Congress Asset Management Co. Cuts Position in Brown & Brown, Inc. (NYSE:BRO)

Congress Asset Management Co. decreased its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,362,009 shares of the financial services provider’s stock after selling 15,176 shares during the period. Brown & Brown comprises 1.0% of Congress Asset Management Co.’s portfolio, making the stock its 28th largest holding. Congress Asset Management Co. owned about 0.48% of Brown & Brown worth $141,104,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Oregon Public Employees Retirement Fund boosted its holdings in shares of Brown & Brown by 0.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock valued at $1,819,000 after purchasing an additional 100 shares during the last quarter. Trust Point Inc. grew its stake in Brown & Brown by 4.3% in 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 in the last quarter. Creative Planning boosted its holdings in shares of Brown & Brown by 0.4% in the 3rd quarter. Creative Planning now owns 29,892 shares of the financial services provider’s stock valued at $3,097,000 after buying an additional 112 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Brown & Brown by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock valued at $2,243,000 after purchasing an additional 125 shares during the last quarter. Finally, Anchor Investment Management LLC grew its holdings 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 acquiring an additional 125 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of Brown & Brown stock traded down $0.44 during trading hours on Thursday, hitting $105.39. 100,427 shares of the company were exchanged, compared to its average volume of 1,322,545. The business has a 50-day moving average of $104.14 and a 200-day moving average of $95.67. Brown & Brown, Inc. has a 1 year low of $68.42 and a 1 year high of $107.67. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $30.06 billion, a price-to-earnings ratio of 30.28, a P/E/G ratio of 2.45 and a beta of 0.83.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 earnings per share. As a group, analysts expect that Brown & Brown, Inc. will post 3.69 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th will be paid 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 0.57%. Brown & Brown’s payout ratio is 14.94%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. 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 note on Tuesday, July 9th. Truist Financial boosted 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. Keefe, Bruyette & Woods boosted their price target on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research note on Friday, July 26th. Royal Bank of Canada raised their price objective on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Barclays started coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 target price on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $106.50.

Insiders Place Their Bets

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction on Thursday, August 8th. The stock was 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 of the company’s stock, valued at $8,872,802.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 transaction of $14,071,226.40. The disclosure for this sale can be found here. 16.43% of the stock is currently owned by company insiders.

About Brown & Brown

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.