Clarkston Capital Partners LLC Sells 611,770 Shares of Brown & Brown, Inc. (NYSE:BRO)

Clarkston Capital Partners LLC trimmed its position in Brown & Brown, Inc. (NYSE:BRO) by 38.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 976,515 shares of the financial services provider’s stock after selling 611,770 shares during the period. Brown & Brown comprises 1.9% of Clarkston Capital Partners LLC’s investment portfolio, making the stock its 18th largest position. Clarkston Capital Partners LLC’s holdings in Brown & Brown were worth $101,167,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Empowered Funds LLC lifted its position in Brown & Brown by 19.4% during the 1st quarter. Empowered Funds LLC now owns 3,509 shares of the financial services provider’s stock valued at $307,000 after acquiring an additional 571 shares during the period. Avantax Advisory Services Inc. increased its stake in shares of Brown & Brown by 6.0% during the first quarter. Avantax Advisory Services Inc. now owns 4,174 shares of the financial services provider’s stock valued at $365,000 after purchasing an additional 238 shares in the last quarter. Bleakley Financial Group LLC purchased a new position in shares of Brown & Brown during the first quarter valued at approximately $208,000. Kingsview Wealth Management LLC boosted its position in shares of Brown & Brown by 72.1% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,251 shares of the financial services provider’s stock worth $460,000 after purchasing an additional 2,199 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Brown & Brown by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider’s stock worth $2,482,223,000 after buying an additional 203,105 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Insider Transactions at Brown & Brown

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

Brown & Brown Stock Performance

Shares of BRO opened at $110.05 on Monday. The firm has a market capitalization of $31.47 billion, a P/E ratio of 29.99, a PEG ratio of 2.54 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.08. The business has a fifty day moving average of $105.38 and a 200 day moving average of $98.09.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the company posted $0.71 EPS. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Brown & Brown, Inc. will post 3.73 EPS for the current year.

Brown & Brown Increases Dividend

The firm 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. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 0.55%. 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 topic of several analyst reports. Wells Fargo & Company boosted their target price on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Truist Financial lifted their target price on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Argus began coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They set a “buy” rating and a $120.00 price target on the stock. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. One equities 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 MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $106.50.

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.