Lansforsakringar Fondforvaltning AB publ Lowers Position in Brown & Brown, Inc. $BRO

Lansforsakringar Fondforvaltning AB publ lessened its holdings in Brown & Brown, Inc. (NYSE:BRO) by 1.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 76,864 shares of the financial services provider’s stock after selling 826 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Brown & Brown were worth $9,562,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Phillips Wealth Planners LLC raised its position in shares of Brown & Brown by 3.4% in the first quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider’s stock worth $316,000 after buying an additional 88 shares in the last quarter. SBI Securities Co. Ltd. raised its position in shares of Brown & Brown by 26.8% in the first quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider’s stock worth $56,000 after buying an additional 96 shares in the last quarter. Gateway Investment Advisers LLC raised its position in shares of Brown & Brown by 2.3% in the first quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider’s stock worth $536,000 after buying an additional 97 shares in the last quarter. Graypoint LLC raised its position in shares of Brown & Brown by 3.3% in the first quarter. Graypoint LLC now owns 3,208 shares of the financial services provider’s stock worth $399,000 after buying an additional 103 shares in the last quarter. Finally, NorthRock Partners LLC raised its position in shares of Brown & Brown by 4.2% in the first quarter. NorthRock Partners LLC now owns 2,530 shares of the financial services provider’s stock worth $315,000 after buying an additional 103 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Transactions at Brown & Brown

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of Brown & Brown stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the purchase, the director owned 5,000 shares of the company’s stock, valued at $457,200. This represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the purchase, the director directly owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BRO. Barclays lowered their price objective on Brown & Brown from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 29th. BMO Capital Markets lowered their price objective on Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 30th. The Goldman Sachs Group downgraded Brown & Brown from a “buy” rating to a “neutral” rating and lowered their price target for the company from $126.00 to $119.00 in a research report on Tuesday, May 13th. Wells Fargo & Company downgraded Brown & Brown from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $104.00 to $101.00 in a research report on Wednesday, August 13th. Finally, Truist Financial set a $120.00 price target on Brown & Brown in a research report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $112.64.

Brown & Brown Trading Up 0.8%

NYSE BRO opened at $97.02 on Friday. The stock’s 50-day simple moving average is $100.93 and its two-hundred day simple moving average is $109.67. Brown & Brown, Inc. has a twelve month low of $90.38 and a twelve month high of $125.68. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $32.00 billion, a price-to-earnings ratio of 27.96, a PEG ratio of 2.19 and a beta of 0.78.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the business posted $0.93 earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. Research analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown’s dividend payout ratio (DPR) is 17.29%.

Brown & Brown Company Profile

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.