Exchange Traded Concepts LLC Cuts Position in Brown & Brown, Inc. (NYSE:BRO)

Exchange Traded Concepts LLC lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 95.9% in the third quarter, Holdings Channel reports. The firm owned 435 shares of the financial services provider’s stock after selling 10,186 shares during the period. Exchange Traded Concepts LLC’s holdings in Brown & Brown were worth $45,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BRO. Royal London Asset Management Ltd. lifted its position in Brown & Brown by 105.1% during the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after buying an additional 1,059,711 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Brown & Brown by 24.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after acquiring an additional 687,783 shares during the period. Capital World Investors lifted its stake in shares of Brown & Brown by 50.5% during the first quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock worth $123,714,000 after purchasing an additional 473,982 shares in the last quarter. Natixis Advisors LLC lifted its position in Brown & Brown by 123.9% during the 2nd quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock worth $65,597,000 after acquiring an additional 406,064 shares in the last quarter. Finally, Truist Financial Corp raised its stake in shares of Brown & Brown by 392.3% during the second quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after purchasing an additional 376,892 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Barclays initiated coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price target on the stock. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Wells Fargo & Company raised their price objective on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Jefferies Financial Group lifted their price objective on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, UBS Group increased their target price on Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus target price of $105.67.

Insider Buying and Selling at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction dated 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. 17.02% of the stock is owned by corporate insiders.

Brown & Brown Stock Performance

Shares of BRO stock opened at $106.02 on Thursday. The business has a 50 day simple moving average of $103.91 and a 200 day simple moving average of $94.93. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. The firm has a market capitalization of $30.24 billion, a price-to-earnings ratio of 32.62, a price-to-earnings-growth ratio of 2.50 and a beta of 0.83. Brown & Brown, Inc. has a 12-month low of $67.06 and a 12-month high of $107.67.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the business posted $0.68 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, equities research analysts anticipate that Brown & Brown, Inc. will post 3.69 EPS for the current year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be paid a dividend of $0.15 per share. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.57%. Brown & Brown’s dividend payout ratio (DPR) is presently 16.00%.

Brown & Brown Company 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.