Brown & Brown, Inc. $BRO Shares Sold by WealthPlan Investment Management LLC

WealthPlan Investment Management LLC lowered its position in Brown & Brown, Inc. (NYSE:BRO) by 41.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,264 shares of the financial services provider’s stock after selling 9,546 shares during the period. WealthPlan Investment Management LLC’s holdings in Brown & Brown were worth $808,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Union Bancaire Privee UBP SA acquired a new stake in Brown & Brown during the 1st quarter valued at $25,000. Continuum Advisory LLC acquired a new position in Brown & Brown in the second quarter worth $34,000. Allied Private Wealth LLC acquired a new position in Brown & Brown in the second quarter worth $35,000. Johnson Financial Group Inc. acquired a new position in Brown & Brown in the second quarter worth $37,000. Finally, Elevation Wealth Partners LLC grew its holdings in shares of Brown & Brown by 175.1% during the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 394 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Up 4.9%

Shares of NYSE:BRO opened at $67.98 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The stock has a market cap of $22.75 billion, a price-to-earnings ratio of 21.44, a P/E/G ratio of 2.02 and a beta of 0.60. The company has a 50 day moving average of $67.25 and a 200-day moving average of $64.88. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $92.91.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the company earned $1.03 earnings per share. The company’s quarterly revenue was up 30.4% on a year-over-year basis. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 4.49 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were given a dividend of $0.1650 per share. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown’s payout ratio is presently 20.82%.

Analysts Set New Price Targets

BRO has been the subject of a number of research reports. The Goldman Sachs Group raised their target price on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods upgraded shares of Brown & Brown from an “underperform” rating to an “outperform” rating and set a $77.00 price target on the stock in a research report on Monday. Jefferies Financial Group reiterated a “hold” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. BMO Capital Markets raised their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Finally, TD Cowen started coverage on shares of Brown & Brown in a research note on Monday. They issued a “buy” rating and a $82.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and an average price target of $76.00.

Brown & Brown Profile

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.