34,353 Brown & Brown, Inc. $BRO Shares Sold by Confluence Investment Management LLC

Key Points

• Confluence Investment Management reduced its Brown & Brown position by 8.9%, selling 34,353 shares and retaining 351,677 shares worth approximately $21.4 million. Institutional investors collectively own 71.01% of the company.
• Analysts maintain a predominantly neutral view, with an average rating of Hold and a consensus price target of $76.80. Ratings include four Buys, fourteen Holds, and one Sell.
• Brown & Brown reported quarterly EPS of $1.07, slightly below expectations, while revenue rose 30.4% year over year to $1.65 billion. The company also declared a quarterly dividend of $0.165 per share, representing a 1.1% annualized yield.

Confluence Investment Management LLC reduced its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 8.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 351,677 shares of the financial services provider's stock after selling 34,353 shares during the period. Confluence Investment Management LLC owned about 0.11% of Brown & Brown worth $21,417,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BRO. Capital World Investors lifted its holdings in shares of Brown & Brown by 2.3% during the fourth quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider's stock valued at $1,425,546,000 after purchasing an additional 407,006 shares in the last quarter. BlackRock Inc. bought a new position in Brown & Brown during the 2nd quarter valued at about $1,418,571,000. Principal Financial Group Inc. boosted its holdings in shares of Brown & Brown by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider's stock valued at $1,017,847,000 after acquiring an additional 246,172 shares during the last quarter. Capital International Investors bought a new position in Brown & Brown during the fourth quarter valued at approximately $371,654,000. Finally, Van Lanschot Kempen Investment Management N.V. boosted its holdings in Brown & Brown by 132.8% in the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider's stock worth $361,725,000 after purchasing an additional 2,589,048 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on BRO. The Goldman Sachs Group increased their price target on Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. upped their price target on shares of Brown & Brown from $80.00 to $83.00 and gave the company a "neutral" rating in a research report on Thursday. UBS Group reissued a "neutral" rating and issued a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a report on Wednesday, July 8th. Mizuho reduced their target price on shares of Brown & Brown from $86.00 to $83.00 and set an "outperform" rating for the company in a report on Wednesday, September 16th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Four 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, the company presently has an average rating of "Hold" and a consensus price target of $76.80.

Brown & Brown Price Performance

BRO stock traded up $1.05 during midday trading on Thursday, hitting $61.95. The company's stock had a trading volume of 1,126,663 shares, compared to its average volume of 2,971,856. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $96.55. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $20.73 billion, a price-to-earnings ratio of 19.54, a price-to-earnings-growth ratio of 1.86 and a beta of 0.58. The company has a 50 day moving average of $68.95 and a two-hundred day moving average of $65.17.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the firm posted $1.03 earnings per share. The business's revenue was up 30.4% on a year-over-year basis. On average, analysts expect 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 was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were given a $0.1650 dividend. This represents a $0.66 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, August 12th. Brown & Brown's payout ratio is currently 20.82%.

Brown & Brown Company Profile

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.

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