Brown & Brown, Inc. $BRO Shares Sold by Bank of Montreal Can

Bank of Montreal Can decreased its position in Brown & Brown, Inc. (NYSE:BRO) by 3.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 515,601 shares of the financial services provider’s stock after selling 16,639 shares during the period. Bank of Montreal Can owned about 0.16% of Brown & Brown worth $57,165,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of 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 valued at $3,794,339,000 after acquiring an additional 560,980 shares in the last quarter. Parnassus Investments LLC purchased a new stake in shares of Brown & Brown in the first quarter valued at about $899,139,000. Invesco Ltd. boosted its holdings in shares of Brown & Brown by 8.3% in the first quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider’s stock valued at $512,545,000 after acquiring an additional 316,519 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of 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 valued at $381,129,000 after acquiring an additional 181,315 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Brown & Brown by 1.4% in the first quarter. Northern Trust Corp now owns 2,353,376 shares of the financial services provider’s stock valued at $292,760,000 after acquiring an additional 33,178 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling at Brown & Brown

In related news, Director Paul J. Krump purchased 2,678 shares of the business’s stock in a transaction dated 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 acquisition, the director directly owned 5,353 shares in the company, valued at $499,488.43. The trade was a 100.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 15.59% of the stock is currently owned by company insiders.

Analyst Ratings Changes

BRO has been the topic of several analyst reports. Truist Financial lowered their target price on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Citigroup cut shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday. Morgan Stanley lowered their price target on shares of Brown & Brown from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. Wall Street Zen raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Finally, Bank of America reaffirmed a “neutral” rating and set a $97.00 price target (down from $135.00) on shares of Brown & Brown in a research note on Monday. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $105.23.

Brown & Brown Trading Down 1.4%

Shares of BRO stock opened at $77.86 on Thursday. Brown & Brown, Inc. has a fifty-two week low of $76.96 and a fifty-two week high of $125.68. The stock has a market cap of $26.58 billion, a P/E ratio of 23.31, a P/E/G ratio of 1.70 and a beta of 0.77. The business has a fifty day simple moving average of $91.08 and a 200-day simple moving average of $100.64. 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 announced its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the business posted $0.91 earnings per share. The business’s revenue for the quarter was up 35.4% on a year-over-year basis. On average, analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 12th. Stockholders 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 dividend yield of 0.8%. The ex-dividend date is Wednesday, November 5th. Brown & Brown’s dividend payout ratio (DPR) is 19.76%.

Brown & Brown 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.