Brendel Financial Advisors LLC Cuts Stake in 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 cut its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 90.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 SEC filing.

A number of other hedge funds have also bought and sold shares of BRO. Bares Capital Management Inc. purchased a new position in Brown & Brown in the 1st quarter valued at approximately $26,000. Sunbelt Securities Inc. grew its stake in 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 buying an additional 256 shares in the last quarter. Optimum Investment Advisors purchased a new position in Brown & Brown in the 1st quarter valued at approximately $31,000. SouthState Corp grew its stake in Brown & Brown by 188.6% in the 1st 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. Finally, Bruce G. Allen Investments LLC grew its stake 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 buying an additional 305 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Brown & Brown stock traded down $0.08 during midday trading on Friday, reaching $91.79. 6,468,431 shares of the stock were exchanged, compared to its average volume of 2,179,395. The company's fifty day moving average is $96.41 and its 200-day moving average is $107.52. 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 firm has a market cap of $30.27 billion, a PE ratio of 26.45, a PEG ratio of 2.07 and a beta of 0.81. Brown & Brown, Inc. has a 52 week low of $89.99 and a 52 week high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share 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 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 revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 EPS. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's payout ratio is currently 17.29%.

Insider Buying and Selling

In related news, Director Paul J. Krump purchased 2,678 shares of the business's stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $93.31 per share, with a total value of $249,884.18. Following the purchase, the director directly owned 5,353 shares in the company, valued at approximately $499,488.43. This represents a 100.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was bought at an average cost of $91.44 per share, with a total value of $91,440.00. Following the purchase, the director owned 5,000 shares in the company, valued at approximately $457,200. This represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on BRO shares. Keefe, Bruyette & Woods reduced their price objective 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. Wells Fargo & Company lowered shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $104.00 to $101.00 in a research note on Wednesday, August 13th. Wall Street Zen raised shares of Brown & Brown from a "sell" rating to a "hold" rating in a report on Saturday. Raymond James Financial reaffirmed an "outperform" rating and set a $120.00 target price (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Finally, Truist Financial set a $120.00 target price on shares of Brown & Brown in a report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Brown & Brown has a consensus rating of "Hold" and an average target price of $112.64.

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.