Jackson Wealth Management LLC Sells 602 Shares of Brown & Brown, Inc. $BRO

Jackson Wealth Management LLC cut its stake in Brown & Brown, Inc. (NYSE:BRO) by 2.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,113 shares of the financial services provider’s stock after selling 602 shares during the period. Jackson Wealth Management LLC’s holdings in Brown & Brown were worth $3,339,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BRO. NBC Securities Inc. grew its holdings in shares of Brown & Brown by 115,600.0% in the first quarter. NBC Securities Inc. now owns 2,314 shares of the financial services provider’s stock worth $287,000 after purchasing an additional 2,312 shares during the last quarter. Merit Financial Group LLC lifted its stake in Brown & Brown by 29.7% in the first quarter. Merit Financial Group LLC now owns 2,585 shares of the financial services provider’s stock worth $322,000 after acquiring an additional 592 shares during the period. Naples Global Advisors LLC purchased a new stake in Brown & Brown in the first quarter worth about $219,000. Unique Wealth LLC lifted its stake in Brown & Brown by 47.2% in the first quarter. Unique Wealth LLC now owns 5,166 shares of the financial services provider’s stock worth $643,000 after acquiring an additional 1,657 shares during the period. Finally, Procyon Advisors LLC lifted its stake in Brown & Brown by 2.8% in the first quarter. Procyon Advisors LLC now owns 23,404 shares of the financial services provider’s stock worth $2,911,000 after acquiring an additional 632 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BRO. Keefe, Bruyette & Woods lowered their price objective on shares of Brown & Brown from $104.00 to $87.00 and set an “underperform” rating for the company in a research note on Thursday, July 31st. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 30th. Citigroup began coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They issued a “buy” rating and a $112.00 price objective for the company. BMO Capital Markets lowered their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an “outperform” rating for the company in a research note on Wednesday, July 30th. Finally, Bank of America raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $126.00 to $130.00 in a research note on Wednesday, July 30th. Eight equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $112.08.

Brown & Brown Stock Performance

Shares of BRO stock opened at $95.03 on Friday. The business’s fifty day simple moving average is $94.21 and its 200-day simple moving average is $105.85. The company has a market cap of $31.35 billion, a PE ratio of 27.39, a PEG ratio of 2.11 and a beta of 0.79. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a 12-month low of $89.99 and a 12-month high of $125.68.

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

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were given a $0.15 dividend. This represents a $0.60 annualized dividend 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 presently 17.29%.

Insider Activity at Brown & Brown

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

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.