Summit Investment Advisors Inc. Lowers Holdings in Brown & Brown, Inc. $BRO

Summit Investment Advisors Inc. decreased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 12.7% in the 1st quarter, Holdings Channel.com reports. The fund owned 17,070 shares of the financial services provider’s stock after selling 2,494 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Brown & Brown were worth $2,123,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bares Capital Management Inc. purchased a new position in shares of Brown & Brown during the 1st quarter worth $26,000. ST Germain D J Co. Inc. raised its holdings in Brown & Brown by 298.5% in the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after buying an additional 200 shares during the period. SouthState Corp lifted its position in Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock valued at $32,000 after buying an additional 166 shares during the last quarter. Motco acquired a new position in Brown & Brown in the second quarter valued at about $32,000. Finally, Bruce G. Allen Investments LLC boosted its stake in Brown & Brown by 1,129.6% during the second quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock worth $37,000 after buying an additional 305 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Price Performance

Brown & Brown stock opened at $78.51 on Monday. 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, Inc. has a 52-week low of $76.17 and a 52-week high of $125.68. The firm has a market cap of $26.81 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. The company’s 50 day moving average is $90.31 and its two-hundred day moving average is $99.98.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.90 by $0.15. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The company’s quarterly revenue was up 35.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 earnings per share. On average, research analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be issued a dividend of $0.165 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, November 5th. This represents a $0.66 annualized dividend and a yield of 0.8%. Brown & Brown’s dividend payout ratio (DPR) is currently 19.76%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research note on Monday, November 3rd. Wall Street Zen upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Barclays cut their target price on Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. UBS Group decreased their price target on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Finally, Citigroup cut Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and a consensus 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.