Rafferty Asset Management LLC Cuts Position in Brown & Brown, Inc. $BRO

Key Points

• Rafferty Asset Management LLC reduced its holdings in Brown & Brown, Inc. by 7.1%, selling 5,934 shares worth approximately $9.68 million.
• In the latest research reports, analysts have mixed ratings, with some firms lowering price targets and ratings, while others maintain an "outperform" rating with price targets above $100.
• Brown & Brown recently declared a quarterly dividend of $0.15 per share, with a yield of 0.6%, indicating a payout ratio of 17.29%.

Rafferty Asset Management LLC lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 7.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,804 shares of the financial services provider's stock after selling 5,934 shares during the quarter. Rafferty Asset Management LLC's holdings in Brown & Brown were worth $9,679,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Optimum Investment Advisors bought a new position in Brown & Brown during the first quarter valued at about $31,000. SouthState Corp boosted its stake in Brown & Brown by 188.6% during the first quarter. SouthState Corp now owns 254 shares of the financial services provider's stock valued at $32,000 after buying an additional 166 shares in the last quarter. Johnson Financial Group Inc. boosted its stake in Brown & Brown by 534.1% during the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after buying an additional 235 shares in the last quarter. Sunbelt Securities Inc. boosted its position 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 valued at $31,000 after purchasing an additional 256 shares during the period. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Brown & Brown in the 1st quarter valued at $45,000. Institutional investors own 71.01% of the company's stock.

Insiders Place Their Bets

In other news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were bought at an average price of $91.44 per share, with a total value of $91,440.00. Following the acquisition, the director directly owned 5,000 shares in the company, valued at $457,200. The trade was a 25.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Paul J. Krump bought 2,678 shares of the business's stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the acquisition, 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 position. The disclosure for this purchase can be found here. 15.59% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Morgan Stanley decreased their price objective on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. The Goldman Sachs Group lowered Brown & Brown from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. Citigroup began coverage on Brown & Brown in a research note on Wednesday, August 13th. They issued a "buy" rating and a $112.00 price objective on the stock. BMO Capital Markets dropped their target price on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company downgraded Brown & Brown from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $104.00 to $101.00 in a report on Wednesday, August 13th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $112.64.

Brown & Brown Stock Down 2.3%

NYSE BRO traded down $2.24 during trading hours on Tuesday, hitting $94.71. 656,052 shares of the company traded hands, compared to its average volume of 2,556,619. The business's 50-day moving average is $100.65 and its 200-day moving average is $109.57. Brown & Brown, Inc. has a twelve month low of $90.38 and a twelve month high of $125.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. The stock has a market capitalization of $31.24 billion, a price-to-earnings ratio of 27.31, a P/E/G ratio of 2.21 and a beta of 0.80.

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

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders 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 yield of 0.6%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is 17.29%.

About Brown & Brown

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.