Atria Investments Inc Cuts Stock Holdings in Brown & Brown, Inc. $BRO

Atria Investments Inc lessened its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 26.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,596 shares of the financial services provider’s stock after selling 10,083 shares during the period. Atria Investments Inc’s holdings in Brown & Brown were worth $2,588,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 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. Principal Financial Group Inc. boosted its holdings in Brown & Brown by 13.4% in the 3rd quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock worth $1,445,888,000 after acquiring an additional 1,821,229 shares during the period. State Street Corp boosted its holdings 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 acquiring an additional 1,262,139 shares during the period. Geode Capital Management LLC grew its position in Brown & Brown by 16.6% in the second quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider’s stock valued at $813,624,000 after acquiring an additional 1,050,350 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Brown & Brown by 1.1% during the second quarter. Invesco Ltd. now owns 4,166,370 shares of the financial services provider’s stock valued at $461,925,000 after purchasing an additional 46,235 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BRO has been the subject of several recent analyst reports. Morgan Stanley lowered their target price on Brown & Brown from $85.00 to $78.00 and set an “equal weight” rating for the company in a research note on Thursday, January 29th. 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 report on Wednesday, January 28th. BMO Capital Markets lowered their price objective on Brown & Brown from $88.00 to $81.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. UBS Group restated a “neutral” rating and set a $81.00 price objective (down from $90.00) on shares of Brown & Brown in a report on Thursday, January 29th. Finally, Wells Fargo & Company reduced their target price on Brown & Brown from $82.00 to $78.00 and set an “equal weight” rating for the company in a research note on Friday. Three equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $90.36.

Brown & Brown Stock Down 1.5%

Brown & Brown stock opened at $68.47 on Tuesday. 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, Inc. has a one year low of $65.68 and a one year high of $125.68. The company has a 50-day simple moving average of $77.20 and a 200-day simple moving average of $84.84. The firm has a market capitalization of $23.31 billion, a P/E ratio of 21.40, a P/E/G ratio of 2.07 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.02. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the business posted $0.86 earnings per share. The company’s revenue for the quarter was up 35.7% compared to the same quarter last year. As a group, equities analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current 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 1.0%. Brown & Brown’s dividend payout ratio is currently 20.63%.

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.