Covey Capital Advisors LLC Lowers Stock Holdings in Brown & Brown, Inc. $BRO

Covey Capital Advisors LLC reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 13.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,115 shares of the financial services provider’s stock after selling 4,042 shares during the quarter. Brown & Brown accounts for approximately 3.0% of Covey Capital Advisors LLC’s portfolio, making the stock its 11th largest holding. Covey Capital Advisors LLC’s holdings in Brown & Brown were worth $2,784,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bares Capital Management Inc. bought a new position in shares of Brown & Brown during the first quarter valued at about $26,000. ST Germain D J Co. Inc. grew its stake in shares of Brown & Brown by 298.5% during the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after buying an additional 200 shares during the last quarter. Optimum Investment Advisors bought a new position in shares of Brown & Brown during the first quarter valued at about $31,000. SouthState Corp grew its stake in shares of Brown & Brown by 188.6% during the first quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock valued at $32,000 after buying an additional 166 shares during the last quarter. Finally, Motco bought a new position in shares of Brown & Brown during the second quarter valued at about $32,000. 71.01% of the stock is owned by institutional investors.

Insider Buying and Selling at Brown & Brown

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of Brown & Brown stock in a transaction dated Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $457,200. This trade represents a 25.00% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul J. Krump acquired 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director directly owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 17.02% of the company’s stock.

Brown & Brown Price Performance

NYSE BRO opened at $80.46 on Friday. The business’s fifty day moving average price is $92.50 and its 200-day moving average price is $101.88. The stock has a market capitalization of $27.47 billion, a price-to-earnings ratio of 24.09, a PEG ratio of 1.70 and a beta of 0.79. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 6.72. Brown & Brown, Inc. has a 1-year low of $79.68 and a 1-year high of $125.68.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.15. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The company’s revenue was up 35.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS. On average, equities analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th will be paid a $0.165 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, November 5th. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. Brown & Brown’s dividend payout ratio (DPR) is currently 17.96%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BRO. UBS Group reduced their price objective on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Citigroup reduced their price objective on Brown & Brown from $112.00 to $104.00 and set a “buy” rating on the stock in a research note on Thursday. Wells Fargo & Company cut their target price on Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods reduced their price target on Brown & Brown from $104.00 to $87.00 and set an “underperform” rating on the stock in a report on Thursday, July 31st. Finally, Raymond James Financial restated an “outperform” rating and set a $120.00 price target (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $108.38.

Brown & Brown Profile

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.