IFP Advisors Inc Lowers Stock Position in Brown & Brown, Inc. $BRO

IFP Advisors Inc lowered its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 14.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,799 shares of the financial services provider's stock after selling 3,630 shares during the period. IFP Advisors Inc's holdings in Brown & Brown were worth $2,375,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Brown & Brown by 1.9% in the first quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider's stock valued at $3,794,339,000 after purchasing an additional 560,980 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Brown & Brown by 0.3% during 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 last quarter. Parnassus Investments LLC purchased a new stake in Brown & Brown during the first quarter worth about $899,139,000. Invesco Ltd. increased its holdings in Brown & Brown by 8.3% during the first quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider's stock worth $512,545,000 after buying an additional 316,519 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in Brown & Brown by 6.3% during the first quarter. Royal Bank of Canada now owns 3,063,741 shares of the financial services provider's stock worth $381,129,000 after buying an additional 181,315 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Brown & Brown Price Performance

BRO opened at $96.01 on Friday. The company has a market capitalization of $31.67 billion, a price-to-earnings ratio of 27.67, a PEG ratio of 2.17 and a beta of 0.79. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The firm has a 50-day moving average price of $94.34 and a 200-day moving average price of $104.89. Brown & Brown, Inc. has a twelve month low of $89.99 and a twelve month high of $125.68.

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 for the quarter, topping the consensus estimate of $0.99 by $0.04. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The company's revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the company earned $0.93 earnings per share. Equities analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were given 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 Buying and Selling

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

Wall Street Analyst Weigh In

BRO has been the subject of a number of research analyst reports. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a report on Wednesday, July 30th. BMO Capital Markets decreased their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Barclays decreased their price objective on shares of Brown & Brown from $108.00 to $102.00 and set an "equal weight" rating for the company in a report on Wednesday. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $120.00 target price (down previously from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $109.92.

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.

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.