Suncoast Equity Management Sells 6,001 Shares of Brown & Brown, Inc. $BRO

Suncoast Equity Management reduced its holdings in Brown & Brown, Inc. (NYSE:BRO) by 32.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,374 shares of the financial services provider’s stock after selling 6,001 shares during the quarter. Suncoast Equity Management’s holdings in Brown & Brown were worth $1,372,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BRO. Parnassus Investments LLC bought a new stake in Brown & Brown in the first quarter worth approximately $899,139,000. Nuveen LLC bought a new stake in shares of Brown & Brown during the first quarter valued at approximately $72,895,000. Vanguard Group Inc. increased its holdings in shares of Brown & Brown by 1.9% during 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. Raymond James Financial Inc. increased its holdings in shares of Brown & Brown by 66.0% during the first quarter. Raymond James Financial Inc. now owns 1,169,936 shares of the financial services provider’s stock valued at $145,540,000 after acquiring an additional 465,028 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Brown & Brown by 51.5% during the second quarter. Assenagon Asset Management S.A. now owns 952,423 shares of the financial services provider’s stock valued at $105,595,000 after acquiring an additional 323,733 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Trading Down 1.4%

Shares of Brown & Brown stock opened at $77.86 on Thursday. The stock has a fifty day simple moving average of $91.08 and a 200 day simple moving average of $100.64. Brown & Brown, Inc. has a 12-month low of $76.96 and a 12-month high of $125.68. The company has a market capitalization of $26.58 billion, a P/E ratio of 23.31, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. The company has a current ratio of 2.10, a quick ratio of 6.72 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 (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $1.54 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. Brown & Brown’s revenue was up 35.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders 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 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, November 5th. Brown & Brown’s payout ratio is presently 19.76%.

Insiders Place Their Bets

In other Brown & Brown news, Director Paul J. Krump acquired 2,678 shares of the business’s stock in a transaction on Friday, August 8th. The shares were acquired at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the transaction, the director owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 15.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BRO shares. Wall Street Zen upgraded Brown & Brown from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Argus restated a “hold” rating on shares of Brown & Brown in a report on Thursday, July 31st. Truist Financial decreased their price objective on Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Citigroup downgraded Brown & Brown from a “buy” rating to a “neutral” rating in a report on Monday. Finally, UBS Group decreased their price objective on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Brown & Brown has a consensus rating of “Hold” and an average price target of $105.23.

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.