth $9,427,000 after buying an additional 4,765 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BRO. Morgan Stanley lowered their target price on shares of Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, November 17th. Keefe, Bruyette & Woods lowered their price target on Brown & Brown from $92.00 to $79.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 4th. Truist Financial cut their price objective on Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Wolfe Research initiated coverage on Brown & Brown in a research note on Thursday, November 20th. They set a “peer perform” rating for the company. Finally, Mizuho set a $89.00 price target on Brown & Brown and gave the stock a “neutral” rating in a research report on Monday, December 15th. Five analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $101.00.

Brown & Brown Stock Down 0.9%

NYSE BRO opened at $80.31 on Friday. Brown & Brown, Inc. has a twelve month low of $76.17 and a twelve month high of $125.68. The stock has a market cap of $27.42 billion, a PE ratio of 24.04, a PEG ratio of 1.88 and a beta of 0.82. The firm has a 50-day simple moving average of $82.00 and a 200 day simple moving average of $93.46. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.10 and a current ratio of 2.10.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, beating the consensus estimate of $0.90 by $0.15. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the firm posted $0.91 EPS. The company’s revenue for the quarter was up 35.4% on a year-over-year basis. On average, research analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Investors of record on Wednesday, November 5th were given a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 0.8%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, November 5th. Brown & Brown’s dividend payout ratio (DPR) is 19.76%.

Brown & Brown Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.