WealthPLAN Partners LLC Decreases Stake in Brown & Brown, Inc. $BRO

WealthPLAN Partners LLC reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 29.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,691 shares of the financial services provider’s stock after selling 15,084 shares during the period. WealthPLAN Partners LLC’s holdings in Brown & Brown were worth $3,957,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in BRO. Bares Capital Management Inc. purchased a new stake in shares of Brown & Brown during the 1st quarter worth $26,000. ST Germain D J Co. Inc. boosted its position in shares of Brown & Brown by 298.5% during the 2nd 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. Optimum Investment Advisors purchased a new stake in shares of Brown & Brown during the 1st quarter worth $31,000. SouthState Corp boosted its position in shares of Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 166 shares in the last quarter. Finally, Bruce G. Allen Investments LLC boosted its position in shares of Brown & Brown by 1,129.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 305 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Brown & Brown

In related news, Director Paul J. Krump acquired 2,678 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $93.31 per share, with a total value of $249,884.18. Following the purchase, the director directly owned 5,353 shares in the company, valued at $499,488.43. The trade was a 100.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were bought at an average cost of $91.44 per share, with a total value of $91,440.00. Following the purchase, the director 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 disclosure for this purchase can be found here. Corporate insiders own 17.02% of the company’s stock.

Brown & Brown Trading Down 0.8%

Shares of BRO stock opened at $94.00 on Thursday. The firm has a 50-day moving average price of $94.48 and a 200 day moving average price of $104.42. Brown & Brown, Inc. has a twelve month low of $89.99 and a twelve month high of $125.68. The company has a market capitalization of $31.00 billion, a price-to-earnings ratio of 27.09, a PEG ratio of 2.13 and a beta of 0.79. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the company posted $0.93 EPS. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. Research analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Barclays decreased their target price on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. Argus reaffirmed a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. 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. Wells Fargo & Company cut their price target on Brown & Brown from $101.00 to $98.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Finally, Morgan Stanley cut their price target on Brown & Brown from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $109.92.

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.