Brown & Brown, Inc. $BRO Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 49.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,219 shares of the financial services provider’s stock after selling 43,462 shares during the period. Thrivent Financial for Lutherans’ holdings in Brown & Brown were worth $5,010,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BRO. Kovitz Investment Group Partners LLC lifted its stake in shares of Brown & Brown by 8.7% in the first quarter. Kovitz Investment Group Partners LLC now owns 2,804 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 224 shares in the last quarter. Aptus Capital Advisors LLC increased its holdings in Brown & Brown by 94.1% during the 1st quarter. Aptus Capital Advisors LLC now owns 9,318 shares of the financial services provider’s stock worth $1,159,000 after purchasing an additional 4,517 shares during the last quarter. Korea Investment CORP boosted its stake in shares of Brown & Brown by 11.9% during the 1st quarter. Korea Investment CORP now owns 115,283 shares of the financial services provider’s stock valued at $14,341,000 after buying an additional 12,267 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Brown & Brown by 4.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 5,102 shares of the financial services provider’s stock valued at $635,000 after buying an additional 217 shares during the last quarter. Finally, Summit Financial LLC increased its stake in shares of Brown & Brown by 404.1% in the first quarter. Summit Financial LLC now owns 35,415 shares of the financial services provider’s stock worth $4,406,000 after buying an additional 28,390 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Price Performance

BRO opened at $80.31 on Friday. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average price is $82.00 and its 200 day moving average price is $93.59. Brown & Brown, Inc. has a fifty-two week low of $76.17 and a fifty-two week high of $125.68. The firm has a market cap of $27.42 billion, a price-to-earnings ratio of 24.04, a price-to-earnings-growth ratio of 1.90 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.Brown & Brown’s quarterly revenue was up 35.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 earnings per share. As a group, sell-side analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were given a $0.165 dividend. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, November 5th. Brown & Brown’s dividend payout ratio is 19.76%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Bank of America reaffirmed a “neutral” rating and issued a $97.00 price target (down from $135.00) on shares of Brown & Brown in a report on Monday, November 3rd. Keefe, Bruyette & Woods cut their target price on shares of Brown & Brown from $92.00 to $79.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 4th. Barclays reduced their price target on shares of Brown & Brown from $102.00 to $84.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 20th. Truist Financial lowered their price objective on Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Brown & Brown in a research note on Monday. Five research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Brown & Brown has a consensus rating of “Hold” and a consensus price target of $101.00.

About Brown & Brown

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.