Spring Capital Management LLC Has $9.33 Million Position in Brown & Brown, Inc. (NYSE:BRO)

Spring Capital Management LLC decreased its holdings in Brown & Brown, Inc. (NYSE:BRO) by 9.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 90,070 shares of the financial services provider’s stock after selling 9,942 shares during the period. Brown & Brown comprises approximately 6.9% of Spring Capital Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Spring Capital Management LLC’s holdings in Brown & Brown were worth $9,331,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Park Avenue Securities LLC boosted its holdings in Brown & Brown by 37.5% in the first quarter. Park Avenue Securities LLC now owns 10,484 shares of the financial services provider’s stock valued at $918,000 after purchasing an additional 2,862 shares during the last quarter. Sound Income Strategies LLC acquired a new position in shares of Brown & Brown during the 1st quarter worth about $96,000. Brookstone Capital Management raised its position in shares of Brown & Brown by 44.8% during the 1st quarter. Brookstone Capital Management now owns 10,013 shares of the financial services provider’s stock worth $877,000 after purchasing an additional 3,096 shares during the last quarter. Wealthcare Advisory Partners LLC acquired a new stake in Brown & Brown in the 1st quarter valued at about $2,634,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Brown & Brown by 5.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 10,185 shares of the financial services provider’s stock valued at $892,000 after acquiring an additional 506 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Down 0.4 %

Shares of BRO stock traded down $0.39 during mid-day trading on Wednesday, reaching $105.06. The company’s stock had a trading volume of 38,979 shares, compared to its average volume of 1,314,859. The company’s 50 day simple moving average is $103.81 and its 200-day simple moving average is $94.85. The firm has a market capitalization of $29.97 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 2.50 and a beta of 0.83. Brown & Brown, Inc. has a 12-month low of $67.06 and a 12-month high of $107.67. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the business earned $0.68 EPS. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, research analysts predict that Brown & Brown, Inc. will post 3.69 EPS for the current fiscal year.

Insider Activity

In related news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on BRO shares. Jefferies Financial Group raised their price target on shares of Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Bank of America increased their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Wells Fargo & Company raised their price target on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Truist Financial raised their price target on shares of Brown & Brown from $112.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Argus assumed coverage on shares of Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $105.67.

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.