ProShare Advisors LLC Trims Position in Brown & Brown, Inc. $BRO

ProShare Advisors LLC trimmed its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 15.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,405,977 shares of the financial services provider’s stock after selling 261,566 shares during the quarter. ProShare Advisors LLC’s holdings in Brown & Brown were worth $155,881,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. M&T Bank Corp lifted its position in Brown & Brown by 56.8% during the first quarter. M&T Bank Corp now owns 14,693 shares of the financial services provider’s stock valued at $1,828,000 after purchasing an additional 5,323 shares during the period. Axxcess Wealth Management LLC raised its stake in shares of Brown & Brown by 103.6% during the 1st quarter. Axxcess Wealth Management LLC now owns 4,253 shares of the financial services provider’s stock valued at $529,000 after buying an additional 2,164 shares during the last quarter. Allworth Financial LP raised its stake in shares of Brown & Brown by 36.6% during the 1st quarter. Allworth Financial LP now owns 960 shares of the financial services provider’s stock valued at $113,000 after buying an additional 257 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of Brown & Brown by 2.4% in the 1st quarter. Cerity Partners LLC now owns 49,275 shares of the financial services provider’s stock valued at $6,130,000 after buying an additional 1,136 shares during the period. Finally, Xponance Inc. boosted its stake in shares of Brown & Brown by 0.8% in the first quarter. Xponance Inc. now owns 44,168 shares of the financial services provider’s stock worth $5,494,000 after buying an additional 372 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BRO shares. Weiss Ratings cut Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. BMO Capital Markets dropped their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 30th. Truist Financial cut their target price on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Citigroup cut shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Finally, Wells Fargo & Company dropped their price target on shares of Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 29th. Five equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $105.23.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $78.51 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 6.72 and a current ratio of 2.10. The firm has a fifty day moving average of $90.31 and a 200 day moving average of $99.98. The firm has a market cap of $26.81 billion, a PE ratio of 23.51, a PEG ratio of 1.70 and a beta of 0.77. Brown & Brown, Inc. has a one year low of $76.17 and a one year high of $125.68.

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

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be paid a dividend of $0.165 per share. This is an increase 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 yield of 0.8%. Brown & Brown’s dividend payout ratio (DPR) is presently 19.76%.

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.