Corient Private Wealth LLC Sells 80,779 Shares of Brown & Brown, Inc. $BRO

Key Points

• Corient Private Wealth LLC cut its Brown & Brown stake by 23.6% in the fourth quarter, selling 80,779 shares and leaving it with 260,957 shares valued at about $20.8 million.
• Brown & Brown recently beat quarterly earnings expectations, reporting $1.39 EPS versus the $1.36 estimate and revenue of $1.90 billion, up 35.4% year over year.
• Wall Street sentiment remains cautious: the stock has a Hold consensus rating, with 5 Buy ratings and 14 Hold ratings, and the average target price sits at $78.44.

Corient Private Wealth LLC lessened its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 23.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 260,957 shares of the financial services provider's stock after selling 80,779 shares during the quarter. Corient Private Wealth LLC owned approximately 0.08% of Brown & Brown worth $20,800,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Basepoint Wealth LLC bought a new stake in shares of Brown & Brown in the 4th quarter valued at about $27,000. Darwin Wealth Management LLC bought a new position in Brown & Brown during the second quarter worth about $30,000. DV Equities LLC acquired a new position in Brown & Brown during the fourth quarter worth approximately $33,000. Board of the Pension Protection Fund acquired a new position in Brown & Brown during the fourth quarter worth approximately $40,000. Finally, Maseco LLP bought a new stake in Brown & Brown in the fourth quarter valued at approximately $60,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BRO. Keefe, Bruyette & Woods reduced their target price on Brown & Brown from $74.00 to $72.00 and set a "market perform" rating for the company in a research note on Wednesday, April 29th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Brown & Brown in a report on Tuesday, June 9th. Citizens Jmp started coverage on shares of Brown & Brown in a research report on Thursday, May 21st. They set a "market outperform" rating and a $70.00 price objective for the company. UBS Group decreased their price objective on shares of Brown & Brown from $81.00 to $65.00 and set a "neutral" rating on the stock in a report on Tuesday, June 9th. Finally, Royal Bank Of Canada dropped their price objective on shares of Brown & Brown from $76.00 to $72.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 29th. Five equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $78.44.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $58.35 on Tuesday. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $111.10. The company's 50 day moving average price is $60.20 and its two-hundred day moving average price is $68.88. The firm has a market cap of $19.78 billion, a PE ratio of 18.76, a PEG ratio of 2.72 and a beta of 0.63. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The firm's revenue for the quarter was up 35.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.29 earnings per share. Equities research analysts predict that Brown & Brown, Inc. will post 4.51 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 11th were issued a $0.165 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.66 annualized dividend and a yield of 1.1%. Brown & Brown's payout ratio is currently 21.22%.

Insider Buying and Selling at Brown & Brown

In related news, Director H Palmer Proctor, Jr. bought 2,000 shares of Brown & Brown stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director owned 47,621 shares in the company, valued at $2,719,159.10. This trade represents a 4.38% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 13.13% of the company's stock.

Brown & Brown Profile

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

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