Mattern Capital Management LLC Has $13.41 Million Position in Brown & Brown, Inc. (NYSE:BRO)

Mattern Capital Management LLC lessened its stake in Brown & Brown, Inc. (NYSE:BRO) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,406 shares of the financial services provider’s stock after selling 1,103 shares during the quarter. Brown & Brown comprises approximately 1.7% of Mattern Capital Management LLC’s investment portfolio, making the stock its 6th biggest holding. Mattern Capital Management LLC’s holdings in Brown & Brown were worth $13,406,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. ST Germain D J Co. Inc. boosted its position in Brown & Brown by 298.5% in the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $28,000 after buying an additional 200 shares during the last quarter. Crewe Advisors LLC lifted its stake in shares of Brown & Brown by 330.4% during the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 228 shares during the period. Headlands Technologies LLC bought a new position in Brown & Brown in the first quarter valued at about $32,000. Larson Financial Group LLC increased its position in Brown & Brown by 65.7% in the second quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 211 shares during the period. Finally, Blue Trust Inc. raised its holdings in Brown & Brown by 142.3% during the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 323 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Argus assumed coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They set a “buy” rating and a $120.00 price target for the company. Jefferies Financial Group boosted their price objective on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Royal Bank of Canada raised their price objective on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Bank of America boosted their price objective on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods lifted their price target on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $105.67.

Brown & Brown Price Performance

Shares of BRO opened at $103.98 on Friday. Brown & Brown, Inc. has a fifty-two week low of $67.30 and a fifty-two week high of $107.67. The firm has a market capitalization of $29.66 billion, a PE ratio of 29.88, a PEG ratio of 2.48 and a beta of 0.83. The company’s 50-day moving average is $104.03 and its 200-day moving average is $95.21. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th will be issued a dividend of $0.15 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Wednesday, November 6th. Brown & Brown’s dividend payout ratio is 14.94%.

Insider Activity at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction on 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 document filed with the SEC, which is available at this hyperlink. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred 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 directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. 17.02% of the stock is owned by insiders.

Brown & Brown 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.