Sanctuary Advisors LLC Invests $12.61 Million in Brown & Brown, Inc. (NYSE:BRO)

Sanctuary Advisors LLC bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 154,764 shares of the financial services provider’s stock, valued at approximately $12,607,000. Sanctuary Advisors LLC owned about 0.05% of Brown & Brown at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in BRO. State Board of Administration of Florida Retirement System increased its holdings in shares of Brown & Brown by 2.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock valued at $23,390,000 after acquiring an additional 6,613 shares in the last quarter. Sei Investments Co. increased its stake in Brown & Brown by 12.7% during the 1st quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock valued at $24,169,000 after purchasing an additional 31,071 shares in the last quarter. Great Valley Advisor Group Inc. purchased a new position in shares of Brown & Brown in the second quarter worth $1,512,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Brown & Brown by 12.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock worth $21,855,000 after buying an additional 27,879 shares during the period. Finally, Norden Group LLC grew its holdings in shares of Brown & Brown by 2,650.9% during the first quarter. Norden Group LLC now owns 99,856 shares of the financial services provider’s stock valued at $8,741,000 after buying an additional 96,226 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Brown & Brown

In related news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown 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 sale, the chief financial officer now owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 transaction of $250,800.00. Following the completion of the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The disclosure for this sale can be found here. Corporate insiders own 17.02% of the company’s stock.

Brown & Brown Stock Down 0.4 %

BRO stock opened at $104.63 on Friday. Brown & Brown, Inc. has a one year low of $66.73 and a one year high of $106.02. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. The firm’s fifty day moving average is $102.18 and its 200 day moving average is $92.90. The firm has a market cap of $29.85 billion, a PE ratio of 32.19, a P/E/G ratio of 2.38 and a beta of 0.83.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period last year, the firm earned $0.68 EPS. On average, research analysts forecast that Brown & Brown, Inc. will post 3.68 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is presently 16.00%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BRO. Truist Financial raised their target price on Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Royal Bank of Canada raised their price objective on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Argus initiated coverage on Brown & Brown in a research report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 target price on the stock. Wells Fargo & Company raised shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $94.00 to $112.00 in a research report on Monday, August 12th. Finally, StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.67.

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.