Prospera Financial Services Inc Lowers Holdings in Brown & Brown, Inc. $BRO

Prospera Financial Services Inc reduced its position in Brown & Brown, Inc. (NYSE:BRO) by 6.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 17,745 shares of the financial services provider’s stock after selling 1,325 shares during the quarter. Prospera Financial Services Inc’s holdings in Brown & Brown were worth $1,967,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in BRO. Bares Capital Management Inc. acquired a new position in Brown & Brown during the 1st quarter worth approximately $26,000. ST Germain D J Co. Inc. boosted its stake in shares of Brown & Brown by 298.5% in 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 in the last quarter. SouthState Corp grew its holdings in Brown & Brown by 188.6% during the first quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 166 shares during the period. Motco purchased a new position in Brown & Brown in the second quarter worth $32,000. Finally, Bruce G. Allen Investments LLC raised its position in Brown & Brown by 1,129.6% in the second quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 305 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

NYSE:BRO opened at $80.06 on Wednesday. Brown & Brown, Inc. has a 12-month low of $76.17 and a 12-month high of $125.68. The firm has a market cap of $27.33 billion, a price-to-earnings ratio of 23.97, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. The company’s 50-day moving average is $89.64 and its two-hundred day moving average is $99.46. The company has a current ratio of 2.10, a quick ratio of 6.72 and a debt-to-equity ratio of 0.62.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The business had revenue of $1.61 billion during 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 was up 35.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 earnings per share. Research analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be issued a $0.165 dividend. This is a boost 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 payout ratio is presently 19.76%.

Wall Street Analyst Weigh In

BRO has been the topic of several research analyst reports. Wells Fargo & Company decreased their target price 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. Weiss Ratings downgraded shares of Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Bank of America restated a “neutral” rating and set a $97.00 target price (down from $135.00) on shares of Brown & Brown in a research report on Monday, November 3rd. Morgan Stanley dropped their target price on shares of Brown & Brown from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods decreased their price target on Brown & Brown from $92.00 to $79.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 4th. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $105.23.

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.