Bar Harbor Wealth Management Decreases Stock Position in Brown & Brown, Inc. $BRO

Bar Harbor Wealth Management cut its position in Brown & Brown, Inc. (NYSE:BRO) by 1.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 158,761 shares of the financial services provider’s stock after selling 1,807 shares during the quarter. Brown & Brown accounts for 1.1% of Bar Harbor Wealth Management’s portfolio, making the stock its 23rd largest position. Bar Harbor Wealth Management owned 0.06% of Brown & Brown worth $17,602,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in BRO. Parnassus Investments LLC purchased a new position in shares of Brown & Brown in the first quarter valued at $899,139,000. Nuveen LLC purchased a new position in shares of Brown & Brown in the first quarter valued at $72,895,000. Vanguard Group Inc. boosted its stake in shares of Brown & Brown by 1.9% in the first quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock valued at $3,794,339,000 after purchasing an additional 560,980 shares during the period. Raymond James Financial Inc. boosted its stake in Brown & Brown by 66.0% during the 1st quarter. Raymond James Financial Inc. now owns 1,169,936 shares of the financial services provider’s stock valued at $145,540,000 after acquiring an additional 465,028 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Brown & Brown by 125.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 628,690 shares of the financial services provider’s stock valued at $78,209,000 after acquiring an additional 350,236 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on BRO shares. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 30th. Wall Street Zen upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Barclays reduced their price objective on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Argus reiterated a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. Finally, Wells Fargo & Company reduced their price objective on shares of Brown & Brown from $101.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and a consensus target price of $109.92.

Brown & Brown Stock Up 0.4%

BRO stock opened at $95.94 on Thursday. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a fifty-two week low of $89.99 and a fifty-two week high of $125.68. The firm’s 50-day simple moving average is $94.18 and its 200 day simple moving average is $105.36. The stock has a market cap of $31.65 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 2.16 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter last year, the company earned $0.93 EPS. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, sell-side analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown’s dividend payout ratio (DPR) is 17.29%.

Insider Transactions at Brown & Brown

In other news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average price of $91.44 per share, with a total value of $91,440.00. Following the acquisition, the director directly owned 5,000 shares in the company, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the acquisition, the director owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is owned by company insiders.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.