Brendel Financial Advisors LLC Sells 30,836 Shares of Brown & Brown, Inc. $BRO

Key Points

• Brendel Financial Advisors LLC significantly reduced its stake in Brown & Brown, Inc. by 90.4%, owning only 3,278 shares after selling 30,836 shares in the second quarter.
• The company reported earnings of $1.03 EPS, surpassing analyst estimates, with a quarterly revenue of $1.29 billion, marking a 9.1% year-over-year increase.
• Brown & Brown recently declared a quarterly dividend of $0.15 per share, with a 0.7% dividend yield and a payout ratio of 17.29%.

Brendel Financial Advisors LLC lessened its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 90.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,278 shares of the financial services provider's stock after selling 30,836 shares during the period. Brendel Financial Advisors LLC's holdings in Brown & Brown were worth $363,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of BRO. Capital Investment Advisors LLC bought a new stake in Brown & Brown during the 1st quarter worth approximately $1,929,000. GW&K Investment Management LLC boosted its position in Brown & Brown by 104.4% during the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 214 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Brown & Brown by 7.1% in the first quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock valued at $847,000 after buying an additional 450 shares in the last quarter. Tandem Investment Advisors Inc. lifted its stake in Brown & Brown by 2.5% in the 1st quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock valued at $95,130,000 after purchasing an additional 18,677 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in Brown & Brown by 172.5% in the 1st quarter. Handelsbanken Fonder AB now owns 1,314,434 shares of the financial services provider's stock valued at $163,516,000 after purchasing an additional 832,100 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Down 0.1%

Shares of BRO stock traded down $0.08 on Friday, reaching $91.79. 6,468,431 shares of the company were exchanged, compared to its average volume of 2,179,395. The company has a market cap of $30.27 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 2.07 and a beta of 0.81. The company has a 50-day moving average of $96.41 and a 200-day moving average of $107.52. 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, Inc. has a one year low of $89.99 and a one year high of $125.68.

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

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders 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 annualized dividend and a dividend yield of 0.7%. Brown & Brown's dividend payout ratio is presently 17.29%.

Insider Buying and Selling at Brown & Brown

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

Analyst Upgrades and Downgrades

Several research firms have commented on BRO. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and upped their price objective for the company from $126.00 to $130.00 in a report on Wednesday, July 30th. Citigroup assumed coverage on shares of Brown & Brown in a research report on Wednesday, August 13th. They set a "buy" rating and a $112.00 price objective for the company. BMO Capital Markets dropped their target price on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Morgan Stanley decreased their price target 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. Finally, Wells Fargo & Company downgraded shares of 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 research report on Wednesday, August 13th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $112.64.

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.