Congress Asset Management Co. Trims Stake in Brown & Brown, Inc. $BRO

Key Points

• Congress Asset Management Co. reduced its stake in Brown & Brown, Inc. by 24.3%, owning 840,488 shares valued at approximately $93.18 million as of the end of the second quarter.
• Several institutional investors have adjusted their positions, with Bares Capital Management Inc. purchasing a new stake valued around $26,000 and Bruce G. Allen Investments LLC increasing its holdings by 1,129.6% in the second quarter.
• Brown & Brown, Inc. has received various analyst ratings, including a buy rating from Citigroup with a price target of $112.00, while the consensus rating remains a Hold with an average target of $112.08.

Congress Asset Management Co. cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 24.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 840,488 shares of the financial services provider's stock after selling 270,233 shares during the period. Congress Asset Management Co. owned about 0.29% of Brown & Brown worth $93,185,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Bares Capital Management Inc. purchased a new position in shares of Brown & Brown during the 1st quarter valued at about $26,000. Sunbelt Securities Inc. increased its holdings in Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after acquiring an additional 256 shares in the last quarter. Optimum Investment Advisors bought a new stake in Brown & Brown during the 1st quarter worth approximately $31,000. SouthState Corp lifted its holdings in Brown & Brown by 188.6% during 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 in the last quarter. Finally, Bruce G. Allen Investments LLC raised its position in shares of Brown & Brown by 1,129.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 305 shares during the period. Institutional investors own 71.01% of the company's stock.

Analysts Set New Price Targets

BRO has been the subject of several recent analyst reports. Wall Street Zen raised shares of Brown & Brown from a "sell" rating to a "hold" rating in a report on Saturday, September 20th. Citigroup began coverage on Brown & Brown in a research note on Wednesday, August 13th. They issued a "buy" rating and a $112.00 price objective for the company. Keefe, Bruyette & Woods decreased their target price on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a research note on Thursday, July 31st. Argus restated a "hold" rating on shares of Brown & Brown in a research note on Thursday, July 31st. Finally, Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and increased their price objective for the company from $126.00 to $130.00 in a report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Brown & Brown has a consensus rating of "Hold" and a consensus price target of $112.08.

Insider Activity

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

Brown & Brown Stock Down 0.6%

NYSE BRO opened at $92.69 on Friday. The stock has a 50 day moving average price of $95.36 and a 200-day moving average price of $106.88. Brown & Brown, Inc. has a one year low of $89.99 and a one year high of $125.68. The company has a market capitalization of $30.57 billion, a P/E ratio of 26.71, a P/E/G ratio of 2.11 and a beta of 0.81. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72.

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

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. Brown & Brown's dividend payout ratio (DPR) is presently 17.29%.

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.

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