Procyon Advisors LLC Sells 1,297 Shares of Brown & Brown, Inc. (NYSE:BRO)

Procyon Advisors LLC reduced its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 5.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,772 shares of the financial services provider’s stock after selling 1,297 shares during the period. Procyon Advisors LLC’s holdings in Brown & Brown were worth $2,323,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC boosted its stake in shares of Brown & Brown by 4.4% in the 3rd quarter. Sanctuary Advisors LLC now owns 161,569 shares of the financial services provider’s stock valued at $18,104,000 after purchasing an additional 6,805 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Brown & Brown by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock worth $136,302,000 after purchasing an additional 17,934 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Brown & Brown during the third quarter valued at about $9,832,000. Peak Financial Advisors LLC bought a new position in shares of Brown & Brown during the fourth quarter valued at about $3,037,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Brown & Brown by 8.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock worth $138,899,000 after buying an additional 114,688 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on BRO. Royal Bank of Canada increased their target price on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Morgan Stanley began coverage on Brown & Brown in a research note on Thursday, December 5th. They set an “overweight” rating and a $134.00 price objective for the company. StockNews.com cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Wells Fargo & Company upped their price target on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Barclays raised their price target on shares of Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a report on Thursday, November 21st. One 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $112.08.

Brown & Brown Trading Down 0.4 %

Shares of BRO opened at $105.52 on Friday. Brown & Brown, Inc. has a 1-year low of $73.23 and a 1-year high of $114.15. 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 firm’s 50-day moving average price is $106.32 and its 200-day moving average price is $103.17. The firm has a market capitalization of $30.17 billion, a price-to-earnings ratio of 28.75, a PEG ratio of 2.14 and a beta of 0.85.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the firm posted $0.71 EPS. The business’s revenue was up 11.0% on a year-over-year basis. Sell-side analysts anticipate that Brown & Brown, Inc. will post 3.74 EPS for the current year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued 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 dividend on an annualized basis and a yield of 0.57%. Brown & Brown’s dividend payout ratio is 16.35%.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.