Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. decreased its position in Brown & Brown, Inc. (NYSE:BRO) by 1.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,362,009 shares of the financial services provider’s stock after selling 15,176 shares during the period. Brown & Brown makes up 1.0% of Congress Asset Management Co.’s investment portfolio, making the stock its 28th largest position. Congress Asset Management Co.’s holdings in Brown & Brown were worth $141,104,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. ST Germain D J Co. Inc. raised its holdings in shares of Brown & Brown by 298.5% during the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 200 shares during the period. Crewe Advisors LLC boosted its stake in Brown & Brown by 330.4% in 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 shares of Brown & Brown during the first quarter valued at approximately $32,000. Larson Financial Group LLC raised its position in shares of Brown & Brown by 65.7% during the 2nd 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. boosted its position in Brown & Brown by 142.3% during the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 323 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BRO has been the subject of several recent research reports. Keefe, Bruyette & Woods upped their price target on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research report on Friday, July 26th. Bank of America boosted their price objective on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Truist Financial lifted their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Jefferies Financial Group increased their target price on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $106.50.

Insider Buying and Selling

In other news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $14,071,226.40. The disclosure for this sale can be found here. 16.43% of the stock is currently owned by corporate insiders.

Brown & Brown Price Performance

Shares of BRO stock traded down $0.44 during mid-day trading on Thursday, reaching $105.39. The company’s stock had a trading volume of 100,427 shares, compared to its average volume of 1,322,545. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. The firm’s 50-day moving average is $104.14 and its two-hundred day moving average is $95.67. The company has a market cap of $30.06 billion, a P/E ratio of 30.28, a PEG ratio of 2.45 and a beta of 0.83. Brown & Brown, Inc. has a 1-year low of $68.42 and a 1-year high of $107.67.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company earned $0.71 EPS. Brown & Brown’s revenue was up 11.0% on a year-over-year basis. On average, research analysts predict that Brown & Brown, Inc. will post 3.69 earnings per share for the current year.

Brown & Brown Increases Dividend

The company 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 $0.15 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date is Wednesday, November 6th. This represents a $0.60 annualized dividend and a dividend yield of 0.57%. Brown & Brown’s dividend payout ratio is presently 14.94%.

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.