Tandem Investment Advisors Inc. Sells 13,861 Shares of Brown & Brown, Inc. (NYSE:BRO)

Tandem Investment Advisors Inc. cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 2.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 677,455 shares of the financial services provider's stock after selling 13,861 shares during the period. Brown & Brown accounts for about 2.7% of Tandem Investment Advisors Inc.'s investment portfolio, making the stock its 21st biggest holding. Tandem Investment Advisors Inc. owned 0.24% of Brown & Brown worth $70,184,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Royal London Asset Management Ltd. lifted its position 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 buying an additional 1,059,711 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Brown & Brown by 24.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider's stock valued at $311,979,000 after buying an additional 687,783 shares during the last quarter. Capital World Investors lifted its position 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 buying an additional 473,982 shares during the last quarter. Natixis Advisors LLC lifted its position 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 buying an additional 406,064 shares during the last quarter. Finally, Truist Financial Corp lifted its position 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 buying an additional 376,892 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on Brown & Brown from $112.00 to $114.00 and gave the company an "overweight" rating in a research report on Thursday, October 10th. StockNews.com lowered Brown & Brown from a "buy" rating to a "hold" rating in a research note on Saturday, November 2nd. Raymond James increased their target price on Brown & Brown from $95.00 to $110.00 and gave the stock an "outperform" rating in a research note on Thursday, July 25th. Jefferies Financial Group increased their target price on Brown & Brown from $98.00 to $104.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Finally, Argus assumed coverage on Brown & Brown in a research note on Tuesday, September 24th. They set a "buy" rating and a $120.00 target price on the stock. One 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's stock. According to MarketBeat, Brown & Brown currently has a consensus rating of "Hold" and a consensus price target of $106.50.

Brown & Brown Price Performance

Shares of BRO traded up $2.09 during midday trading on Friday, hitting $112.44. The company's stock had a trading volume of 1,210,729 shares, compared to its average volume of 1,323,175. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.08. The stock has a market capitalization of $32.15 billion, a price-to-earnings ratio of 30.69, a price-to-earnings-growth ratio of 2.55 and a beta of 0.82. The company's fifty day simple moving average is $104.61 and its two-hundred day simple moving average is $96.65.

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 for the quarter, beating the consensus estimate of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the business posted $0.71 EPS. Brown & Brown's revenue for the quarter was up 11.0% on a year-over-year basis. 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, November 6th. This is an increase from Brown & Brown's previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.53%. Brown & Brown's payout ratio is presently 16.35%.

Insiders Place Their Bets

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the business's stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 17.02% of the company's stock.

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.