Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. decreased its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 27.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,598 shares of the financial services provider's stock after selling 35,248 shares during the period. Diamond Hill Capital Management Inc.'s holdings in Brown & Brown were worth $11,519,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Principal Financial Group Inc. boosted its position in shares of Brown & Brown by 0.3% in the first quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider's stock worth $1,609,742,000 after buying an additional 38,078 shares during the period. Geode Capital Management LLC boosted its position in shares of Brown & Brown by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 6,099,649 shares of the financial services provider's stock worth $620,737,000 after buying an additional 118,569 shares during the period. Capital World Investors boosted its position in shares of Brown & Brown by 15.6% in the fourth quarter. Capital World Investors now owns 4,195,681 shares of the financial services provider's stock worth $428,043,000 after buying an additional 566,116 shares during the period. Invesco Ltd. boosted its position in shares of Brown & Brown by 11.4% in the fourth quarter. Invesco Ltd. now owns 3,803,616 shares of the financial services provider's stock worth $388,045,000 after buying an additional 388,411 shares during the period. Finally, Norges Bank purchased a new stake in shares of Brown & Brown in the fourth quarter worth about $313,412,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Performance

Shares of Brown & Brown stock traded up $0.60 on Friday, reaching $103.38. 3,136,298 shares of the company were exchanged, compared to its average volume of 3,659,817. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 2.52. The company's 50-day moving average is $108.51 and its two-hundred day moving average is $111.46. The firm has a market cap of $29.64 billion, a price-to-earnings ratio of 28.80, a P/E/G ratio of 2.25 and a beta of 0.82. Brown & Brown, Inc. has a 1-year low of $97.61 and a 1-year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing analysts' consensus estimates of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the company posted $1.14 earnings per share. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Wednesday, August 13th. Brown & Brown's dividend payout ratio is currently 16.71%.

Analyst Ratings Changes

A number of research analysts recently commented on BRO shares. Truist Financial reduced their price target on Brown & Brown from $138.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Edward Jones started coverage on Brown & Brown in a report on Wednesday, April 16th. They issued a "buy" rating for the company. Jefferies Financial Group increased their price target on Brown & Brown from $105.00 to $109.00 and gave the company a "hold" rating in a report on Friday, April 11th. The Goldman Sachs Group downgraded Brown & Brown from a "buy" rating to a "neutral" rating and reduced their price target for the company from $126.00 to $119.00 in a report on Tuesday, May 13th. Finally, UBS Group increased their price target on Brown & Brown from $110.00 to $120.00 and gave the company a "neutral" rating in a report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $118.23.

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.