New Age Alpha Advisors LLC Has $3.88 Million Holdings in Brown & Brown, Inc. (NYSE:BRO)

Key Points

• New Age Alpha Advisors LLC has significantly reduced its stake in Brown & Brown, Inc. by 75.9%, selling 98,105 shares and now holding 31,192 shares worth approximately $3.88 million.
• Various institutional investors have raised their positions in Brown & Brown, with First Trust Advisors LP increasing its holdings by 626.6% during the last quarter.
• Brown & Brown recently declared a quarterly dividend of $0.15 per share, with an ex-dividend date set for August 13th, representing an annual yield of 0.7%.

New Age Alpha Advisors LLC decreased its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 75.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,192 shares of the financial services provider's stock after selling 98,105 shares during the quarter. New Age Alpha Advisors LLC's holdings in Brown & Brown were worth $3,880,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in shares of 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 purchasing an additional 38,078 shares in the last quarter. Capital World Investors raised its stake in Brown & Brown by 15.6% during the 4th quarter. Capital World Investors now owns 4,195,681 shares of the financial services provider's stock worth $428,043,000 after buying an additional 566,116 shares during the period. Invesco Ltd. lifted its holdings in Brown & Brown by 11.4% during the fourth quarter. Invesco Ltd. now owns 3,803,616 shares of the financial services provider's stock worth $388,045,000 after acquiring an additional 388,411 shares in the last quarter. Royal Bank of Canada grew its stake in Brown & Brown by 2.0% in the fourth quarter. Royal Bank of Canada now owns 2,882,426 shares of the financial services provider's stock valued at $294,065,000 after acquiring an additional 56,033 shares during the period. Finally, First Trust Advisors LP increased its holdings in shares of Brown & Brown by 626.6% in the fourth quarter. First Trust Advisors LP now owns 2,350,039 shares of the financial services provider's stock worth $239,751,000 after acquiring an additional 2,026,589 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Up 0.9%

Shares of NYSE BRO traded up $0.80 during mid-day trading on Thursday, hitting $92.60. The company had a trading volume of 4,129,265 shares, compared to its average volume of 3,690,286. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The firm has a 50-day simple moving average of $105.11 and a two-hundred day simple moving average of $110.83. The company has a market capitalization of $30.54 billion, a PE ratio of 26.69, a price-to-earnings-growth ratio of 2.09 and a beta of 0.78. 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 posted its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share 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 the consensus estimate of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%. The business's revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company earned $0.93 earnings per share. On average, equities analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Barclays cut their price objective on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and lifted their price target for the company from $126.00 to $130.00 in a research note on Wednesday, July 30th. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 30th. BMO Capital Markets dropped their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a report on Wednesday, July 30th. Finally, Keefe, Bruyette & Woods reduced their target price 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $114.69.

Insiders Place Their Bets

In other news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 17.02% of the company's stock.

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.