Brown & Brown, Inc. $BRO Stock Sold by Confluence Investment Management LLC

Confluence Investment Management LLC reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 8.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 351,677 shares of the financial services provider’s stock after selling 34,353 shares during the period. Confluence Investment Management LLC’s holdings in Brown & Brown were worth $21,417,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Union Bancaire Privee UBP SA purchased a new stake in Brown & Brown during the 1st quarter valued at $25,000. Continuum Advisory LLC bought a new position in Brown & Brown during the second quarter valued at $34,000. Allied Private Wealth LLC purchased a new stake in shares of Brown & Brown in the second quarter valued at $35,000. Johnson Financial Group Inc. bought a new stake in shares of Brown & Brown in the 2nd quarter worth about $37,000. Finally, Gables Capital Management Inc. bought a new position in Brown & Brown during the 2nd quarter valued at about $43,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Stock Up 1.7%

Shares of BRO stock traded up $1.05 on Thursday, hitting $61.95. The stock had a trading volume of 1,126,663 shares, compared to its average volume of 2,971,856. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $96.55. The business has a 50 day moving average price of $68.95 and a 200 day moving average price of $65.17. The company has a market cap of $20.73 billion, a PE ratio of 19.54, a P/E/G ratio of 1.86 and a beta of 0.58. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the company earned $1.03 earnings per share. The firm’s revenue was up 30.4% on a year-over-year basis. Research analysts anticipate that Brown & Brown, Inc. will post 4.5 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were issued a $0.1650 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.1%. Brown & Brown’s dividend payout ratio (DPR) is currently 20.82%.

Wall Street Analysts Forecast Growth

BRO has been the topic of several recent analyst reports. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Morgan Stanley reiterated an “underweight” rating and set a $60.00 target price (up from $56.00) on shares of Brown & Brown in a research report on Wednesday, August 19th. Barclays upped their price target on shares of Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Citizens Jmp lifted their price objective on shares of Brown & Brown from $70.00 to $78.00 and gave the company a “market outperform” rating in a report on Friday, July 10th. Finally, Weiss Ratings upgraded shares of Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, August 19th. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and an average price target of $76.80.

Brown & Brown Company Profile

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.