Brown & Brown, Inc. $BRO Shares Sold by Portside Wealth Group LLC

Portside Wealth Group LLC decreased its stake in Brown & Brown, Inc. (NYSE:BRO) by 20.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,692 shares of the financial services provider’s stock after selling 1,772 shares during the period. Portside Wealth Group LLC’s holdings in Brown & Brown were worth $742,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in Brown & Brown by 16.8% during the 2nd quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock worth $3,949,779,000 after acquiring an additional 5,124,203 shares in the last quarter. Intrust Bank NA grew its position in Brown & Brown by 7.1% in the second quarter. Intrust Bank NA now owns 3,613 shares of the financial services provider’s stock valued at $401,000 after acquiring an additional 241 shares in the last quarter. Element Capital Management LLC purchased a new stake in shares of Brown & Brown during the second quarter valued at approximately $27,718,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of Brown & Brown by 3.1% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 137,270 shares of the financial services provider’s stock worth $15,219,000 after purchasing an additional 4,089 shares in the last quarter. Finally, Generali Investments Management Co LLC acquired a new position in shares of Brown & Brown during the second quarter worth $60,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on BRO. Keefe, Bruyette & Woods lowered their price target on shares of Brown & Brown from $92.00 to $79.00 and set an “underperform” rating for the company in a report on Tuesday, November 4th. Truist Financial decreased their price objective on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Citigroup lowered Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Weiss Ratings cut Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Finally, Argus reissued a “hold” rating on shares of Brown & Brown in a report on Thursday, July 31st. Five research 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. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and a consensus price target of $104.08.

Brown & Brown Price Performance

Shares of BRO stock opened at $79.97 on Wednesday. The firm has a fifty day moving average of $88.18 and a two-hundred day moving average of $98.39. The firm has a market cap of $27.30 billion, a P/E ratio of 23.94, a P/E/G ratio of 1.70 and a beta of 0.77. Brown & Brown, Inc. has a 1-year low of $76.17 and a 1-year high of $125.68. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 6.72.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The company’s revenue for the quarter was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.91 EPS. As a group, research analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. 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.