Access Investment Management LLC Trims Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Access Investment Management LLC cut its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 31.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,000 shares of the financial services provider's stock after selling 11,213 shares during the period. Access Investment Management LLC's holdings in Brown & Brown were worth $2,590,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BRO. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Brown & Brown by 9.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 16,718 shares of the financial services provider's stock valued at $1,464,000 after buying an additional 1,416 shares in the last quarter. Empowered Funds LLC increased its position in shares of Brown & Brown by 19.4% during the first quarter. Empowered Funds LLC now owns 3,509 shares of the financial services provider's stock worth $307,000 after purchasing an additional 571 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Brown & Brown by 139.5% in the 1st quarter. SG Americas Securities LLC now owns 59,549 shares of the financial services provider's stock valued at $5,213,000 after purchasing an additional 34,683 shares during the last quarter. Forsta AP Fonden boosted its position in shares of Brown & Brown by 12.4% in the 1st quarter. Forsta AP Fonden now owns 44,400 shares of the financial services provider's stock valued at $3,887,000 after purchasing an additional 4,900 shares during the period. Finally, Sei Investments Co. grew its stake in Brown & Brown by 12.7% during the 1st quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider's stock worth $24,169,000 after buying an additional 31,071 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Barclays started coverage on shares of Brown & Brown in a report on Wednesday, September 4th. They issued an "equal weight" rating and a $108.00 target price on the stock. Truist Financial upped their target price on shares of Brown & Brown from $116.00 to $118.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Raymond James raised their price target on Brown & Brown from $95.00 to $110.00 and gave the stock an "outperform" rating in a report on Thursday, July 25th. Keefe, Bruyette & Woods upped their price objective on Brown & Brown from $86.00 to $92.00 and gave the company an "underperform" rating in a research note on Friday, July 26th. Finally, Jefferies Financial Group lifted their target price on Brown & Brown from $98.00 to $104.00 and gave the company a "hold" rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $106.50.

Insiders Place Their Bets

In related news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 17.02% of the stock is owned by insiders.

Brown & Brown Trading Down 0.5 %

Shares of BRO stock traded down $0.58 on Monday, reaching $111.85. 849,403 shares of the stock were exchanged, compared to its average volume of 1,322,299. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.08. The stock has a market cap of $31.98 billion, a P/E ratio of 30.48, a price-to-earnings-growth ratio of 2.59 and a beta of 0.82. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. The firm has a 50 day moving average of $104.89 and a two-hundred day moving average of $97.27.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The firm's revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.71 earnings per share. On average, research analysts anticipate that Brown & Brown, Inc. will post 3.73 EPS for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.54%. This is a boost from Brown & Brown's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Wednesday, November 6th. Brown & Brown's payout ratio is 16.35%.

About Brown & Brown

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.