Southeast Asset Advisors LLC Has $4.27 Million Stock Holdings in Brown & Brown, Inc. $BRO

Key Points

• Southeast Asset Advisors LLC has reduced its stake in Brown & Brown, Inc. by 17.9%, selling 7,481 shares and now holding 34,287 shares worth $4.27 million.
• Analysts have varied opinions on Brown & Brown, with seven rating it as a Buy, seven as a Hold, and one as a Sell, leading to an average price target of $112.64.
• Brown & Brown reported a quarterly revenue of $1.29 billion, which reflects a 9.1% increase year-over-year, and earnings per share (EPS) of $1.03, surpassing analysts' expectations.

Southeast Asset Advisors LLC cut its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 17.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 34,287 shares of the financial services provider's stock after selling 7,481 shares during the period. Brown & Brown comprises approximately 0.5% of Southeast Asset Advisors LLC's holdings, making the stock its 26th biggest position. Southeast Asset Advisors LLC's holdings in Brown & Brown were worth $4,265,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Phillips Wealth Planners LLC lifted its position in shares of Brown & Brown by 3.4% in the first quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider's stock worth $316,000 after purchasing an additional 88 shares in the last quarter. SBI Securities Co. Ltd. increased its stake 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 buying an additional 96 shares during the period. Gateway Investment Advisers LLC lifted its position 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 worth $536,000 after buying an additional 97 shares in the last quarter. Graypoint LLC lifted its position in Brown & Brown by 3.3% in the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider's stock worth $399,000 after buying an additional 103 shares in the last quarter. Finally, NorthRock Partners LLC grew 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 valued at $315,000 after acquiring an additional 103 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on BRO shares. Keefe, Bruyette & Woods reduced 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. Bank of America raised Brown & Brown from a "neutral" rating to a "buy" rating and raised their price target for the stock from $126.00 to $130.00 in a research note on Wednesday, July 30th. Citigroup started coverage on Brown & Brown in a research note on Wednesday, August 13th. They issued a "buy" rating and a $112.00 price target for the company. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 30th. Finally, The Goldman Sachs Group cut shares of Brown & Brown from a "buy" rating to a "neutral" rating and reduced their target price for the company from $126.00 to $119.00 in a research note on Tuesday, May 13th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Brown & Brown has an average rating of "Hold" and an average target price of $112.64.

Brown & Brown Stock Performance

Shares of NYSE:BRO traded up $0.11 on Wednesday, hitting $96.16. 2,119,996 shares of the company were exchanged, compared to its average volume of 3,368,436. The company's 50 day moving average price is $101.40 and its two-hundred day moving average price is $109.84. Brown & Brown, Inc. has a one year low of $90.38 and a one year high of $125.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. The firm has a market capitalization of $31.72 billion, a price-to-earnings ratio of 27.71, a PEG ratio of 2.18 and a beta of 0.78.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results 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. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter last year, the company earned $0.93 earnings per share. The firm's revenue was up 9.1% on a year-over-year basis. Research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

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

Insider Buying and Selling

In other Brown & Brown news, Director Paul J. Krump purchased 2,678 shares of the stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director directly owned 5,353 shares of the company's stock, valued at $499,488.43. This represents a 100.11% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of Brown & Brown stock in a transaction dated 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 completion of the acquisition, the director directly owned 5,000 shares in the company, valued at $457,200. This trade represents a 25.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.02% of the company's stock.

About Brown & Brown

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.