Brown & Brown, Inc. $BRO Shares Sold by Citigroup Inc.

Citigroup Inc. reduced its stake in Brown & Brown, Inc. (NYSE:BRO) by 38.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 253,034 shares of the financial services provider’s stock after selling 155,750 shares during the period. Citigroup Inc. owned 0.07% of Brown & Brown worth $23,732,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. AQR Capital Management LLC increased its position in Brown & Brown by 38.3% in the first quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock worth $4,132,000 after buying an additional 9,264 shares during the period. Focus Partners Wealth grew its position in shares of Brown & Brown by 5.2% during the first quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock worth $1,387,000 after acquiring an additional 547 shares during the last quarter. Wealthfront Advisers LLC increased its holdings in shares of Brown & Brown by 16.7% in the 2nd quarter. Wealthfront Advisers LLC now owns 15,389 shares of the financial services provider’s stock worth $1,706,000 after acquiring an additional 2,200 shares during the period. Ashton Thomas Private Wealth LLC lifted its position in Brown & Brown by 33.8% in the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 4,423 shares of the financial services provider’s stock valued at $490,000 after purchasing an additional 1,118 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in Brown & Brown by 2.3% during the 2nd quarter. Bessemer Group Inc. now owns 21,083 shares of the financial services provider’s stock valued at $2,338,000 after purchasing an additional 476 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Price Performance

NYSE BRO opened at $71.21 on Friday. Brown & Brown, Inc. has a 1 year low of $65.68 and a 1 year high of $125.68. The business’s fifty day moving average is $75.51 and its two-hundred day moving average is $83.68. The stock has a market capitalization of $24.24 billion, a P/E ratio of 22.25, a P/E/G ratio of 2.12 and a beta of 0.79. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.66 and a current ratio of 1.66.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The company’s quarterly revenue was up 35.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.86 EPS. On average, research analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 11th. Shareholders of record on Wednesday, February 4th were paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s dividend payout ratio is currently 20.63%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup cut Brown & Brown from a “buy” rating to a “neutral” rating in a report on Monday, November 3rd. Bank of America cut their target price on Brown & Brown from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 27th. Truist Financial reduced their price target on Brown & Brown from $105.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, January 28th. JPMorgan Chase & Co. initiated coverage on shares of Brown & Brown in a research note on Thursday, December 18th. They set a “neutral” rating and a $91.00 price objective on the stock. Finally, Keefe, Bruyette & Woods raised shares of Brown & Brown from an “underperform” rating to a “market perform” rating and reduced their price objective for the stock from $80.00 to $73.00 in a report on Thursday, January 29th. Three equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $90.36.

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.