D L Carlson Investment Group Inc. Decreases Stake in Brown & Brown, Inc. $BRO

D L Carlson Investment Group Inc. cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 33.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 24,888 shares of the financial services provider’s stock after selling 12,580 shares during the quarter. D L Carlson Investment Group Inc.’s holdings in Brown & Brown were worth $2,759,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Parnassus Investments LLC purchased a new stake in Brown & Brown during the first quarter worth about $899,139,000. Vanguard Group Inc. increased its holdings in Brown & Brown by 16.8% in the second quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock valued at $3,949,779,000 after buying an additional 5,124,203 shares in the last quarter. Norges Bank acquired a new stake in shares of Brown & Brown during the 2nd quarter valued at approximately $433,740,000. Boston Partners purchased a new stake in shares of Brown & Brown during the 2nd quarter worth approximately $171,163,000. Finally, Geode Capital Management LLC boosted its stake in shares of Brown & Brown by 16.6% during the 2nd quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider’s stock worth $813,624,000 after acquiring an additional 1,050,350 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BRO. Truist Financial dropped their price objective on Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Weiss Ratings restated a “hold (c)” rating on shares of Brown & Brown in a research report on Wednesday, November 26th. UBS Group cut their price target on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Citigroup cut shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Finally, Wells Fargo & Company dropped their target price on shares of Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating for the company in a report on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $102.69.

Brown & Brown Trading Up 1.0%

Shares of BRO stock opened at $81.20 on Tuesday. The company has a market capitalization of $27.72 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 1.70 and a beta of 0.77. The company has a current ratio of 2.10, a quick ratio of 6.72 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $86.01 and a 200 day moving average price of $96.48. Brown & Brown, Inc. has a twelve month low of $76.17 and a twelve month high of $125.68.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The company’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. Research analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

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

About Brown & Brown

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.