Harmony Asset Management LLC Sells 3,240 Shares of Brown & Brown, Inc. (NYSE:BRO)

Harmony Asset Management LLC lowered its stake in Brown & Brown, Inc. (NYSE:BRO) by 25.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,739 shares of the financial services provider’s stock after selling 3,240 shares during the quarter. Harmony Asset Management LLC’s holdings in Brown & Brown were worth $1,009,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BRO. Brooklyn Investment Group acquired a new position in shares of Brown & Brown during the third quarter valued at $26,000. Crewe Advisors LLC grew its position in shares of Brown & Brown by 330.4% during 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. boosted its holdings in 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 acquiring an additional 200 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in Brown & Brown in the 3rd quarter worth $29,000. Finally, Blue Trust Inc. boosted its stake in Brown & Brown by 142.3% during the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 323 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Trading Down 1.3 %

NYSE:BRO opened at $111.59 on Tuesday. The company has a market capitalization of $31.91 billion, a PE ratio of 30.41, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. Brown & Brown, Inc. has a 52-week low of $69.13 and a 52-week high of $114.15. The stock has a fifty day simple moving average of $107.39 and a 200-day simple moving average of $100.07. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.71 earnings per share. On average, equities research analysts expect 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 an increase from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date was Wednesday, November 6th. This represents a $0.60 annualized dividend and a yield of 0.54%. Brown & Brown’s payout ratio is presently 16.35%.

Analyst Upgrades and Downgrades

BRO has been the subject of a number of recent research reports. Royal Bank of Canada raised their target price on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Argus started coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. Bank of America raised their target price on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Jefferies Financial Group upped their price objective 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. Finally, Barclays upped their price target on Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Brown & Brown has an average rating of “Hold” and an average price target 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.