First Affirmative Financial Network Decreases Stock Position in Brown & Brown, Inc. (NYSE:BRO)

First Affirmative Financial Network trimmed its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 7.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,947 shares of the financial services provider’s stock after selling 252 shares during the quarter. First Affirmative Financial Network’s holdings in Brown & Brown were worth $305,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Brown & Brown by 0.7% during the first quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider’s stock worth $2,482,223,000 after buying an additional 203,105 shares in the last quarter. Principal Financial Group Inc. grew its stake in Brown & Brown by 0.7% during the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock valued at $1,144,893,000 after acquiring an additional 86,824 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Brown & Brown by 24.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after acquiring an additional 687,783 shares during the last quarter. Royal London Asset Management Ltd. lifted its stake in Brown & Brown by 105.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after purchasing an additional 1,059,711 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Brown & Brown by 8.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock worth $138,899,000 after purchasing an additional 114,688 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on BRO. Truist Financial lifted their price objective on Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Bank of America upped their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday. Raymond James boosted their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. UBS Group raised their price target on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Finally, Royal Bank of Canada increased their price objective on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $105.33.

Insider Buying and Selling

In other news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the transaction, the chief financial officer now owns 88,445 shares of the company’s stock, valued at $8,872,802.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by insiders.

Brown & Brown Stock Up 1.0 %

Shares of BRO opened at $104.75 on Friday. The company’s 50-day simple moving average is $102.88 and its 200-day simple moving average is $93.81. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. Brown & Brown, Inc. has a 1 year low of $66.73 and a 1 year high of $106.67. The stock has a market capitalization of $29.88 billion, a PE ratio of 32.23, a P/E/G ratio of 2.45 and a beta of 0.83.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.88 by $0.05. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.68 EPS. Analysts forecast that Brown & Brown, Inc. will post 3.69 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a dividend of $0.13 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 annualized dividend and a yield of 0.50%. Brown & Brown’s payout ratio is 16.00%.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.