Osterweis Capital Management Inc. Decreases Position in Brown & Brown, Inc. $BRO

Key Points

• Osterweis Capital Management Inc. has reduced its stake in Brown & Brown, Inc. by 2.6%, now holding approximately $37.4 million worth of shares, making it the 23rd largest position in their portfolio.
• Brown & Brown has reported strong financial performance, with a 9.1% revenue increase year-over-year and an EPS of $1.03, exceeding analyst expectations.
• The company's recent quarterly dividend was declared at $0.15 per share, reflecting a 0.6% yield and a dividend payout ratio of 17.29%.

Osterweis Capital Management Inc. decreased its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 2.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 300,979 shares of the financial services provider's stock after selling 7,897 shares during the period. Brown & Brown makes up approximately 0.0% of Osterweis Capital Management Inc.'s investment portfolio, making the stock its 23rd largest position. Osterweis Capital Management Inc. owned about 0.11% of Brown & Brown worth $37,442,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Phillips Wealth Planners LLC raised its holdings in Brown & Brown by 3.4% in the 1st quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider's stock valued at $316,000 after acquiring an additional 88 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in Brown & Brown by 26.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider's stock valued at $56,000 after acquiring an additional 96 shares during the last quarter. Gateway Investment Advisers LLC raised its holdings in Brown & Brown by 2.3% in the 1st quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider's stock valued at $536,000 after acquiring an additional 97 shares during the last quarter. Graypoint LLC raised its holdings in Brown & Brown by 3.3% in the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider's stock valued at $399,000 after acquiring an additional 103 shares during the last quarter. Finally, NorthRock Partners LLC increased its holdings in shares of Brown & Brown by 4.2% during the 1st quarter. NorthRock Partners LLC now owns 2,530 shares of the financial services provider's stock worth $315,000 after buying an additional 103 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $94.22 on Friday. The company's fifty day moving average price is $98.29 and its 200 day moving average price is $108.66. Brown & Brown, Inc. has a 12 month low of $90.38 and a 12 month 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. The firm has a market capitalization of $31.08 billion, a P/E ratio of 27.15, a P/E/G ratio of 2.10 and a beta of 0.81.

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, topping the consensus estimate of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm 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 earned $0.93 EPS. Brown & Brown's revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, sell-side analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on BRO shares. BMO Capital Markets cut 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 cut 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. Raymond James Financial restated an "outperform" rating and set a $120.00 price target (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Argus restated a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Finally, Citigroup started coverage on shares of Brown & Brown in a report on Wednesday, August 13th. They set a "buy" rating and a $112.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $112.64.

Insider Buying and Selling at Brown & Brown

In related news, Director Paul J. Krump purchased 2,678 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the purchase, the director directly owned 5,353 shares of the company's stock, valued at $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were bought 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. This represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is owned by company insiders.

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.

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