Brown & Brown, Inc. $BRO Stake Lowered by Strategy Asset Managers LLC

Strategy Asset Managers LLC lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 67.3% in the third quarter, HoldingsChannel reports. The firm owned 3,551 shares of the financial services provider’s stock after selling 7,297 shares during the quarter. Strategy Asset Managers LLC’s holdings in Brown & Brown were worth $333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Darwin Wealth Management LLC acquired a new position in shares of Brown & Brown during the second quarter valued at $30,000. Motco bought a new stake in Brown & Brown in the 2nd quarter valued at about $32,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Brown & Brown in the second quarter valued at approximately $49,000. Horizon Bancorp Inc. IN bought a new position in Brown & Brown in the 2nd quarter worth approximately $50,000. Finally, Evelyn Partners Investment Management LLP acquired a new position in Brown & Brown during the 2nd quarter worth $52,000. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Down 1.1%

Shares of NYSE:BRO opened at $71.32 on Tuesday. Brown & Brown, Inc. has a 52 week low of $70.92 and a 52 week high of $125.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.10 and a current ratio of 1.67. The company has a market cap of $24.35 billion, a PE ratio of 22.29, a price-to-earnings-growth ratio of 2.18 and a beta of 0.79. The firm has a 50 day simple moving average of $79.13 and a 200 day simple moving average of $86.92.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the business earned $0.86 EPS. The company’s revenue was up 35.7% on a year-over-year basis. As a group, research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s payout ratio is presently 20.63%.

Analyst Ratings Changes

Several research firms have commented on BRO. Bank of America lowered their target price on shares of Brown & Brown from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 27th. Argus upgraded Brown & Brown to a “hold” rating in a report on Tuesday, January 27th. Truist Financial lowered their target price on Brown & Brown from $105.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, January 28th. Citigroup downgraded shares of Brown & Brown from a “buy” rating to a “neutral” rating in a report on Monday, November 3rd. Finally, UBS Group reissued a “neutral” rating and set a $81.00 target price (down from $90.00) on shares of Brown & Brown in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $90.64.

Brown & Brown 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.