Vancity Investment Management Ltd Decreases Stock Holdings in Brown & Brown, Inc. $BRO

Vancity Investment Management Ltd lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 4.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 275,696 shares of the financial services provider’s stock after selling 14,167 shares during the quarter. Brown & Brown makes up approximately 3.0% of Vancity Investment Management Ltd’s portfolio, making the stock its 14th largest holding. Vancity Investment Management Ltd’s holdings in Brown & Brown were worth $21,972,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BRO. Triad Investment Management bought a new stake in shares of Brown & Brown during the 4th quarter valued at about $4,314,000. Vanguard Group Inc. lifted its stake in shares of Brown & Brown by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 37,330,892 shares of the financial services provider’s stock worth $3,501,264,000 after purchasing an additional 1,705,570 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new position in shares of Brown & Brown in the fourth quarter worth approximately $46,226,000. Vest Financial LLC boosted its holdings in shares of Brown & Brown by 3.7% in the fourth quarter. Vest Financial LLC now owns 552,994 shares of the financial services provider’s stock worth $44,074,000 after buying an additional 19,503 shares during the last quarter. Finally, Capital World Investors grew its position in Brown & Brown by 81.1% during the third quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock valued at $1,639,392,000 after buying an additional 7,827,992 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling at Brown & Brown

In other news, Director H Palmer Proctor, Jr. bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average price of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. This represents a 4.38% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 13.13% of the company’s stock.

Analyst Ratings Changes

BRO has been the topic of several recent research reports. Morgan Stanley decreased their price target on shares of Brown & Brown from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 21st. Truist Financial cut their price objective on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Bank of America cut their price objective on shares of Brown & Brown from $90.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. Keefe, Bruyette & Woods decreased their target price on Brown & Brown from $74.00 to $72.00 and set a “market perform” rating on the stock in a report on Wednesday, April 29th. Finally, Citigroup assumed coverage on Brown & Brown in a report on Thursday, May 21st. They issued a “market outperform” rating on the stock. Five investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $78.44.

Brown & Brown Trading Down 0.1%

Brown & Brown stock opened at $59.00 on Friday. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $111.10. The firm has a market capitalization of $20.00 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 2.72 and a beta of 0.63. The firm has a 50 day moving average of $60.55 and a 200 day moving average of $69.18. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The company’s revenue for the quarter was up 35.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.29 earnings per share. As a group, research analysts predict that Brown & Brown, Inc. will post 4.51 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were paid a dividend of $0.165 per share. The ex-dividend date was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.1%. Brown & Brown’s payout ratio is 21.22%.

Brown & Brown Company 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.