Covey Capital Advisors LLC Trims Position in Brown & Brown, Inc. (NYSE:BRO)

Covey Capital Advisors LLC trimmed its stake in Brown & Brown, Inc. (NYSE:BRO) by 2.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,598 shares of the financial services provider’s stock after selling 788 shares during the period. Brown & Brown comprises 3.6% of Covey Capital Advisors LLC’s holdings, making the stock its 11th biggest holding. Covey Capital Advisors LLC’s holdings in Brown & Brown were worth $3,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in BRO. Brooklyn Investment Group purchased a new stake in shares of Brown & Brown in the third quarter valued at approximately $26,000. Crewe Advisors LLC lifted its holdings in shares of Brown & Brown by 330.4% in the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after buying an additional 228 shares during the period. ST Germain D J Co. Inc. grew its position in shares of Brown & Brown by 298.5% during the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after buying an additional 200 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Brown & Brown during the third quarter valued at $29,000. Finally, Blue Trust Inc. raised its holdings in shares of Brown & Brown by 142.3% in the second quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 323 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Price Performance

Shares of BRO stock opened at $113.20 on Friday. Brown & Brown, Inc. has a fifty-two week low of $69.13 and a fifty-two week high of $114.15. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The firm has a market capitalization of $32.37 billion, a price-to-earnings ratio of 30.84, a PEG ratio of 2.60 and a beta of 0.82. The stock’s 50-day simple moving average is $106.96 and its 200-day simple moving average is $99.58.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. Brown & Brown’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 EPS. As a group, equities analysts forecast that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were paid a $0.15 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 0.53%. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BRO. Royal Bank of Canada increased their target price on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Truist Financial boosted 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. Barclays lifted their price target on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a report on Thursday, November 21st. Finally, Jefferies Financial Group upped their price objective on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $107.42.

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.