Brown & Brown, Inc. $BRO Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 19.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 343,415 shares of the financial services provider’s stock after selling 80,697 shares during the quarter. Corient Private Wealth LLC’s holdings in Brown & Brown were worth $38,074,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Parallel Advisors LLC lifted its holdings in shares of Brown & Brown by 4.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,508 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 103 shares during the last quarter. Tower Wealth Partners Inc. lifted its stake in Brown & Brown by 4.6% during the second quarter. Tower Wealth Partners Inc. now owns 2,464 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 108 shares in the last quarter. Western Wealth Management LLC lifted its stake in Brown & Brown by 6.0% during the second quarter. Western Wealth Management LLC now owns 1,902 shares of the financial services provider’s stock worth $211,000 after purchasing an additional 108 shares in the last quarter. ICONIQ Capital LLC boosted its position in shares of Brown & Brown by 5.4% during the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after buying an additional 109 shares during the period. Finally, Kingsview Wealth Management LLC grew its stake in shares of Brown & Brown by 2.2% in the second quarter. Kingsview Wealth Management LLC now owns 5,267 shares of the financial services provider’s stock valued at $584,000 after buying an additional 114 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BRO has been the topic of several research reports. Citigroup lowered Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Bank of America reissued a “neutral” rating and set a $97.00 price target (down previously from $135.00) on shares of Brown & Brown in a research report on Monday, November 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Brown & Brown in a report on Monday. Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a report on Monday, November 3rd. Finally, Truist Financial decreased their price target on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $101.71.

Brown & Brown Stock Down 1.6%

Shares of NYSE:BRO opened at $81.00 on Wednesday. Brown & Brown, Inc. has a fifty-two week low of $76.17 and a fifty-two week high of $125.68. The firm’s 50 day moving average price is $82.91 and its 200 day moving average price is $94.01. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. The stock has a market cap of $27.65 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 1.93 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the business posted $0.91 EPS. The firm’s revenue was up 35.4% on a year-over-year basis. As a group, equities research analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were issued a dividend of $0.165 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. Brown & Brown’s dividend payout ratio (DPR) is presently 19.76%.

Brown & Brown Company Profile

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.