Brown & Brown, Inc. $BRO Shares Sold by Bar Harbor Wealth Management

Bar Harbor Wealth Management cut its position in Brown & Brown, Inc. (NYSE:BRO) by 31.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,246 shares of the financial services provider’s stock after selling 49,515 shares during the period. Bar Harbor Wealth Management’s holdings in Brown & Brown were worth $10,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC grew its stake in shares of Brown & Brown by 4.3% in the second quarter. Parallel Advisors LLC now owns 2,508 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 103 shares in the last quarter. Tower Wealth Partners Inc. boosted its stake in shares of Brown & Brown by 4.6% during the 2nd quarter. Tower Wealth Partners Inc. now owns 2,464 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 108 shares in the last quarter. Western Wealth Management LLC grew its position in shares of Brown & Brown by 6.0% in the second quarter. Western Wealth Management LLC now owns 1,902 shares of the financial services provider’s stock valued at $211,000 after purchasing an additional 108 shares during the last quarter. ICONIQ Capital LLC boosted its stake in shares of Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 109 shares during the last quarter. Finally, Kingsview Wealth Management LLC boosted its stake in Brown & Brown by 2.2% in the 2nd quarter. Kingsview Wealth Management LLC now owns 5,267 shares of the financial services provider’s stock worth $584,000 after buying an additional 114 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on BRO. Morgan Stanley cut their target price on Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Monday, November 17th. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research note on Monday, November 3rd. Wall Street Zen raised Brown & Brown from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. UBS Group decreased their target price on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a report on Wednesday, October 8th. Finally, Wells Fargo & Company dropped their target price on shares of Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 29th. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $99.80.

Brown & Brown Trading Up 1.3%

BRO opened at $81.00 on Thursday. The firm’s 50 day moving average is $81.16 and its 200-day moving average is $92.83. Brown & Brown, Inc. has a 52-week low of $76.17 and a 52-week high of $125.68. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $27.66 billion, a P/E ratio of 24.25, a P/E/G ratio of 1.87 and a beta of 0.82.

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

Brown & Brown Increases Dividend

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

Brown & Brown Company 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.