Wealthcare Advisory Partners LLC Takes $2.63 Million Position in Brown & Brown, Inc. (NYSE:BRO)

Wealthcare Advisory Partners LLC acquired a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 30,087 shares of the financial services provider’s stock, valued at approximately $2,634,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Legacy Capital Wealth Partners LLC grew its stake in shares of Brown & Brown by 2.6% in the fourth quarter. Legacy Capital Wealth Partners LLC now owns 6,316 shares of the financial services provider’s stock worth $449,000 after purchasing an additional 158 shares during the last quarter. Tributary Capital Management LLC grew its stake in shares of Brown & Brown by 1.1% in the fourth quarter. Tributary Capital Management LLC now owns 16,677 shares of the financial services provider’s stock worth $1,186,000 after purchasing an additional 174 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of Brown & Brown by 22.8% in the fourth quarter. First Horizon Advisors Inc. now owns 1,008 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 187 shares during the last quarter. Czech National Bank grew its stake in shares of Brown & Brown by 0.5% in the first quarter. Czech National Bank now owns 41,562 shares of the financial services provider’s stock worth $3,638,000 after purchasing an additional 191 shares during the last quarter. Finally, Xcel Wealth Management LLC grew its stake in shares of Brown & Brown by 3.2% in the fourth quarter. Xcel Wealth Management LLC now owns 6,389 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 200 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on BRO. Wells Fargo & Company raised their target price on Brown & Brown from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 24th. Bank of America raised Brown & Brown from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $91.00 to $101.00 in a research report on Wednesday, May 22nd. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research report on Tuesday. Raymond James lifted their price objective on Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, March 26th. Finally, Royal Bank of Canada lifted their price objective on Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $89.40.

Insider Buying and Selling

In related news, EVP Julie Turpin sold 3,350 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $89.92, for a total value of $301,232.00. Following the completion of the transaction, the executive vice president now owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 17.02% of the stock is currently owned by insiders.

Brown & Brown Stock Performance

NYSE:BRO traded down $0.14 during trading hours on Thursday, reaching $90.44. The company had a trading volume of 96,541 shares, compared to its average volume of 1,272,110. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 52 week low of $66.23 and a 52 week high of $93.75. The firm has a market cap of $25.80 billion, a price-to-earnings ratio of 27.87, a PEG ratio of 2.39 and a beta of 0.82. The firm’s 50 day moving average price is $87.68 and its 200-day moving average price is $82.27.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.07. Brown & Brown had a net margin of 21.09% and a return on equity of 16.43%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the firm posted $0.84 EPS. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, analysts forecast that Brown & Brown, Inc. will post 3.61 EPS for the current year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Friday, May 3rd. Brown & Brown’s dividend payout ratio is currently 16.00%.

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.