Covey Capital Advisors LLC Sells 2,605 Shares of Brown & Brown, Inc. (NYSE:BRO)

Covey Capital Advisors LLC cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 8.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 28,993 shares of the financial services provider’s stock after selling 2,605 shares during the quarter. Brown & Brown makes up 3.4% of Covey Capital Advisors LLC’s portfolio, making the stock its 11th largest position. Covey Capital Advisors LLC’s holdings in Brown & Brown were worth $2,958,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Brooklyn Investment Group acquired a new stake in Brown & Brown in the third quarter worth about $26,000. Ashton Thomas Securities LLC acquired a new position in shares of Brown & Brown during the 3rd quarter worth about $29,000. Y.D. More Investments Ltd lifted its holdings in shares of Brown & Brown by 122.7% during the 4th quarter. Y.D. More Investments Ltd now owns 294 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 162 shares in the last quarter. R Squared Ltd bought a new position in shares of Brown & Brown during the 4th quarter valued at about $31,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Brown & Brown by 130.7% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 234 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BRO has been the topic of several research reports. Keefe, Bruyette & Woods cut their target price on Brown & Brown from $99.00 to $97.00 and set an “underperform” rating on the stock in a research note on Friday, January 10th. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Morgan Stanley began coverage on Brown & Brown in a report on Thursday, December 5th. They set an “overweight” rating and a $134.00 target price on the stock. Wells Fargo & Company boosted their target price on Brown & Brown from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Finally, Truist Financial upped their price objective on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $113.17.

Brown & Brown Price Performance

Shares of BRO stock opened at $111.69 on Friday. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a twelve month low of $80.33 and a twelve month high of $114.15. The company has a market cap of $31.93 billion, a P/E ratio of 32.28, a P/E/G ratio of 2.95 and a beta of 0.86. The business has a fifty day simple moving average of $105.13 and a 200 day simple moving average of $105.35.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.10. Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $0.60 annualized dividend and a yield of 0.54%. Brown & Brown’s dividend payout ratio is currently 17.34%.

About Brown & Brown

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.