Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. decreased its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 6.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,274,884 shares of the financial services provider’s stock after selling 87,125 shares during the quarter. Congress Asset Management Co. owned about 0.45% of Brown & Brown worth $130,064,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BRO. Allspring Global Investments Holdings LLC increased its stake in shares of Brown & Brown by 0.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock worth $405,638,000 after acquiring an additional 28,180 shares during the period. Barclays PLC increased its stake in shares of Brown & Brown by 17.8% in the third quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock worth $255,537,000 after acquiring an additional 371,980 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Brown & Brown by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock worth $136,302,000 after acquiring an additional 17,934 shares during the period. FMR LLC increased its stake in shares of Brown & Brown by 42.4% in the third quarter. FMR LLC now owns 1,109,840 shares of the financial services provider’s stock worth $114,979,000 after acquiring an additional 330,661 shares during the period. Finally, Natixis Advisors LLC increased its stake in shares of Brown & Brown by 6.2% in the third quarter. Natixis Advisors LLC now owns 779,434 shares of the financial services provider’s stock worth $80,749,000 after acquiring an additional 45,766 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Stock Performance

BRO opened at $110.50 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. The company has a market cap of $31.60 billion, a price-to-earnings ratio of 31.94, a PEG ratio of 2.84 and a beta of 0.86. Brown & Brown, Inc. has a 52-week low of $80.33 and a 52-week high of $114.15. The firm’s fifty day simple moving average is $104.54 and its two-hundred day simple moving average is $105.08.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.10. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. Equities analysts anticipate that Brown & Brown, Inc. will post 4.15 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Wednesday, February 5th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Wednesday, February 5th. Brown & Brown’s payout ratio is 17.34%.

Wall Street Analyst Weigh In

BRO has been the topic of a number of research reports. StockNews.com lowered shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Bank of America increased their price objective on shares of Brown & Brown from $116.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Royal Bank of Canada increased their price objective on shares of Brown & Brown from $118.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 29th. Truist Financial raised 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, October 30th. Finally, Barclays raised their price target on shares of Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday, November 21st. One 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. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $113.17.

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.