Legacy Financial Strategies LLC Reduces Position in Brown & Brown, Inc. (NYSE:BRO)

Legacy Financial Strategies LLC cut its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 14.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 35,801 shares of the financial services provider’s stock after selling 6,172 shares during the period. Brown & Brown makes up 1.0% of Legacy Financial Strategies LLC’s portfolio, making the stock its 16th largest holding. Legacy Financial Strategies LLC’s holdings in Brown & Brown were worth $4,454,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BRO. Norges Bank purchased a new position in shares of Brown & Brown during the 4th quarter worth about $313,412,000. First Trust Advisors LP boosted its stake in shares of Brown & Brown by 626.6% during the 4th quarter. First Trust Advisors LP now owns 2,350,039 shares of the financial services provider’s stock worth $239,751,000 after purchasing an additional 2,026,589 shares during the period. Madison Investment Advisors LLC purchased a new position in shares of Brown & Brown during the 4th quarter worth about $198,031,000. Vanguard Group Inc. boosted its stake in shares of Brown & Brown by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider’s stock worth $3,054,493,000 after purchasing an additional 1,335,964 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Brown & Brown by 13,974.9% during the 1st quarter. GAMMA Investing LLC now owns 1,112,758 shares of the financial services provider’s stock worth $138,427,000 after purchasing an additional 1,104,852 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Trading Up 1.0%

NYSE:BRO opened at $112.82 on Friday. Brown & Brown, Inc. has a one year low of $87.88 and a one year high of $125.68. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79. The firm has a market cap of $32.34 billion, a P/E ratio of 32.61, a P/E/G ratio of 2.93 and a beta of 0.87. The firm has a 50-day simple moving average of $114.70 and a 200-day simple moving average of $111.21.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm posted $1.14 EPS. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Monday, May 12th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 annualized dividend and a dividend yield of 0.53%. Brown & Brown’s dividend payout ratio is currently 16.71%.

Analyst Ratings Changes

A number of equities analysts recently commented on BRO shares. Truist Financial dropped their price target on shares of Brown & Brown from $138.00 to $130.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Keefe, Bruyette & Woods lowered their price objective on shares of Brown & Brown from $102.00 to $100.00 and set an “underperform” rating for the company in a research report on Monday, May 5th. Edward Jones started coverage on shares of Brown & Brown in a research report on Wednesday, April 16th. They issued a “buy” rating for the company. Jefferies Financial Group boosted their price objective on shares of Brown & Brown from $105.00 to $109.00 and gave the company a “hold” rating in a research report on Friday, April 11th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $128.00 price objective on shares of Brown & Brown in a research report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $116.85.

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.