WealthPLAN Partners LLC Lowers Position in Brown & Brown, Inc. (NYSE:BRO)

WealthPLAN Partners LLC reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 11.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,654 shares of the financial services provider's stock after selling 6,883 shares during the quarter. WealthPLAN Partners LLC's holdings in Brown & Brown were worth $5,351,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System lifted its position in shares of 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 buying an additional 6,613 shares in the last quarter. Sei Investments Co. increased its stake in shares of Brown & Brown by 12.7% during the first quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider's stock worth $24,169,000 after purchasing an additional 31,071 shares in the last quarter. Great Valley Advisor Group Inc. acquired a new position in shares of Brown & Brown during the 2nd quarter worth about $1,512,000. DekaBank Deutsche Girozentrale lifted its stake in Brown & Brown by 12.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider's stock valued at $21,855,000 after buying an additional 27,879 shares in the last quarter. Finally, Avantax Advisory Services Inc. lifted its position in shares of Brown & Brown by 6.0% in the first quarter. Avantax Advisory Services Inc. now owns 4,174 shares of the financial services provider's stock valued at $365,000 after acquiring an additional 238 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Trading Up 0.7 %

Shares of BRO traded up $0.79 during midday trading on Tuesday, hitting $112.64. 166,929 shares of the stock were exchanged, compared to its average volume of 1,317,023. 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 firm has a market cap of $32.21 billion, a P/E ratio of 30.48, a P/E/G ratio of 2.59 and a beta of 0.82. Brown & Brown, Inc. has a 52-week low of $69.13 and a 52-week high of $114.08. The stock has a fifty day simple moving average of $104.89 and a 200 day simple moving average of $97.27.

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

Brown & Brown Increases Dividend

The firm also recently declared 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. This represents a $0.60 dividend on an annualized basis and a yield of 0.53%. This is an increase from Brown & Brown's previous quarterly dividend of $0.13. The ex-dividend date is Wednesday, November 6th. Brown & Brown's payout ratio is 16.35%.

Insider Activity at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the business's stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.02% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on BRO. Jefferies Financial Group upped 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. Raymond James lifted their price objective on Brown & Brown from $95.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, July 25th. Royal Bank of Canada raised their target price on Brown & Brown from $113.00 to $118.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. Bank of America upped their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the company a "neutral" rating in a report on Thursday, October 10th. Finally, Truist Financial lifted their target price 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. 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 stock. Based on data from MarketBeat.com, the stock has a consensus 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.