Envestnet Asset Management Inc. Sells 59,899 Shares of Brown & Brown, Inc. $BRO

Envestnet Asset Management Inc. cut its position in Brown & Brown, Inc. (NYSE:BRO) by 7.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 741,295 shares of the financial services provider’s stock after selling 59,899 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Brown & Brown were worth $82,187,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Brown & Brown by 1.9% in the first quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock worth $3,794,339,000 after purchasing an additional 560,980 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Brown & Brown by 0.3% in the first quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider’s stock worth $1,609,742,000 after purchasing an additional 38,078 shares in the last quarter. Parnassus Investments LLC bought a new position in Brown & Brown in the first quarter worth about $899,139,000. Invesco Ltd. raised its holdings in Brown & Brown by 8.3% in the first quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider’s stock worth $512,545,000 after purchasing an additional 316,519 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Brown & Brown by 6.3% in the first quarter. Royal Bank of Canada now owns 3,063,741 shares of the financial services provider’s stock worth $381,129,000 after purchasing an additional 181,315 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on BRO shares. Raymond James Financial reiterated an “outperform” rating and issued a $120.00 target price (down from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Argus restated a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. BMO Capital Markets dropped their price target on Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 30th. Citigroup initiated coverage on Brown & Brown in a research note on Wednesday, August 13th. They set a “buy” rating and a $112.00 price target on the stock. Finally, Truist Financial dropped their price target on Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a research note on Wednesday. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $109.00.

Insider Buying and Selling

In other news, Director Paul J. Krump bought 2,678 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the transaction, the director directly owned 5,353 shares in the company, valued at approximately $499,488.43. This represents a 100.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the transaction, the director owned 5,000 shares of the company’s stock, valued at $457,200. The trade was a 25.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 17.02% of the stock is owned by corporate insiders.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $80.24 on Thursday. The business’s 50 day moving average price is $92.82 and its 200 day moving average price is $102.03. The firm has a market cap of $26.47 billion, a P/E ratio of 24.03, a P/E/G ratio of 1.85 and a beta of 0.79. Brown & Brown, Inc. has a 52 week low of $79.68 and a 52 week high of $125.68. The company has a quick ratio of 6.72, a current ratio of 2.10 and a debt-to-equity ratio of 0.62.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.Brown & Brown’s revenue for the quarter was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. On average, sell-side analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 12th. Investors of record on Wednesday, November 5th will be given a $0.165 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Wednesday, November 5th. Brown & Brown’s payout ratio is currently 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.