Brown & Brown, Inc. $BRO Stock Sold by Third View Private Wealth LLC

Third View Private Wealth LLC decreased its position in Brown & Brown, Inc. (NYSE:BRO) by 49.3% in the third quarter, Holdings Channel.com reports. The firm owned 8,569 shares of the financial services provider’s stock after selling 8,333 shares during the quarter. Third View Private Wealth LLC’s holdings in Brown & Brown were worth $522,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Brown & Brown during the 2nd quarter valued at about $1,418,571,000. Deutsche Bank AG purchased a new stake in Brown & Brown in the second quarter worth about $266,941,000. Bank of America Corp DE purchased a new stake in Brown & Brown in the second quarter worth about $228,051,000. Madison Asset Management LLC purchased a new stake in Brown & Brown in the second quarter worth about $138,630,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Brown & Brown during the second quarter valued at approximately $88,589,000. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of BRO opened at $73.96 on Thursday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.96 and a quick ratio of 1.96. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $82.57. The firm has a market capitalization of $24.53 billion, a P/E ratio of 23.41, a PEG ratio of 2.32 and a beta of 0.52. The business has a fifty day moving average of $66.95 and a 200 day moving average of $66.74.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 26th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.76 billion. Brown & Brown had a return on equity of 13.29% and a net margin of 17.63%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.05 earnings per share. As a group, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.47 EPS for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date is Wednesday, November 4th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. Brown & Brown’s dividend payout ratio is currently 20.89%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BRO. UBS Group dropped their price target on Brown & Brown from $73.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday. Truist Financial reduced their price objective on Brown & Brown from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Barclays lowered their price objective on Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 7th. JPMorgan Chase & Co. lifted their price objective on Brown & Brown from $80.00 to $83.00 and gave the company a “neutral” rating in a research note on Thursday, October 1st. Finally, BMO Capital Markets boosted their target price on Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and an average price target of $75.47.

Brown & Brown Profile

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.