Motley Fool Asset Management LLC Sells 2,790 Shares of Brown & Brown, Inc. (NYSE:BRO)

Key Points

• Motley Fool Asset Management LLC has reduced its holdings in Brown & Brown, Inc. by 3.1%, owning 87,724 shares valued at approximately $10.91 million after selling 2,790 shares.
• Several hedge funds increased their stakes significantly, with Johnson Financial Group Inc. raising its investment by 534.1% and Sunbelt Securities Inc. boosting its stake by 581.8% in the last quarter.
• Brown & Brown announced a quarterly dividend of $0.15 per share, payable to investors on August 20th, with a yield of 0.6%, reflecting a 17.29% dividend payout ratio.

Motley Fool Asset Management LLC trimmed its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 3.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,724 shares of the financial services provider's stock after selling 2,790 shares during the period. Motley Fool Asset Management LLC's holdings in Brown & Brown were worth $10,913,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Optimum Investment Advisors acquired a new position in Brown & Brown during the first quarter worth about $31,000. SouthState Corp grew its holdings in Brown & Brown by 188.6% during the first 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. Johnson Financial Group Inc. grew its holdings in Brown & Brown by 534.1% during the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after acquiring an additional 235 shares during the period. Sunbelt Securities Inc. grew its holdings in Brown & Brown by 581.8% during the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after acquiring an additional 256 shares during the period. Finally, Zions Bancorporation National Association UT acquired a new position in Brown & Brown during the first quarter worth about $45,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Down 0.8%

Shares of Brown & Brown stock traded down $0.77 during trading on Thursday, hitting $95.14. 2,597,827 shares of the stock traded hands, compared to its average volume of 2,578,972. The stock has a market cap of $31.38 billion, a P/E ratio of 27.42, a PEG ratio of 2.16 and a beta of 0.78. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a twelve month low of $90.38 and a twelve month high of $125.68. The company has a fifty day moving average price of $103.69 and a two-hundred day moving average price of $110.54.

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

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be paid 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 of this dividend is Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is presently 17.29%.

Insider Buying and Selling

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average cost of $91.44 per share, with a total value of $91,440.00. Following the purchase, the director owned 5,000 shares of the company's stock, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul J. Krump acquired 2,678 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the purchase, the director directly owned 5,353 shares in the company, valued at $499,488.43. This 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.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. BMO Capital Markets dropped their price target on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. Edward Jones assumed coverage on Brown & Brown in a research note on Wednesday, April 16th. They issued a "buy" rating on the stock. Argus reissued a "hold" rating on shares of Brown & Brown in a research note on Thursday, July 31st. Citigroup started coverage on Brown & Brown in a research note on Wednesday. They issued a "buy" rating and a $112.00 price target on the stock. Finally, Keefe, Bruyette & Woods decreased their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $112.93.

Brown & Brown Company 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.