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Independent Advisor Alliance Has $4.20 Million Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

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Key Points

  • Independent Advisor Alliance reduced its stake in Brown & Brown, Inc. by 14.8%, holding 33,763 shares valued at $4.2 million as of the latest SEC filing.
  • A number of institutional investors increased their holdings in Brown & Brown during the first quarter, with notable increases including a 188.6% growth by SouthState Corp.
  • Brown & Brown recently announced a quarterly dividend of $0.15 per share, representing a 0.6% dividend yield with an upcoming payment date on August 20th.
  • Looking to export and analyze Brown & Brown data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Independent Advisor Alliance lessened its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 14.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 33,763 shares of the financial services provider's stock after selling 5,843 shares during the period. Independent Advisor Alliance's holdings in Brown & Brown were worth $4,200,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. SouthState Corp grew its holdings in Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after acquiring an additional 166 shares during the period. Nuveen LLC acquired a new stake in Brown & Brown during the 1st quarter worth $72,895,000. Invesco Ltd. grew its holdings in Brown & Brown by 8.3% during the 1st quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider's stock worth $512,545,000 after acquiring an additional 316,519 shares during the period. Covestor Ltd grew its holdings in Brown & Brown by 12.6% during the 1st quarter. Covestor Ltd now owns 937 shares of the financial services provider's stock worth $117,000 after acquiring an additional 105 shares during the period. Finally, Frank Rimerman Advisors LLC grew its holdings in Brown & Brown by 8.6% during the 1st quarter. Frank Rimerman Advisors LLC now owns 3,546 shares of the financial services provider's stock worth $441,000 after acquiring an additional 281 shares during the period. Institutional investors and hedge funds own 71.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on BRO. Raymond James Financial reaffirmed an "outperform" rating and set a $120.00 target price (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. BMO Capital Markets decreased their price target 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 target on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and boosted their price target for the company from $126.00 to $130.00 in a report on Wednesday, July 30th. Finally, Truist Financial set a $120.00 price target on shares of Brown & Brown in a report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, Brown & Brown has an average rating of "Hold" and a consensus price target of $113.23.

Get Our Latest Stock Report on BRO

Brown & Brown Stock Up 1.0%

Brown & Brown stock opened at $94.60 on Tuesday. The firm has a market capitalization of $31.20 billion, a PE ratio of 27.26, a P/E/G ratio of 2.13 and a beta of 0.78. The company's 50-day moving average is $104.35 and its 200-day moving average is $110.75. Brown & Brown, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $125.68. 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 (NYSE:BRO - Get Free Report) last announced 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. 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 quarter in the prior year, the business earned $0.93 EPS. Brown & Brown's quarterly revenue was up 9.1% on a year-over-year basis. Sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders 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 dividend payout ratio is presently 17.29%.

Insider Buying and Selling

In other news, Director Paul J. Krump purchased 2,678 shares of the business's stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director owned 5,353 shares in the company, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the acquisition, the director owned 5,000 shares in the company, valued at $457,200. This trade represents a 25.00% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 15.59% of the company's stock.

Brown & Brown Company 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.

Further Reading

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).

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

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.

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