Brown & Brown, Inc. $BRO Stake Reduced by Confluence Investment Management LLC

Confluence Investment Management LLC trimmed its stake in Brown & Brown, Inc. (NYSE:BRO) by 4.6% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 386,030 shares of the financial services provider’s stock after selling 18,615 shares during the quarter. Confluence Investment Management LLC’s holdings in Brown & Brown were worth $24,764,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in Brown & Brown by 38.3% in the 1st quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock valued at $4,132,000 after purchasing an additional 9,264 shares during the last quarter. Focus Partners Wealth grew its position in Brown & Brown by 5.2% in the 1st quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock worth $1,387,000 after purchasing an additional 547 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Brown & Brown by 1,824.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider’s stock valued at $5,888,000 after purchasing an additional 50,344 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Brown & Brown by 27.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider’s stock valued at $116,000 after buying an additional 223 shares during the last quarter. Finally, Cary Street Partners Financial LLC raised its holdings in shares of Brown & Brown by 60.9% during the second quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider’s stock valued at $103,000 after buying an additional 353 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BRO. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Wells Fargo & Company lowered their price target on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a report on Thursday, July 9th. Weiss Ratings lowered Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Finally, Mizuho lifted their price objective on shares of Brown & Brown from $81.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $76.47.

Brown & Brown Stock Performance

Shares of BRO opened at $71.80 on Tuesday. The firm’s 50 day moving average is $63.93 and its 200-day moving average is $66.32. The stock has a market capitalization of $24.02 billion, a P/E ratio of 22.65, a P/E/G ratio of 3.52 and a beta of 0.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $98.30.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The firm’s revenue for the quarter was up 30.4% compared to the same quarter last year. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th will be given a $0.165 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 0.9%. Brown & Brown’s payout ratio is 20.82%.

Brown & Brown Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.