Mn Services Vermogensbeheer B.V. Lowers Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Mn Services Vermogensbeheer B.V. lowered its stake in Brown & Brown, Inc. (NYSE:BRO) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 92,800 shares of the financial services provider’s stock after selling 2,300 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Brown & Brown were worth $9,614,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Brown & Brown by 0.7% in the first quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider’s stock worth $2,482,223,000 after acquiring an additional 203,105 shares during the last quarter. Principal Financial Group Inc. grew its position in Brown & Brown by 0.7% during the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock valued at $1,144,893,000 after purchasing an additional 86,824 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Brown & Brown by 0.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock valued at $405,638,000 after purchasing an additional 28,180 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Brown & Brown by 24.6% during the 2nd 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 purchasing an additional 687,783 shares in the last quarter. Finally, Royal London Asset Management Ltd. raised its holdings in Brown & Brown by 105.1% in the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after buying an additional 1,059,711 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BRO shares. StockNews.com cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday. Truist Financial lifted their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays initiated coverage on Brown & Brown in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price target for the company. Jefferies Financial Group lifted their price objective on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, UBS Group boosted their target price on Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $106.50.

Insiders Place Their Bets

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the sale, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of the business’s 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 disclosure for this sale can be found here. Company insiders own 16.43% of the company’s stock.

Brown & Brown Stock Performance

BRO opened at $107.59 on Wednesday. The company’s 50 day moving average is $104.36 and its 200 day moving average is $96.46. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. The company has a market cap of $30.77 billion, a price-to-earnings ratio of 29.32, a PEG ratio of 2.40 and a beta of 0.82. Brown & Brown, Inc. has a 12-month low of $69.13 and a 12-month high of $107.67.

Brown & Brown (NYSE:BRO) last issued its quarterly 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 business had revenue of $1.19 billion for 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% compared to the same quarter last year. During the same quarter last year, the company posted $0.71 EPS. On average, equities research analysts predict that Brown & Brown, Inc. will post 3.73 EPS for the current year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.56%. The ex-dividend date is Wednesday, November 6th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is currently 14.17%.

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.