Confluence Investment Management LLC Sells 16,703 Shares of Brown & Brown, Inc. (NYSE:BRO)

Confluence Investment Management LLC decreased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 524,387 shares of the financial services provider’s stock after selling 16,703 shares during the quarter. Confluence Investment Management LLC owned approximately 0.18% of Brown & Brown worth $53,498,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brooklyn Investment Group acquired a new stake in shares of Brown & Brown during the 3rd quarter worth about $26,000. ST Germain D J Co. Inc. lifted its position in Brown & Brown by 298.5% during the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 200 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Brown & Brown during the third quarter worth approximately $29,000. Larson Financial Group LLC grew its position in shares of Brown & Brown by 65.7% in the second quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 211 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Brown & Brown during the third quarter worth approximately $58,000. 71.01% of the stock is owned by institutional investors.

Brown & Brown Trading Down 0.9 %

Shares of BRO stock traded down $0.95 during mid-day trading on Thursday, reaching $101.07. 286,676 shares of the stock traded hands, compared to its average volume of 1,303,679. The stock’s fifty day simple moving average is $107.25 and its two-hundred day simple moving average is $102.31. Brown & Brown, Inc. has a 1-year low of $69.24 and a 1-year high of $114.15. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. The company has a market cap of $28.90 billion, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 2.40 and a beta of 0.84.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.71 EPS. On average, research analysts anticipate that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, November 6th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.59%. Brown & Brown’s payout ratio is presently 16.35%.

Analyst Ratings Changes

Several analysts recently issued reports on BRO shares. Barclays boosted their price target on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. Royal Bank of Canada upped their price target on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Truist Financial lifted their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley began coverage on shares of Brown & Brown in a research report on Thursday, December 5th. They set an “overweight” rating and a $134.00 target price on the stock. Finally, Argus began coverage on Brown & Brown in a research report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.46.

Brown & Brown 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.