D L Carlson Investment Group Inc. Cuts Stock Position in Brown & Brown, Inc. $BRO

Key Points

• D L Carlson Investment Group Inc. reduced its stake in Brown & Brown, Inc. by 6.5%, owning 37,468 shares, valued at approximately $4.66 million, marking it as the firm's 29th largest stock position.
• Several other institutional investors significantly increased their positions in Brown & Brown, with Johnson Financial Group Inc. boosting its holdings by 534.1% and Sunbelt Securities Inc. raising theirs by 581.8%.
• Brown & Brown recently reported quarterly earnings that exceeded estimates, posting $1.03 per share on $1.29 billion in revenue, along with a quarterly dividend of $0.15 per share.

D L Carlson Investment Group Inc. cut its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 6.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,468 shares of the financial services provider's stock after selling 2,613 shares during the quarter. Brown & Brown accounts for 0.9% of D L Carlson Investment Group Inc.'s investment portfolio, making the stock its 29th largest position. D L Carlson Investment Group Inc.'s holdings in Brown & Brown were worth $4,661,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Johnson Financial Group Inc. increased its position in shares of Brown & Brown by 534.1% in the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after buying an additional 235 shares in the last quarter. Sunbelt Securities Inc. raised its position in Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 256 shares during the period. Optimum Investment Advisors purchased a new stake in Brown & Brown in the first quarter valued at $31,000. SouthState Corp raised its holdings 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 buying an additional 166 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Brown & Brown in the 1st quarter valued at $45,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Citigroup assumed 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. The Goldman Sachs Group downgraded 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 report on Tuesday, May 13th. Truist Financial set a $120.00 price objective on Brown & Brown in a report on Wednesday, July 30th. Wall Street Zen downgraded Brown & Brown from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Finally, Barclays cut their price target on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $112.64.

Brown & Brown Trading Down 0.8%

NYSE:BRO opened at $95.97 on Wednesday. The stock has a 50-day simple moving average of $101.64 and a 200-day simple moving average of $109.94. The stock has a market cap of $31.66 billion, a P/E ratio of 27.66, a P/E/G ratio of 2.20 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 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.04. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The business's quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.93 EPS. As a group, analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's dividend payout ratio is currently 17.29%.

Insider Activity

In other news, Director Bronislaw Edmund Masojada bought 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at $457,200. This trade represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul J. Krump bought 2,678 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the transaction, the director owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 15.59% of the company's stock.

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.

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