Procyon Advisors LLC Has $392,000 Position in Brown & Brown, Inc. $BRO

Key Points

• Procyon Advisors LLC has significantly reduced its holdings in Brown & Brown, Inc. by 84.9%, leaving it with just 3,537 shares valued at approximately $392,000.
• Brown & Brown reported an earnings per share (EPS) of $1.03 for the last quarter, exceeding analyst expectations, and achieved a revenue of $1.29 billion.
• A quarterly dividend of $0.15 per share was declared and paid, resulting in an annualized dividend yield of 0.7%.

Procyon Advisors LLC decreased its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 84.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,537 shares of the financial services provider's stock after selling 19,867 shares during the quarter. Procyon Advisors LLC's holdings in Brown & Brown were worth $392,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in BRO. Bares Capital Management Inc. acquired a new stake in shares of Brown & Brown during the first quarter worth $26,000. Sunbelt Securities Inc. increased its position 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. Optimum Investment Advisors acquired a new stake in Brown & Brown in the 1st quarter worth about $31,000. SouthState Corp boosted its holdings 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 during the period. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Brown & Brown during the 1st quarter worth approximately $45,000. 71.01% of the stock is currently owned by institutional investors.

Insider Activity at Brown & Brown

In other news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the transaction, the director owned 5,000 shares of the company's stock, valued at approximately $457,200. This trade represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of the stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the transaction, the director owned 5,353 shares in the company, valued at approximately $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.

Brown & Brown Price Performance

Shares of NYSE BRO traded down $0.08 during midday trading on Friday, reaching $91.79. 6,468,431 shares of the company were exchanged, compared to its average volume of 2,179,395. The stock's 50-day moving average price is $96.41 and its 200-day moving average price is $107.61. The stock has a market cap of $30.27 billion, a P/E ratio of 26.45, a PEG ratio of 2.08 and a beta of 0.81. 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 one year low of $89.99 and a one year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. The company 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%.Brown & Brown's revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter last year, the business posted $0.93 EPS. On average, sell-side 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 declared a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's payout ratio is 17.29%.

Analysts Set New Price Targets

BRO has been the subject of several recent research reports. Morgan Stanley cut their price target on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research note on Monday, August 18th. Raymond James Financial reissued an "outperform" rating and set a $120.00 target price (down from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Wells Fargo & Company cut Brown & Brown from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $104.00 to $101.00 in a research report on Wednesday, August 13th. BMO Capital Markets cut their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. Finally, Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and raised their target price for the company from $126.00 to $130.00 in a report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $112.64.

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.