Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Close Asset Management Ltd

Close Asset Management Ltd decreased its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 8.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,257,688 shares of the financial services provider's stock after selling 109,650 shares during the period. Brown & Brown accounts for 4.5% of Close Asset Management Ltd's portfolio, making the stock its 7th largest position. Close Asset Management Ltd owned about 0.44% of Brown & Brown worth $156,463,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Phillips Wealth Planners LLC grew its holdings in Brown & Brown by 3.4% during the 1st quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider's stock worth $316,000 after acquiring an additional 88 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Brown & Brown by 26.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider's stock worth $56,000 after buying an additional 96 shares during the last quarter. Gateway Investment Advisers LLC lifted its position in shares of Brown & Brown by 2.3% in the 1st quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider's stock worth $536,000 after buying an additional 97 shares during the last quarter. Graypoint LLC lifted its position in shares of Brown & Brown by 3.3% in the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider's stock worth $399,000 after buying an additional 103 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Brown & Brown by 11.7% in the 1st quarter. Blue Trust Inc. now owns 1,002 shares of the financial services provider's stock worth $125,000 after buying an additional 105 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Price Performance

Shares of BRO traded up $0.60 during trading hours on Friday, hitting $103.38. The stock had a trading volume of 3,130,092 shares, compared to its average volume of 2,399,056. The company's fifty day moving average is $108.51 and its two-hundred day moving average is $111.46. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.52 and a quick ratio of 2.52. Brown & Brown, Inc. has a 52 week low of $97.61 and a 52 week high of $125.68. The stock has a market capitalization of $29.64 billion, a price-to-earnings ratio of 28.80, a P/E/G ratio of 2.26 and a beta of 0.82.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The financial services provider reported $1.29 EPS for the quarter, missing analysts' consensus estimates of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the company earned $1.14 EPS. The firm's revenue was up 11.6% compared to the same quarter last year. On average, analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $0.60 annualized dividend and a yield of 0.58%. Brown & Brown's dividend payout ratio (DPR) is currently 16.71%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BRO. The Goldman Sachs Group downgraded shares of Brown & Brown from a "buy" rating to a "neutral" rating and cut their price objective for the company from $126.00 to $119.00 in a research report on Tuesday, May 13th. BMO Capital Markets reiterated an "outperform" rating and issued a $122.00 price objective (up from $116.00) on shares of Brown & Brown in a research report on Thursday, June 12th. UBS Group lifted their price objective on shares of Brown & Brown from $110.00 to $120.00 and gave the company a "neutral" rating in a research report on Wednesday, April 9th. Jefferies Financial Group lifted their price objective on shares of Brown & Brown from $105.00 to $109.00 and gave the company a "hold" rating in a research report on Friday, April 11th. Finally, Truist Financial lowered their target price on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Brown & Brown has a consensus rating of "Hold" and an average target price of $118.23.

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.