Brown & Brown, Inc. $BRO Stock Holdings Cut by WealthPlan Investment Management LLC

WealthPlan Investment Management LLC reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 41.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 13,264 shares of the financial services provider’s stock after selling 9,546 shares during the quarter. WealthPlan Investment Management LLC’s holdings in Brown & Brown were worth $808,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Mather Group LLC. raised its position in shares of Brown & Brown by 235.6% in the 3rd quarter. Mather Group LLC. now owns 25,952 shares of the financial services provider’s stock valued at $1,665,000 after acquiring an additional 18,219 shares during the period. Fortitude Family Office LLC grew its holdings in Brown & Brown by 950.0% during the third quarter. Fortitude Family Office LLC now owns 672 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 608 shares during the period. First Citizens Bank & Trust Co. acquired a new position in Brown & Brown during the third quarter valued at approximately $2,547,000. Krilogy Financial LLC grew its holdings in Brown & Brown by 149.0% during the third quarter. Krilogy Financial LLC now owns 14,518 shares of the financial services provider’s stock valued at $884,000 after purchasing an additional 8,687 shares during the period. Finally, GK Wealth Management LLC bought a new stake in Brown & Brown in the third quarter valued at approximately $160,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Citizens Jmp cut their target price on shares of Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating on the stock in a report on Monday. TD Cowen initiated coverage on shares of Brown & Brown in a research report on Monday. They set a “buy” rating and a $82.00 price target on the stock. BMO Capital Markets boosted their price target on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price target on shares of Brown & Brown from $80.00 to $83.00 and gave the company a “neutral” rating in a report on Thursday, October 1st. Finally, The Goldman Sachs Group upped their price objective on shares of Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Brown & Brown presently has an average rating of “Hold” and an average target price of $76.00.

Brown & Brown Trading Up 4.9%

NYSE BRO opened at $67.98 on Friday. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $92.91. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The firm has a market cap of $22.75 billion, a P/E ratio of 21.44, a P/E/G ratio of 2.02 and a beta of 0.60. The stock’s 50-day moving average is $67.25 and its 200-day moving average is $64.88.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data 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 net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the firm posted $1.03 earnings per share. Brown & Brown’s revenue for the quarter was up 30.4% compared to the same quarter last year. Sell-side analysts anticipate that Brown & Brown, Inc. will post 4.49 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were issued a dividend of $0.1650 per share. This represents a $0.66 annualized dividend and a yield of 1.0%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s dividend payout ratio (DPR) is 20.82%.

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.