Gulf International Bank UK Ltd Sells 5,086 Shares of Brown & Brown, Inc. (NYSE:BRO)

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Brown & Brown, Inc. (NYSE:BRO) by 26.9%, selling 5,086 shares and ending the quarter with 13,788 shares valued at $1,715,000.
• Several institutional investors adjusted their stakes in Brown & Brown, with notable increases from Rockefeller Capital Management and Mariner LLC, while Canada Post Corp also initiated a new stake.
• Brown & Brown recently declared a quarterly dividend of $0.15 per share, representing an annualized yield of 0.6%, with stockholders of record set to receive it on August 20th.

Gulf International Bank UK Ltd decreased its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 26.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,788 shares of the financial services provider's stock after selling 5,086 shares during the quarter. Gulf International Bank UK Ltd's holdings in Brown & Brown were worth $1,715,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in BRO. Bank Pictet & Cie Europe AG purchased a new stake in Brown & Brown in the 4th quarter valued at about $907,000. Rockefeller Capital Management L.P. increased its stake in Brown & Brown by 10.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 20,811 shares of the financial services provider's stock valued at $2,123,000 after buying an additional 1,986 shares during the last quarter. Mariner LLC increased its stake in Brown & Brown by 5.9% in the 4th quarter. Mariner LLC now owns 60,382 shares of the financial services provider's stock valued at $6,160,000 after buying an additional 3,361 shares during the last quarter. Canada Post Corp Registered Pension Plan purchased a new stake in Brown & Brown in the 4th quarter valued at about $348,000. Finally, United Capital Financial Advisors LLC increased its stake in Brown & Brown by 5.6% in the 4th quarter. United Capital Financial Advisors LLC now owns 3,275 shares of the financial services provider's stock valued at $334,000 after buying an additional 175 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on BRO. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and raised their price target for the stock from $126.00 to $130.00 in a research note on Wednesday, July 30th. Wells Fargo & Company lowered shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $104.00 to $101.00 in a research note on Wednesday. Keefe, Bruyette & Woods decreased their price target on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday, July 31st. The Goldman Sachs Group lowered shares of Brown & Brown from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $126.00 to $119.00 in a research note on Tuesday, May 13th. Finally, Raymond James Financial restated an "outperform" rating and set a $120.00 price target (down previously from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $112.93.

Brown & Brown Stock Down 0.8%

BRO opened at $95.14 on Friday. The company has a fifty day moving average price of $103.39 and a 200-day moving average price of $110.45. The firm has a market capitalization of $31.38 billion, a P/E ratio of 27.42, a price-to-earnings-growth ratio of 2.18 and a beta of 0.78. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. Brown & Brown, Inc. has a one year low of $90.38 and a one year high of $125.68.

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

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Wednesday, August 13th. Brown & Brown's payout ratio is 17.29%.

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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