Gibbs Wealth Management Has $430,000 Holdings in Brown & Brown, Inc. $BRO

Gibbs Wealth Management lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 66.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,585 shares of the financial services provider’s stock after selling 9,285 shares during the period. Gibbs Wealth Management’s holdings in Brown & Brown were worth $430,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Tower Wealth Partners Inc. grew its holdings 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 valued at $273,000 after purchasing an additional 108 shares during the last quarter. Western Wealth Management LLC boosted its holdings in shares of Brown & Brown by 6.0% during the 2nd quarter. Western Wealth Management LLC now owns 1,902 shares of the financial services provider’s stock worth $211,000 after buying an additional 108 shares during the period. ICONIQ Capital LLC grew its stake in Brown & Brown by 5.4% in the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock valued at $234,000 after buying an additional 109 shares during the last quarter. Kingsview Wealth Management LLC raised its holdings in Brown & Brown by 2.2% in the 2nd quarter. Kingsview Wealth Management LLC now owns 5,267 shares of the financial services provider’s stock worth $584,000 after acquiring an additional 114 shares during the period. Finally, TD Private Client Wealth LLC lifted its position in Brown & Brown by 39.3% during the 2nd quarter. TD Private Client Wealth LLC now owns 436 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 123 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BRO has been the topic of several research analyst reports. Truist Financial lowered their price target on Brown & Brown from $114.00 to $105.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Keefe, Bruyette & Woods raised their target price on Brown & Brown from $79.00 to $80.00 and gave the company an “underperform” rating in a report on Tuesday, January 6th. Bank of America reiterated a “neutral” rating and set a $97.00 price target (down from $135.00) on shares of Brown & Brown in a report on Monday, November 3rd. Morgan Stanley reduced their price objective on Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating for the company in a research report on Monday, November 17th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Brown & Brown in a research note on Tuesday, December 30th. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $98.67.

Brown & Brown Stock Performance

BRO opened at $79.19 on Friday. The stock’s 50 day simple moving average is $79.88 and its 200-day simple moving average is $88.44. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.62. The stock has a market cap of $27.04 billion, a PE ratio of 23.71, a P/E/G ratio of 1.85 and a beta of 0.81. Brown & Brown, Inc. has a 1 year low of $76.17 and a 1 year high of $125.68.

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

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 11th. Stockholders of record on Wednesday, February 4th will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Wednesday, February 4th. Brown & Brown’s payout ratio is currently 19.76%.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.