Brown & Brown, Inc. $BRO Shares Sold by Osterweis Capital Management Inc.

Key Points

• Osterweis Capital Management Inc. reduced its holdings in Brown & Brown, Inc. by 2.6%, selling 7,897 shares, leaving it with 300,979 shares valued at approximately $37.4 million.
• Several institutional investors have increased their stakes in Brown & Brown, with Marshall Wace LLP boosting its position by a remarkable 977.3% during the fourth quarter.
• Brown & Brown recently declared a quarterly dividend of $0.15 per share, implying an annualized dividend of $0.60, with a payout ratio of 17.29%.

Osterweis Capital Management Inc. trimmed its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 300,979 shares of the financial services provider's stock after selling 7,897 shares during the quarter. Brown & Brown makes up approximately 0.0% of Osterweis Capital Management Inc.'s investment portfolio, making the stock its 28th largest position. Osterweis Capital Management Inc. owned approximately 0.11% of Brown & Brown worth $37,442,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BRO. Optimum Investment Advisors acquired a new position in Brown & Brown in the 1st quarter valued at $31,000. SouthState Corp raised its position in Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 166 shares in the last quarter. Johnson Financial Group Inc. raised its position in Brown & Brown by 534.1% in the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 235 shares in the last quarter. Sunbelt Securities Inc. raised its position in Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 256 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in Brown & Brown in the 1st quarter valued at about $45,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

NYSE:BRO traded up $0.2060 during mid-day trading on Friday, reaching $96.6060. 1,593,830 shares of the stock were exchanged, compared to its average volume of 3,848,808. The company has a 50 day simple moving average of $102.09 and a 200-day simple moving average of $110.10. The stock has a market capitalization of $31.86 billion, a P/E ratio of 27.84, a P/E/G ratio of 2.20 and a beta of 0.78. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a 1 year low of $90.38 and a 1 year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. The firm had revenue of $1.29 billion for 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 firm's quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.93 EPS. Analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were paid a $0.15 dividend. This represents a $0.60 annualized dividend 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%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BRO shares. Barclays cut their target price on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Morgan Stanley cut their target price on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Monday, August 18th. Wells Fargo & Company lowered Brown & Brown from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $104.00 to $101.00 in a research report on Wednesday, August 13th. Truist Financial set a $120.00 target price on Brown & Brown in a research report on Wednesday, July 30th. Finally, Wall Street Zen lowered Brown & Brown from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Brown & Brown has an average rating of "Hold" and a consensus price target of $112.64.

Insider Activity at Brown & Brown

In related news, Director Paul J. Krump bought 2,678 shares of the stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the purchase, the director 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of Brown & Brown stock in a transaction on Wednesday, August 6th. The stock was acquired 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 of the company's stock, valued at $457,200. This trade represents a 25.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company's stock.

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.