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HighTower Advisors LLC Has $5 Million Stake in Brown & Brown, Inc. $BRO

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Key Points

  • HighTower Advisors LLC has reduced its stake in Brown & Brown, Inc. by 53.5%, selling 46,128 shares and now holding 40,171 shares valued at approximately $4.99 million.
  • A variety of institutional investors have recently adjusted their positions in Brown & Brown, with 71.01% of the stock currently owned by institutions like Invesco Ltd. and Public Sector Pension Investment Board.
  • The company declared a quarterly dividend of $0.15 per share, payable on August 20th, reflecting an annualized dividend yield of 0.6%.
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HighTower Advisors LLC trimmed its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 53.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,171 shares of the financial services provider's stock after selling 46,128 shares during the quarter. HighTower Advisors LLC's holdings in Brown & Brown were worth $4,997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Public Sector Pension Investment Board lifted its position in shares of Brown & Brown by 2.9% in the first quarter. Public Sector Pension Investment Board now owns 63,413 shares of the financial services provider's stock worth $7,889,000 after purchasing an additional 1,812 shares in the last quarter. SouthState Corp lifted its position in shares of Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after purchasing an additional 166 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Brown & Brown in the first quarter worth approximately $72,895,000. Invesco Ltd. lifted its position in shares of Brown & Brown by 8.3% in the first quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider's stock worth $512,545,000 after purchasing an additional 316,519 shares in the last quarter. Finally, Covestor Ltd lifted its position in shares of Brown & Brown by 12.6% in the first quarter. Covestor Ltd now owns 937 shares of the financial services provider's stock worth $117,000 after purchasing an additional 105 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

NYSE:BRO traded up $0.2060 during midday trading on Friday, reaching $96.6060. The stock had a trading volume of 1,593,830 shares, compared to its average volume of 3,848,808. Brown & Brown, Inc. has a 1-year low of $90.38 and a 1-year high of $125.68. The firm's fifty day simple moving average is $102.09 and its 200-day simple moving average is $110.10. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The stock has a market capitalization of $31.86 billion, a P/E ratio of 27.84, a PEG ratio of 2.20 and a beta of 0.78.

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

Brown & Brown Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on BRO. Barclays reduced their price target on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Wells Fargo & Company downgraded shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $104.00 to $101.00 in a report on Wednesday, August 13th. Morgan Stanley reduced their price objective on shares of Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research note on Monday, August 18th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a research report on Thursday, July 31st. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $112.64.

Get Our Latest Research Report on Brown & Brown

Insiders Place Their Bets

In other news, Director Paul J. Krump bought 2,678 shares of the 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 purchase, the director owned 5,353 shares of the company's stock, valued at $499,488.43. This represents a 100.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at $457,200. The trade was 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.

Brown & Brown Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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