Diversify Wealth Management LLC Trims Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Diversify Wealth Management LLC cut its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 9.2% during the third quarter, Holdings Channel.com reports. The firm owned 2,787 shares of the financial services provider’s stock after selling 281 shares during the quarter. Diversify Wealth Management LLC’s holdings in Brown & Brown were worth $295,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its stake in Brown & Brown by 0.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock worth $1,819,000 after purchasing an additional 100 shares during the period. Trust Point Inc. raised its stake in Brown & Brown by 4.3% during the third quarter. Trust Point Inc. now owns 2,519 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 103 shares during the period. Creative Planning raised its stake in Brown & Brown by 0.4% during the third quarter. Creative Planning now owns 29,892 shares of the financial services provider’s stock worth $3,097,000 after purchasing an additional 112 shares during the period. State of Alaska Department of Revenue raised its stake in Brown & Brown by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock worth $2,243,000 after purchasing an additional 125 shares during the period. Finally, Anchor Investment Management LLC raised its stake in Brown & Brown by 4.0% during the second quarter. Anchor Investment Management LLC now owns 3,286 shares of the financial services provider’s stock worth $294,000 after purchasing an additional 125 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Shares of BRO opened at $104.17 on Friday. Brown & Brown, Inc. has a fifty-two week low of $69.13 and a fifty-two week high of $107.67. The firm’s 50 day moving average price is $104.16 and its 200 day moving average price is $95.73. The company has a market cap of $29.79 billion, a P/E ratio of 28.38, a PEG ratio of 2.42 and a beta of 0.83. The company has a quick ratio of 2.35, a current ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the firm earned $0.71 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, research analysts forecast that Brown & Brown, Inc. will post 3.73 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be given a $0.15 dividend. The ex-dividend date is Wednesday, November 6th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.58%. Brown & Brown’s dividend payout ratio is currently 14.17%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BRO shares. Jefferies Financial Group lifted their target price on shares of Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Barclays initiated coverage on shares of Brown & Brown in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price target for the company. UBS Group lifted their price target on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Bank of America lifted their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Finally, Truist Financial lifted their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown currently has an average rating of “Hold” and an average target price of $106.50.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the transaction, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at $8,872,802.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.