Raymond James Trust N.A. Sells 5,655 Shares of Brown & Brown, Inc. (NYSE:BRO)

Raymond James Trust N.A. lowered its holdings in Brown & Brown, Inc. (NYSE:BRO) by 41.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,133 shares of the financial services provider’s stock after selling 5,655 shares during the quarter. Raymond James Trust N.A.’s holdings in Brown & Brown were worth $843,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Great Valley Advisor Group Inc. purchased a new position in Brown & Brown during the second quarter valued at approximately $1,512,000. DekaBank Deutsche Girozentrale grew its stake in Brown & Brown by 12.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after acquiring an additional 27,879 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Brown & Brown by 162.3% during the second quarter. Assenagon Asset Management S.A. now owns 488,483 shares of the financial services provider’s stock valued at $43,675,000 after acquiring an additional 302,240 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Brown & Brown by 27.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock valued at $2,781,000 after acquiring an additional 6,675 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Brown & Brown by 8.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock valued at $138,899,000 after acquiring an additional 114,688 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Activity at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 17.02% of the stock is currently owned by company insiders.

Brown & Brown Price Performance

Shares of Brown & Brown stock opened at $112.05 on Monday. Brown & Brown, Inc. has a 52-week low of $69.13 and a 52-week high of $114.08. The stock has a market capitalization of $32.04 billion, a price-to-earnings ratio of 30.53, a price-to-earnings-growth ratio of 2.55 and a beta of 0.82. The company has a fifty day moving average of $106.16 and a 200-day moving average of $98.92. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73.

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

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were issued a dividend of $0.15 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown’s dividend payout ratio is currently 16.35%.

Wall Street Analysts Forecast Growth

BRO has been the subject of several recent analyst reports. Truist Financial boosted their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Barclays boosted their price target on shares of Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday. Royal Bank of Canada boosted their price target on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Company boosted their price target on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, StockNews.com cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Brown & Brown presently has an average rating of “Hold” and an average target price of $107.42.

About Brown & Brown

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.