Gibbs Wealth Management Has $430,000 Stock Position in Brown & Brown, Inc. $BRO

Gibbs Wealth Management lowered its stake in Brown & Brown, Inc. (NYSE:BRO) by 66.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,585 shares of the financial services provider’s stock after selling 9,285 shares during the quarter. Gibbs Wealth Management’s holdings in Brown & Brown were worth $430,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position 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 worth $3,949,779,000 after acquiring an additional 5,124,203 shares in the last quarter. State Street Corp boosted its stake in Brown & Brown by 11.3% in 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 purchasing an additional 1,262,139 shares during the period. Geode Capital Management LLC boosted its stake in Brown & Brown by 16.6% in the 2nd quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider’s stock worth $813,624,000 after purchasing an additional 1,050,350 shares during the period. Invesco Ltd. grew its position in Brown & Brown by 1.1% during the 2nd quarter. Invesco Ltd. now owns 4,166,370 shares of the financial services provider’s stock worth $461,925,000 after purchasing an additional 46,235 shares in the last quarter. Finally, Norges Bank acquired a new stake in Brown & Brown during the 2nd quarter valued at $433,740,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

Shares of BRO stock opened at $79.19 on Friday. Brown & Brown, Inc. has a fifty-two week low of $76.17 and a fifty-two week high of $125.68. The stock’s 50-day moving average is $79.88 and its two-hundred day moving average is $88.44. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 2.10. The firm has a market cap of $27.04 billion, a P/E ratio of 23.71, a PEG ratio of 1.85 and a beta of 0.81.

Brown & Brown (NYSE:BRO) last announced 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 business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the business posted $0.91 EPS. The firm’s quarterly revenue was up 35.4% compared to the same quarter last year. Analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 11th. Stockholders of record on Wednesday, February 4th will be paid a dividend of $0.165 per share. The ex-dividend date is Wednesday, February 4th. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. Brown & Brown’s dividend payout ratio is 19.76%.

Wall Street Analysts Forecast Growth

BRO has been the subject of several recent analyst reports. Raymond James Financial reaffirmed an “outperform” rating on shares of Brown & Brown in a research report on Monday, November 3rd. Truist Financial reduced their price objective on Brown & Brown from $114.00 to $105.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Brown & Brown in a research note on Tuesday, December 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Brown & Brown in a report on Monday, December 29th. Finally, JPMorgan Chase & Co. began coverage on shares of Brown & Brown in a report on Thursday, December 18th. They set a “neutral” rating and a $91.00 price target for the company. Four investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $98.67.

About Brown & Brown

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.