Sumitomo Mitsui Trust Group Inc. Sells 8,209 Shares of Brown & Brown, Inc. (NYSE:BRO)

Sumitomo Mitsui Trust Group Inc. decreased its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 571,915 shares of the financial services provider's stock after selling 8,209 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.20% of Brown & Brown worth $59,250,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BRO. Royal London Asset Management Ltd. raised its stake in shares of Brown & Brown by 105.1% in the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider's stock valued at $184,930,000 after purchasing an additional 1,059,711 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of 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 acquiring an additional 687,783 shares during the period. Capital World Investors boosted its position in shares of Brown & Brown by 50.5% during the 1st 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 position in shares of Brown & Brown by 123.9% during the 2nd 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 increased its stake in 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 acquiring an additional 376,892 shares during the period. Institutional investors own 71.01% of the company's stock.

Insider Transactions at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the firm's 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. 17.02% of the stock is owned by corporate insiders.

Brown & Brown Price Performance

Shares of BRO traded up $0.52 during mid-day trading on Friday, hitting $110.05. 1,501,946 shares of the company traded hands, compared to its average volume of 1,319,720. 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 stock has a market capitalization of $31.47 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 2.58 and a beta of 0.82. The business has a 50-day moving average of $105.38 and a 200 day moving average of $97.87. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.08.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.03. The firm had revenue of $1.19 billion for 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 business's quarterly revenue was up 11.0% compared to the same quarter last year. During the same period last year, the company earned $0.71 EPS. As a group, equities analysts expect that Brown & Brown, Inc. will post 3.73 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

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

Wall Street Analyst Weigh In

BRO has been the topic of a number of recent research reports. Argus began coverage on Brown & Brown in a report on Tuesday, September 24th. They set a "buy" rating and a $120.00 price objective on the stock. StockNews.com lowered Brown & Brown from a "buy" rating to a "hold" rating in a research note on Saturday, November 2nd. Truist Financial increased their price objective on Brown & Brown from $116.00 to $118.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Jefferies Financial Group boosted their target price 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. Finally, Royal Bank of Canada increased their target price 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. 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price 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.