DAVENPORT & Co LLC Sells 8,950 Shares of Brown & Brown, Inc. $BRO

Key Points

• DAVENPORT & Co LLC reduced its stake in Brown & Brown, Inc. by 19.9%, selling 8,950 shares, which now puts their total ownership at 36,097 shares valued at approximately $4 million.
• Brown & Brown recently posted earnings of $1.03 per share, exceeding analyst expectations, with revenues increasing 9.1% from the previous year to $1.29 billion.
• The company has announced a quarterly dividend of $0.15, translating to an annual yield of 0.6%, and maintains a dividend payout ratio of 17.29%.

DAVENPORT & Co LLC cut its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 19.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,097 shares of the financial services provider's stock after selling 8,950 shares during the quarter. DAVENPORT & Co LLC's holdings in Brown & Brown were worth $4,002,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. Marks Group Wealth Management Inc increased its position in Brown & Brown by 0.9% in the second quarter. Marks Group Wealth Management Inc now owns 87,901 shares of the financial services provider's stock worth $9,746,000 after purchasing an additional 790 shares during the last quarter. Running Oak Capital LLC lifted its stake in Brown & Brown by 8.2% in the second quarter. Running Oak Capital LLC now owns 152,040 shares of the financial services provider's stock worth $16,857,000 after acquiring an additional 11,550 shares during the period. JSF Financial LLC lifted its stake in Brown & Brown by 5.2% in the second quarter. JSF Financial LLC now owns 10,940 shares of the financial services provider's stock worth $1,213,000 after acquiring an additional 545 shares during the period. Penobscot Investment Management Company Inc. lifted its position in shares of Brown & Brown by 0.7% during the second quarter. Penobscot Investment Management Company Inc. now owns 29,343 shares of the financial services provider's stock valued at $3,253,000 after buying an additional 195 shares during the last quarter. Finally, AMF Tjanstepension AB purchased a new stake in shares of Brown & Brown during the second quarter valued at about $6,798,000. 71.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and increased their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Argus reiterated a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. UBS Group cut their price objective on Brown & Brown from $120.00 to $106.00 and set a "neutral" rating for the company in a research report on Wednesday. Keefe, Bruyette & Woods decreased their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday, July 31st. Finally, Citigroup began coverage on Brown & Brown in a research note on Wednesday, August 13th. They set a "buy" rating and a $112.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $109.92.

Brown & Brown Stock Performance

NYSE BRO opened at $95.94 on Thursday. The business's 50-day moving average price is $94.18 and its 200 day moving average price is $105.36. Brown & Brown, Inc. has a twelve month low of $89.99 and a twelve month high of $125.68. The company has a market capitalization of $31.65 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 2.16 and a beta of 0.79. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the business posted $0.93 earnings per share. The firm's revenue for the quarter was up 9.1% compared to the same quarter last year. On average, research analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

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

Insider Transactions at Brown & Brown

In related news, Director Paul J. Krump bought 2,678 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the acquisition, the director owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the company's stock in a transaction that occurred 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 acquisition, the director owned 5,000 shares in the company, valued at approximately $457,200. This trade represents a 25.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company's stock.

About Brown & Brown

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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