Brown & Brown, Inc. (NYSE:BRO) Shares Sold by AGF Management Ltd.

AGF Management Ltd. decreased its holdings in Brown & Brown, Inc. (NYSE:BRO) by 0.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 26,850 shares of the financial services provider’s stock after selling 153 shares during the quarter. AGF Management Ltd.’s holdings in Brown & Brown were worth $2,401,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Studio Investment Management LLC grew its position in Brown & Brown by 2.1% in the 2nd quarter. Studio Investment Management LLC now owns 6,417 shares of the financial services provider’s stock valued at $574,000 after buying an additional 130 shares in the last quarter. Coldstream Capital Management Inc. increased its stake in Brown & Brown by 2.4% during the 2nd quarter. Coldstream Capital Management Inc. now owns 28,846 shares of the financial services provider’s stock valued at $2,579,000 after buying an additional 668 shares during the period. Daiwa Securities Group Inc. increased its stake in Brown & Brown by 2.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 26,293 shares of the financial services provider’s stock valued at $2,351,000 after buying an additional 746 shares during the period. Royal London Asset Management Ltd. increased its stake in Brown & Brown by 105.1% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after buying an additional 1,059,711 shares during the period. Finally, Choreo LLC increased its stake in Brown & Brown by 26.9% during the 2nd quarter. Choreo LLC now owns 31,241 shares of the financial services provider’s stock valued at $2,784,000 after buying an additional 6,614 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at $8,872,802.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the sale, the chief financial officer now owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BRO shares. StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Wells Fargo & Company raised shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $94.00 to $112.00 in a research note on Monday, August 12th. Citigroup lifted their price objective on shares of Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. UBS Group lifted their price objective on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Finally, Truist Financial lifted their price objective on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $100.00.

Brown & Brown Stock Performance

Shares of BRO opened at $103.13 on Friday. Brown & Brown, Inc. has a one year low of $66.73 and a one year high of $106.02. The company has a 50-day moving average of $99.35 and a two-hundred day moving average of $91.06. The stock has a market cap of $29.42 billion, a price-to-earnings ratio of 31.73, a PEG ratio of 2.34 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the company posted $0.68 earnings per share. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities research analysts expect that Brown & Brown, Inc. will post 3.68 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Wednesday, August 7th. Brown & Brown’s payout ratio is 16.00%.

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.