Mount Lucas Management LP Sells 12,865 Shares of Brown & Brown, Inc. (NYSE:BRO)

Mount Lucas Management LP trimmed its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 45.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,629 shares of the financial services provider's stock after selling 12,865 shares during the quarter. Mount Lucas Management LP's holdings in Brown & Brown were worth $1,619,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BRO. Crewe Advisors LLC lifted its stake in Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider's stock valued at $27,000 after buying an additional 228 shares in the last quarter. ST Germain D J Co. Inc. raised its holdings in shares of Brown & Brown by 298.5% during the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider's stock worth $28,000 after acquiring an additional 200 shares during the period. Ashton Thomas Securities LLC bought a new stake in Brown & Brown in the 3rd quarter valued at $29,000. Headlands Technologies LLC bought a new stake in Brown & Brown in the 1st quarter valued at $32,000. Finally, Blue Trust Inc. boosted its stake in Brown & Brown by 142.3% in the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider's stock worth $48,000 after purchasing an additional 323 shares during the period. Institutional investors and hedge funds own 71.01% of the company's stock.

Insider Activity

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 17.02% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on BRO shares. Keefe, Bruyette & Woods boosted their price target on Brown & Brown from $86.00 to $92.00 and gave the company an "underperform" rating in a report on Friday, July 26th. Jefferies Financial Group upped their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a "hold" rating in a research report on Wednesday, October 9th. Wells Fargo & Company lifted their price objective on shares of Brown & Brown from $112.00 to $114.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. Royal Bank of Canada boosted their price objective on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 30th. Finally, Truist Financial lifted their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, Brown & Brown presently has a consensus rating of "Hold" and an average price target of $106.50.

Brown & Brown Stock Performance

Brown & Brown stock traded up $0.52 during midday trading on Friday, reaching $110.05. 1,501,946 shares of the company's stock were exchanged, compared to its average volume of 1,490,986. The stock's 50-day simple moving average is $105.38 and its 200 day simple moving average is $97.98. The firm has a market cap of $31.47 billion, a price-to-earnings ratio of 29.99, a P/E/G ratio of 2.54 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. Brown & Brown, Inc. has a 52 week low of $69.13 and a 52 week high of $114.08.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data 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. The company 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 business's revenue was up 11.0% on a year-over-year basis. During the same period last year, the firm posted $0.71 earnings per share. On average, analysts expect that Brown & Brown, Inc. will post 3.73 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued a $0.15 dividend. This is an increase from Brown & Brown's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Wednesday, November 6th. Brown & Brown's payout ratio is currently 16.35%.

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.