Bar Harbor Wealth Management Has $3.74 Million Stock Position in Brown & Brown, Inc. $BRO

Key Points

• Bar Harbor Wealth Management cut its Brown & Brown stake by 57.1%, selling 62,366 shares and leaving it with 46,880 shares valued at about $3.74 million per the latest 13F filing.
• Wall Street analysts have trimmed price targets recently and the stock carries a consensus rating of "Hold" with a consensus price target of $84.47.
• Brown & Brown beat EPS estimates ($0.93 vs. $0.91) while missing revenue slightly ($1.61B vs. $1.65B), reported 35.7% YoY revenue growth, and pays a $0.165 quarterly dividend (≈1.0% yield).

Bar Harbor Wealth Management reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 57.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 46,880 shares of the financial services provider's stock after selling 62,366 shares during the quarter. Bar Harbor Wealth Management's holdings in Brown & Brown were worth $3,736,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its position in shares of Brown & Brown by 38.3% during the 1st 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 last quarter. Focus Partners Wealth raised its position in Brown & Brown by 5.2% in the first quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider's stock valued at $1,387,000 after purchasing an additional 547 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Brown & Brown by 1,824.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider's stock valued at $5,888,000 after purchasing an additional 50,344 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Brown & Brown by 27.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider's stock valued at $116,000 after purchasing an additional 223 shares during the last quarter. Finally, Cary Street Partners Financial LLC raised its position in Brown & Brown by 60.9% in the second quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider's stock valued at $103,000 after purchasing an additional 353 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BRO. Morgan Stanley decreased their price target on Brown & Brown from $76.00 to $70.00 and set an "equal weight" rating for the company in a research note on Monday, April 6th. Wells Fargo & Company decreased their price target on Brown & Brown from $78.00 to $72.00 and set an "equal weight" rating for the company in a research note on Thursday. The Goldman Sachs Group decreased their price target on Brown & Brown from $82.00 to $73.00 and set a "neutral" rating for the company in a research note on Wednesday. Truist Financial decreased their price target on Brown & Brown from $105.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday, January 28th. Finally, UBS Group reissued a "neutral" rating and issued a $81.00 price target (down from $90.00) on shares of Brown & Brown in a research note on Thursday, January 29th. Four research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat.com, Brown & Brown currently has a consensus rating of "Hold" and a consensus price target of $84.47.

Brown & Brown Stock Performance

Shares of BRO opened at $65.14 on Friday. The firm has a market cap of $22.18 billion, a PE ratio of 20.36, a PEG ratio of 1.69 and a beta of 0.83. The stock's fifty day moving average price is $68.68 and its two-hundred day moving average price is $77.89. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.66 and a quick ratio of 1.66. Brown & Brown, Inc. has a 1 year low of $63.29 and a 1 year high of $121.70.

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

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th were issued 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 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.

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