Callan Family Office LLC trimmed its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 31.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,070 shares of the financial services provider's stock after selling 3,179 shares during the quarter. Callan Family Office LLC's holdings in Brown & Brown were worth $880,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of BRO. Johnson Financial Group Inc. boosted its position in Brown & Brown by 534.1% during the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 235 shares in the last quarter. Sunbelt Securities Inc. raised its stake in shares of Brown & Brown by 581.8% during 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 during the last quarter. Optimum Investment Advisors purchased a new position in shares of Brown & Brown in the 1st quarter valued at about $31,000. SouthState Corp increased its stake in shares of 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 purchasing an additional 166 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in Brown & Brown in the 1st quarter worth about $45,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research analysts have recently weighed in on BRO shares. Bank of America upgraded Brown & Brown from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Citigroup started coverage on Brown & Brown in a report on Wednesday. They set a "buy" rating and a $112.00 price objective on the stock. The Goldman Sachs Group downgraded shares of Brown & Brown from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $126.00 to $119.00 in a research note on Tuesday, May 13th. Wells Fargo & Company downgraded 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 report on Wednesday. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and a consensus price target of $112.93.
Read Our Latest Stock Report on BRO
Insider Activity at Brown & Brown
In related news, Director Bronislaw Edmund Masojada bought 1,000 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was bought at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at $457,200. This represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul J. Krump bought 2,678 shares of the business's stock in a transaction on 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 in the company, valued at approximately $499,488.43. This represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by company insiders.
Brown & Brown Trading Up 0.2%
Shares of NYSE BRO traded up $0.22 during trading on Friday, hitting $95.35. 3,943,622 shares of the company traded hands, compared to its average volume of 3,787,552. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $31.45 billion, a P/E ratio of 27.48, a P/E/G ratio of 2.16 and a beta of 0.78. The company has a 50-day moving average price of $103.09 and a 200-day moving average price of $110.38. Brown & Brown, Inc. has a 1 year low of $90.38 and a 1 year high of $125.68.
Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm's revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 EPS. On average, equities analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.
Brown & Brown Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown's dividend payout ratio (DPR) is presently 17.29%.
Brown & Brown Profile
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Free Report)
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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