Brown & Brown, Inc. $BRO Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp reduced its holdings in Brown & Brown, Inc. by 5.0%, now owning 266,206 shares valued at approximately $29.5 million after selling 14,091 shares in the 2nd quarter.
• Insider activity includes Director Bronislaw Edmund Masojada and Director Paul J. Krump significantly increasing their stakes, indicating confidence in the company's performance.
• Several analysts have downgraded their price targets for Brown & Brown, with an average price target of $112.08 and mixed ratings from buy to sell, reflecting cautious sentiment in the market.

Truist Financial Corp decreased its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 5.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 266,206 shares of the financial services provider's stock after selling 14,091 shares during the quarter. Truist Financial Corp owned 0.09% of Brown & Brown worth $29,514,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Bares Capital Management Inc. acquired a new position in shares of Brown & Brown in the first quarter worth $26,000. ST Germain D J Co. Inc. grew its stake in Brown & Brown by 298.5% during the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider's stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Optimum Investment Advisors acquired a new position in Brown & Brown during the 1st quarter worth $31,000. SouthState Corp increased its holdings in Brown & Brown by 188.6% during 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 during the period. Finally, Bruce G. Allen Investments LLC raised its position in 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 valued at $37,000 after purchasing an additional 305 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Brown & Brown

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on BRO shares. Raymond James Financial restated an "outperform" rating and set a $120.00 target price (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. BMO Capital Markets dropped their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. Morgan Stanley reduced their price objective on shares of Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating on the stock in a report on Monday, August 18th. Keefe, Bruyette & Woods lowered their target price on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday, July 31st. Finally, Wall Street Zen upgraded Brown & Brown from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $112.08.

Brown & Brown Price Performance

Shares of BRO opened at $93.57 on Friday. The firm has a fifty day moving average price of $94.38 and a 200 day moving average price of $106.02. The stock has a market cap of $30.86 billion, a PE ratio of 26.96, a price-to-earnings-growth ratio of 2.10 and a beta of 0.79. Brown & Brown, Inc. has a 1-year low of $89.99 and a 1-year high of $125.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. The business had revenue of $1.29 billion for the quarter, compared to analysts' expectations 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 was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.93 earnings per share. As a group, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were paid a $0.15 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. Brown & Brown's payout ratio is currently 17.29%.

Brown & Brown 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.

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