ABN Amro Investment Solutions Sells 443,558 Shares of Brown & Brown, Inc. $BRO

ABN Amro Investment Solutions cut its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 96.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,009 shares of the financial services provider’s stock after selling 443,558 shares during the quarter. ABN Amro Investment Solutions’ holdings in Brown & Brown were worth $1,174,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BRO. Triad Investment Management lifted its holdings in shares of Brown & Brown by 31.0% in the 1st quarter. Triad Investment Management now owns 70,885 shares of the financial services provider’s stock worth $4,622,000 after purchasing an additional 16,763 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Brown & Brown by 3.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 55,734 shares of the financial services provider’s stock worth $3,634,000 after purchasing an additional 1,741 shares in the last quarter. Glenview Trust Co raised its stake in shares of Brown & Brown by 9.2% in the first quarter. Glenview Trust Co now owns 9,682 shares of the financial services provider’s stock worth $631,000 after purchasing an additional 816 shares during the last quarter. Madison Asset Management LLC raised its stake in shares of Brown & Brown by 16.1% in the first quarter. Madison Asset Management LLC now owns 2,307,622 shares of the financial services provider’s stock worth $150,480,000 after purchasing an additional 320,512 shares during the last quarter. Finally, Meeder Advisory Services Inc. lifted its holdings in shares of Brown & Brown by 23.3% in the first quarter. Meeder Advisory Services Inc. now owns 4,502 shares of the financial services provider’s stock valued at $294,000 after purchasing an additional 852 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BRO has been the subject of several recent research reports. Wells Fargo & Company decreased their price target on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating for the company in a report on Thursday, July 9th. Royal Bank Of Canada cut their price objective on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings lowered shares of Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Finally, Truist Financial lowered their target price on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $78.62.

Insider Activity at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average cost of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director owned 47,621 shares in the company, valued at approximately $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 13.13% of the company’s stock.

Brown & Brown Stock Up 3.0%

Brown & Brown stock opened at $67.70 on Friday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $104.25. The firm has a 50 day moving average price of $62.28 and a 200-day moving average price of $66.74. The company has a market capitalization of $22.95 billion, a P/E ratio of 21.77, a P/E/G ratio of 3.12 and a beta of 0.60. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. Brown & Brown’s revenue was up 35.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.29 EPS. As a group, equities analysts predict that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th will be given a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown’s payout ratio is 21.22%.

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.