Otter Creek Advisors LLC Trims Holdings in Brown & Brown, Inc. (NYSE:BRO)

Otter Creek Advisors LLC decreased its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 15.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 32,995 shares of the financial services provider’s stock after selling 6,218 shares during the period. Brown & Brown accounts for 2.3% of Otter Creek Advisors LLC’s investment portfolio, making the stock its 26th largest position. Otter Creek Advisors LLC’s holdings in Brown & Brown were worth $3,366,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Brooklyn Investment Group bought a new stake in shares of Brown & Brown during the third quarter valued at about $26,000. Ashton Thomas Securities LLC purchased a new position in Brown & Brown during the third quarter valued at approximately $29,000. Y.D. More Investments Ltd increased its holdings in Brown & Brown by 122.7% during the 4th quarter. Y.D. More Investments Ltd now owns 294 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 162 shares during the period. R Squared Ltd purchased a new stake in Brown & Brown in the 4th quarter worth approximately $31,000. Finally, Versant Capital Management Inc boosted its holdings in Brown & Brown by 130.7% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 234 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BRO shares. Wells Fargo & Company upped their price target on shares of Brown & Brown from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Barclays upped their target price on Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 21st. Truist Financial lifted their price target on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Keefe, Bruyette & Woods decreased their price objective on shares of Brown & Brown from $99.00 to $97.00 and set an “underperform” rating on the stock in a research report on Friday, January 10th. Finally, Morgan Stanley started coverage on shares of Brown & Brown in a research report on Thursday, December 5th. They set an “overweight” rating and a $134.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and a consensus price target of $113.17.

Brown & Brown Stock Performance

NYSE BRO opened at $114.76 on Thursday. The firm has a market cap of $32.81 billion, a price-to-earnings ratio of 33.17, a PEG ratio of 2.93 and a beta of 0.86. The company has a 50-day simple moving average of $105.95 and a two-hundred day simple moving average of $105.79. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a 12-month low of $80.33 and a 12-month high of $115.34.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.10. Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. On average, equities analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $0.60 dividend on an annualized basis and a yield of 0.52%. Brown & Brown’s dividend payout ratio is currently 17.34%.

Brown & Brown Company 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.