Brown & Brown, Inc. $BRO Holdings Cut by HighTower Advisors LLC

HighTower Advisors LLC cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 22.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,364 shares of the financial services provider’s stock after selling 8,709 shares during the quarter. HighTower Advisors LLC’s holdings in Brown & Brown were worth $2,848,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cornerstone Planning Group LLC boosted its position in Brown & Brown by 423.1% during the 3rd quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 220 shares during the period. Darwin Wealth Management LLC bought a new stake in Brown & Brown in the second quarter valued at $30,000. Motco acquired a new position in shares of Brown & Brown during the second quarter valued at $32,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Brown & Brown during the second quarter valued at $49,000. Finally, Evelyn Partners Investment Management LLP bought a new position in shares of Brown & Brown during the second quarter worth about $52,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BRO shares. Keefe, Bruyette & Woods upgraded shares of Brown & Brown from an “underperform” rating to a “market perform” rating and cut their price objective for the company from $80.00 to $73.00 in a research report on Thursday, January 29th. Mizuho cut their price target on Brown & Brown from $90.00 to $84.00 and set a “neutral” rating on the stock in a report on Wednesday, January 28th. Jefferies Financial Group reduced their price objective on Brown & Brown from $89.00 to $84.00 and set a “hold” rating for the company in a research report on Wednesday, January 28th. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research report on Monday, November 3rd. Finally, Truist Financial lowered their price target on Brown & Brown from $105.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, January 28th. Three research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $90.36.

Brown & Brown Price Performance

Shares of Brown & Brown stock opened at $71.21 on Friday. Brown & Brown, Inc. has a 52 week low of $65.68 and a 52 week high of $125.68. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.55. The stock has a market cap of $24.24 billion, a PE ratio of 22.25, a price-to-earnings-growth ratio of 2.12 and a beta of 0.79. The company’s 50-day moving average price is $75.51 and its two-hundred day moving average price is $83.68.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, January 26th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.02. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The business’s revenue was up 35.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS. As a group, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th were paid a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s dividend payout ratio (DPR) is currently 20.63%.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.