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

Key Points

• Confluence Investment Management reduced its Brown & Brown stake by 4.6% in the second quarter, selling 18,615 shares and retaining 386,030 shares valued at approximately $24.8 million. Institutional investors and hedge funds own 71.01% of the company.
• Analysts maintain a generally cautious view, with Brown & Brown holding a consensus “Hold” rating and an average price target of $76.47. Recent targets range from $68 to $90.
• Brown & Brown reported quarterly earnings of $1.07 per share, slightly below estimates, while revenue rose 30.4% year over year to $1.65 billion. The company declared a quarterly dividend of $0.165 per share, representing a 0.9% yield.

Confluence Investment Management LLC cut its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 4.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 386,030 shares of the financial services provider's stock after selling 18,615 shares during the quarter. Confluence Investment Management LLC owned 0.11% of Brown & Brown worth $24,764,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Union Bancaire Privee UBP SA acquired a new position in Brown & Brown in the 1st quarter worth $25,000. Basepoint Wealth LLC acquired a new stake in shares of Brown & Brown during the fourth quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Brown & Brown during the second quarter valued at about $30,000. DV Equities LLC acquired a new stake in shares of Brown & Brown during the fourth quarter valued at about $33,000. Finally, Maseco LLP purchased a new stake in shares of Brown & Brown during the fourth quarter worth about $60,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BRO has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their price target on Brown & Brown from $78.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday. Jefferies Financial Group restated a "hold" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Truist Financial set a $90.00 price objective on Brown & Brown in a report on Wednesday, July 29th. Wells Fargo & Company cut their target price on Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 9th. Finally, UBS Group reiterated a "neutral" rating and set a $73.00 target price (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Four analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and a consensus price target of $76.47.

Brown & Brown Stock Performance

Brown & Brown stock opened at $71.80 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $98.30. The company has a fifty day moving average price of $63.93 and a two-hundred day moving average price of $66.32. The company has a market cap of $24.02 billion, a PE ratio of 22.65, a P/E/G ratio of 3.52 and a beta of 0.60.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period last year, the company posted $1.03 earnings per share. The firm's revenue for the quarter was up 30.4% on a year-over-year basis. Research analysts expect that Brown & Brown, Inc. will post 4.49 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be paid a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 0.9%. Brown & Brown's dividend payout ratio is 20.82%.

Brown & Brown Company 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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