Los Angeles Capital Management LLC Sells 174,092 Shares of Brown & Brown, Inc. $BRO

Los Angeles Capital Management LLC cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 73.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 62,762 shares of the financial services provider’s stock after selling 174,092 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Brown & Brown were worth $6,958,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bares Capital Management Inc. bought a new stake in Brown & Brown during the 1st quarter worth about $26,000. SouthState Corp raised its stake in shares of Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 166 shares during the last quarter. ST Germain D J Co. Inc. lifted its position in shares of Brown & Brown by 298.5% during the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Motco acquired a new position in shares of Brown & Brown during the second quarter worth approximately $32,000. Finally, Bruce G. Allen Investments LLC grew its stake in shares of Brown & Brown by 1,129.6% during the second quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 305 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Trading Up 2.7%

BRO opened at $78.51 on Monday. The firm’s fifty day moving average is $90.31 and its two-hundred day moving average is $99.98. The firm has a market cap of $26.81 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. Brown & Brown, Inc. has a twelve month low of $76.17 and a twelve month high of $125.68. The company has a debt-to-equity ratio of 0.62, a quick ratio of 6.72 and a current ratio of 2.10.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data 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 business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The firm’s quarterly revenue was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Argus restated a “hold” rating on shares of Brown & Brown in a research report on Thursday, July 31st. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research note on Monday, November 3rd. Citigroup downgraded Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Truist Financial decreased their price target on Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Finally, Wells Fargo & Company lowered their price objective on Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 29th. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $105.23.

Brown & Brown 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.