Covey Capital Advisors LLC Trims Position in Brown & Brown, Inc. (NYSE:BRO)

Covey Capital Advisors LLC trimmed its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 2.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 31,598 shares of the financial services provider’s stock after selling 788 shares during the quarter. Brown & Brown comprises approximately 3.6% of Covey Capital Advisors LLC’s holdings, making the stock its 11th largest holding. Covey Capital Advisors LLC’s holdings in Brown & Brown were worth $3,274,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Brooklyn Investment Group acquired a new stake in Brown & Brown during the third quarter worth about $26,000. Crewe Advisors LLC boosted its position in Brown & Brown by 330.4% in the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 228 shares in the last quarter. ST Germain D J Co. Inc. grew its stake in shares of Brown & Brown by 298.5% during the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 200 shares during the period. Ashton Thomas Securities LLC purchased a new position in shares of Brown & Brown during the 3rd quarter valued at approximately $29,000. Finally, Blue Trust Inc. increased its holdings in shares of Brown & Brown by 142.3% during the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 323 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Down 0.2 %

NYSE BRO opened at $113.20 on Friday. The business has a fifty day moving average price of $106.96 and a 200 day moving average price of $99.58. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The company has a market cap of $32.37 billion, a P/E ratio of 30.84, a P/E/G ratio of 2.60 and a beta of 0.82. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.15.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.71 earnings per share. Research analysts anticipate that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.53%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Wall Street Analyst Weigh In

BRO has been the topic of several analyst reports. 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. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Bank of America increased their price target on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Royal Bank of Canada raised their price objective on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group upped their target price on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. One investment 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 stock currently has a consensus rating of “Hold” and a consensus target price of $107.42.

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.