Confluence Investment Management LLC Has $56.06 Million Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Confluence Investment Management LLC lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 2.1% in the third quarter, HoldingsChannel reports. The fund owned 541,090 shares of the financial services provider’s stock after selling 11,615 shares during the period. Confluence Investment Management LLC’s holdings in Brown & Brown were worth $56,057,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Royal London Asset Management Ltd. increased its stake in Brown & Brown by 105.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after buying an additional 1,059,711 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Brown & Brown by 24.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after acquiring an additional 687,783 shares during the last quarter. Capital World Investors boosted its position in Brown & Brown by 50.5% during the first quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock valued at $123,714,000 after purchasing an additional 473,982 shares during the last quarter. Natixis Advisors LLC grew its stake in Brown & Brown by 123.9% in the second quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock valued at $65,597,000 after purchasing an additional 406,064 shares in the last quarter. Finally, Truist Financial Corp increased its position in shares of Brown & Brown by 392.3% during the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock worth $42,287,000 after purchasing an additional 376,892 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BRO. Raymond James increased their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Keefe, Bruyette & Woods lifted their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research report on Friday, July 26th. Barclays started coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, Jefferies Financial Group lifted their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $106.50.

Insiders Place Their Bets

In other news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 16.43% of the company’s stock.

Brown & Brown Stock Performance

NYSE:BRO opened at $110.35 on Friday. The stock has a 50 day simple moving average of $104.61 and a 200 day simple moving average of $96.65. The stock has a market cap of $31.56 billion, a P/E ratio of 30.07, a PEG ratio of 2.43 and a beta of 0.82. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.08. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm earned $0.71 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. Research analysts anticipate that Brown & Brown, Inc. will post 3.73 earnings per share for the current year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 0.54%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is currently 14.17%.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.