Brown & Brown, Inc. $BRO Shares Sold by Cresset Asset Management LLC

Key Points

• Cresset Asset Management LLC reduced its stake in Brown & Brown, Inc. by 5.3%, owning 311,986 shares valued at about $38.8 million after selling 17,431 shares in Q1.
• Analysts have mixed ratings on BRO shares, with Citigroup giving a "buy" rating and a target price of $112.00, while others like Wall Street Zen have downgraded their outlook to "sell."
• Brown & Brown recently declared a quarterly dividend of $0.15 per share, with the upcoming payment date set for August 20th, representing an annual yield of 0.6%.

Cresset Asset Management LLC reduced its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 5.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 311,986 shares of the financial services provider's stock after selling 17,431 shares during the period. Cresset Asset Management LLC owned approximately 0.11% of Brown & Brown worth $38,811,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in BRO. Optimum Investment Advisors purchased a new position in Brown & Brown in the first quarter valued at about $31,000. SouthState Corp grew its position in shares of Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 166 shares during the last quarter. Johnson Financial Group Inc. boosted its position 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 worth $29,000 after acquiring an additional 235 shares during the last quarter. Sunbelt Securities Inc. boosted its position in Brown & Brown by 581.8% during the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after acquiring an additional 256 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in Brown & Brown during the first quarter worth approximately $45,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Paul J. Krump bought 2,678 shares of the company's stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $93.31 per share, with a total value of $249,884.18. Following the transaction, the director owned 5,353 shares of the company's stock, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was 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 approximately $457,200. This trade represents a 25.00% increase in their position. The disclosure for this purchase can be found here. 15.59% of the stock is currently owned by insiders.

Brown & Brown Stock Up 2.0%

Brown & Brown stock traded up $1.8860 during midday trading on Tuesday, hitting $96.8360. 1,518,675 shares of the stock were exchanged, compared to its average volume of 3,923,307. The company has a 50 day moving average price of $102.66 and a two-hundred day moving average price of $110.30. The firm has a market cap of $31.94 billion, a P/E ratio of 23.22, a P/E/G ratio of 2.16 and a beta of 0.78. Brown & Brown, Inc. has a 1 year low of $90.38 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 released its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The company's revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.93 EPS. On average, sell-side analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown's payout ratio is presently 17.29%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods cut their price target on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a research note on Thursday, July 31st. Bank of America upgraded Brown & Brown from a "neutral" rating to a "buy" rating and lifted their target price for the company from $126.00 to $130.00 in a report on Wednesday, July 30th. Wall Street Zen lowered Brown & Brown from a "hold" rating to a "sell" rating in a research note on Saturday. Citigroup began coverage on Brown & Brown in a report on Wednesday, August 13th. They issued a "buy" rating and a $112.00 price objective on the stock. Finally, Raymond James Financial reiterated 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. Seven 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 stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $112.64.

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.