Baker Tilly Wealth Management LLC Sells 3,195 Shares of Brown & Brown, Inc. $BRO

Key Points

• Baker Tilly Wealth Management LLC reduced its stake in Brown & Brown, Inc. by 50%, selling 3,195 shares, and now holds 3,198 shares valued at approximately $355,000.
• Brown & Brown reported $1.03 earnings per share for the recent quarter, exceeding analysts' expectations, with revenue of $1.29 billion, a 9.1% increase year-over-year.
• The company announced a quarterly dividend of $0.15 per share, contributing to a low annual dividend yield of 0.7% and a payout ratio of 17.29%.

Baker Tilly Wealth Management LLC decreased its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 50.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,198 shares of the financial services provider's stock after selling 3,195 shares during the quarter. Baker Tilly Wealth Management LLC's holdings in Brown & Brown were worth $355,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of BRO. Bares Capital Management Inc. acquired a new stake in shares of Brown & Brown during the 1st quarter worth approximately $26,000. Sunbelt Securities Inc. lifted its holdings in shares of Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after purchasing an additional 256 shares in the last quarter. Optimum Investment Advisors bought a new position in shares of Brown & Brown in the 1st quarter worth $31,000. SouthState Corp lifted its holdings in shares of Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after purchasing an additional 166 shares in the last quarter. Finally, Bruce G. Allen Investments LLC lifted its holdings in shares of Brown & Brown by 1,129.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider's stock worth $37,000 after purchasing an additional 305 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Wall Street Analysts Forecast Growth

BRO has been the topic of a number of recent research reports. Wells Fargo & Company cut Brown & Brown from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $104.00 to $101.00 in a report on Wednesday, August 13th. BMO Capital Markets cut their target price on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a report on Wednesday, July 30th. Truist Financial set a $120.00 target price on Brown & Brown in a report on Wednesday, July 30th. Morgan Stanley cut their target price on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating on the stock in a report on Monday, August 18th. Finally, Citigroup initiated coverage on Brown & Brown in a report on Wednesday, August 13th. They issued a "buy" rating and a $112.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Brown & Brown has a consensus rating of "Hold" and an average target price of $112.64.

Insiders Place Their Bets

In other Brown & Brown news, Director Bronislaw Edmund Masojada bought 1,000 shares of the stock in a transaction dated Wednesday, August 6th. The shares were bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the purchase, the director directly owned 5,000 shares of the company's stock, valued at approximately $457,200. This trade represents a 25.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul J. Krump bought 2,678 shares of the stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the purchase, the director directly owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.02% of the company's stock.

Brown & Brown Stock Down 0.1%

NYSE:BRO traded down $0.08 during trading hours on Friday, hitting $91.79. 6,468,431 shares of the company traded hands, compared to its average volume of 2,179,395. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The firm's 50-day simple moving average is $96.41 and its 200-day simple moving average is $107.61. Brown & Brown, Inc. has a one year low of $89.99 and a one year high of $125.68. The company has a market cap of $30.27 billion, a PE ratio of 26.45, a PEG ratio of 2.08 and a beta of 0.81.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The business had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the business earned $0.93 EPS. The business's revenue was up 9.1% on a year-over-year basis. Equities analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's payout ratio is presently 17.29%.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.