Truist Financial Corp Lowers Stock Holdings in Brown & Brown, Inc. $BRO

Truist Financial Corp lowered its stake in Brown & Brown, Inc. (NYSE:BRO) by 7.0% during the fourth quarter, HoldingsChannel reports. The firm owned 249,304 shares of the financial services provider’s stock after selling 18,834 shares during the quarter. Truist Financial Corp’s holdings in Brown & Brown were worth $19,870,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Cornerstone Planning Group LLC grew its position in Brown & Brown by 423.1% in the 3rd quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider’s stock valued at $26,000 after buying an additional 220 shares during the last quarter. Darwin Wealth Management LLC purchased a new position in Brown & Brown during the 2nd quarter worth $30,000. Board of the Pension Protection Fund purchased a new position in Brown & Brown during the 4th quarter worth $40,000. Maseco LLP purchased a new position in Brown & Brown during the 4th quarter worth $60,000. Finally, eCIO Inc. purchased a new position in Brown & Brown during the 4th quarter worth $67,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insiders Place Their Bets

In other news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average cost of $57.10 per share, with a total value of $114,200.00. Following the purchase, the director directly owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 13.13% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BRO has been the subject of a number of analyst reports. Mizuho cut their price objective on shares of Brown & Brown from $85.00 to $84.00 and set an “outperform” rating for the company in a research report on Monday, April 13th. Argus upgraded shares of Brown & Brown to a “hold” rating in a research report on Tuesday, January 27th. UBS Group reissued a “neutral” rating and set a $81.00 target price (down from $90.00) on shares of Brown & Brown in a research note on Thursday, January 29th. Morgan Stanley reduced their price target on Brown & Brown from $76.00 to $70.00 and set an “equal weight” rating for the company in a report on Monday, April 6th. Finally, Keefe, Bruyette & Woods reduced their price target on Brown & Brown from $74.00 to $72.00 and set a “market perform” rating for the company in a report on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $80.73.

Brown & Brown Stock Down 1.5%

BRO opened at $56.64 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. The business has a 50 day simple moving average of $67.10 and a 200-day simple moving average of $74.43. The stock has a market capitalization of $19.20 billion, a P/E ratio of 18.21, a P/E/G ratio of 2.65 and a beta of 0.66. Brown & Brown, Inc. has a 12 month low of $56.54 and a 12 month high of $113.83.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The company’s quarterly revenue was up 35.4% compared to the same quarter last year. During the same period last year, the firm earned $1.29 EPS. On average, equities analysts anticipate that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th will be issued a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, May 11th. Brown & Brown’s dividend payout ratio (DPR) is currently 21.22%.

About Brown & Brown

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.