Tandem Investment Advisors Inc. Sells 13,861 Shares of Brown & Brown, Inc. (NYSE:BRO)

Tandem Investment Advisors Inc. cut its stake in Brown & Brown, Inc. (NYSE:BRO) by 2.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 677,455 shares of the financial services provider’s stock after selling 13,861 shares during the period. Brown & Brown makes up approximately 2.7% of Tandem Investment Advisors Inc.’s holdings, making the stock its 21st biggest position. Tandem Investment Advisors Inc. owned 0.24% of Brown & Brown worth $70,184,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position 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 valued at $2,482,223,000 after purchasing an additional 203,105 shares during the period. Principal Financial Group Inc. increased its holdings in Brown & Brown by 0.7% in 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 buying an additional 86,824 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Brown & Brown by 0.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock valued at $405,638,000 after buying an additional 28,180 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of 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 buying an additional 687,783 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its position in shares of Brown & Brown by 105.1% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after acquiring an additional 1,059,711 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Jefferies Financial Group raised their price target on shares of Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Truist Financial boosted their price target on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company increased their price objective on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Argus began coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 target price on the stock. Finally, Barclays initiated coverage on shares of Brown & Brown in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Brown & Brown presently has an average rating of “Hold” and an average price target of $106.50.

Brown & Brown Price Performance

BRO opened at $110.35 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. The stock has a market capitalization of $31.56 billion, a P/E ratio of 30.07, a price-to-earnings-growth ratio of 2.43 and a beta of 0.82. The company’s 50 day simple moving average is $104.61 and its 200-day simple moving average is $96.65. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.08.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company earned $0.71 EPS. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. Sell-side analysts anticipate that Brown & Brown, Inc. will post 3.73 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be issued a dividend of $0.15 per share. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend is Wednesday, November 6th. Brown & Brown’s payout ratio is currently 14.17%.

Insider Buying and Selling at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 16.43% of the company’s stock.

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.