ING Groep NV Sells 17,351 Shares of Brown & Brown, Inc. (NYSE:BRO)

ING Groep NV decreased its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 59.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,933 shares of the financial services provider's stock after selling 17,351 shares during the period. ING Groep NV's holdings in Brown & Brown were worth $1,236,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Royal London Asset Management Ltd. lifted its holdings in Brown & Brown by 105.1% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider's stock worth $184,930,000 after buying an additional 1,059,711 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Brown & Brown by 24.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider's stock worth $311,979,000 after purchasing an additional 687,783 shares during the last quarter. Capital World Investors boosted its holdings in shares of Brown & Brown by 50.5% in the first quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider's stock valued at $123,714,000 after acquiring an additional 473,982 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of Brown & Brown by 123.9% in the second quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider's stock valued at $65,597,000 after acquiring an additional 406,064 shares in the last quarter. Finally, Truist Financial Corp lifted its stake in shares of Brown & Brown by 392.3% in the second quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider's stock valued at $42,287,000 after purchasing an additional 376,892 shares during the period. Hedge funds and other institutional investors own 71.01% of the company's stock.

Insider Activity

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the company's stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 17.02% of the company's stock.

Brown & Brown Stock Down 0.2 %

BRO stock traded down $0.21 during mid-day trading on Monday, hitting $109.84. 507,938 shares of the company were exchanged, compared to its average volume of 1,316,079. Brown & Brown, Inc. has a twelve month low of $69.13 and a twelve month high of $114.08. The firm has a fifty day simple moving average of $105.38 and a 200 day simple moving average of $98.09. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $31.41 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 2.54 and a beta of 0.82.

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

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were paid a dividend of $0.15 per share. This is a boost from Brown & Brown's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown's dividend payout ratio is presently 16.35%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Jefferies Financial Group raised their price objective on shares of Brown & Brown from $98.00 to $104.00 and gave the company a "hold" rating in a research note on Wednesday, October 9th. Wells Fargo & Company lifted their target price on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an "overweight" rating in a research report on Thursday, October 10th. Barclays assumed coverage on shares of Brown & Brown in a report on Wednesday, September 4th. They set an "equal weight" rating and a $108.00 price target for the company. Bank of America lifted their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a "neutral" rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada lifted their price target on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $106.50.

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.