Confluence Investment Management LLC Sells 11,615 Shares of Brown & Brown, Inc. (NYSE:BRO)

Confluence Investment Management LLC lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 2.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 541,090 shares of the financial services provider's stock after selling 11,615 shares during the period. Confluence Investment Management LLC owned about 0.19% of Brown & Brown worth $56,057,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System raised its position in Brown & Brown by 2.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider's stock valued at $23,390,000 after purchasing an additional 6,613 shares during the last quarter. Sei Investments Co. boosted its holdings in Brown & Brown by 12.7% in the first quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider's stock valued at $24,169,000 after acquiring an additional 31,071 shares in the last quarter. Great Valley Advisor Group Inc. purchased a new position in Brown & Brown during the 2nd quarter valued at $1,512,000. DekaBank Deutsche Girozentrale lifted its position in shares of Brown & Brown by 12.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider's stock worth $21,855,000 after purchasing an additional 27,879 shares during the period. Finally, Avantax Advisory Services Inc. boosted its stake in shares of Brown & Brown by 6.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 4,174 shares of the financial services provider's stock valued at $365,000 after purchasing an additional 238 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Up 1.9 %

Shares of BRO traded up $2.09 on Friday, hitting $112.44. 1,210,729 shares of the stock traded hands, compared to its average volume of 1,323,175. The company has a market capitalization of $32.15 billion, a PE ratio of 30.64, a P/E/G ratio of 2.55 and a beta of 0.82. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.08. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The business has a 50 day simple moving average of $104.75 and a 200 day simple moving average of $96.86.

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

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.53%. 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 dividend payout ratio is presently 16.35%.

Insiders Place Their Bets

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the firm's stock in a transaction that occurred on 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 filing with the SEC, which is available at this hyperlink. Insiders own 17.02% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wells Fargo & Company raised their price objective on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Bank of America lifted their price target on Brown & Brown from $108.00 to $117.00 and gave the company a "neutral" rating in a research report on Thursday, October 10th. Jefferies Financial Group raised their price objective on Brown & Brown from $98.00 to $104.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. Truist Financial increased their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Finally, StockNews.com lowered shares of Brown & Brown from a "buy" rating to a "hold" rating in a research note on Saturday, November 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $106.50.

Brown & Brown Company Profile

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.