Thrivent Financial for Lutherans Cuts Position in Brown & Brown, Inc. $BRO

Thrivent Financial for Lutherans lessened its stake in Brown & Brown, Inc. (NYSE:BRO) by 49.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,219 shares of the financial services provider’s stock after selling 43,462 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Brown & Brown were worth $5,010,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Bares Capital Management Inc. purchased a new position in Brown & Brown in the 1st quarter valued at approximately $26,000. ST Germain D J Co. Inc. increased its position in shares of Brown & Brown by 298.5% in the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after buying an additional 200 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in shares of Brown & Brown during the 2nd quarter worth $30,000. Motco purchased a new stake in shares of Brown & Brown in the 2nd quarter worth about $32,000. Finally, Bruce G. Allen Investments LLC boosted its position in shares of Brown & Brown by 1,129.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock worth $37,000 after buying an additional 305 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on BRO. UBS Group dropped their price objective on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. Mizuho set a $89.00 price target on shares of Brown & Brown and gave the stock a “neutral” rating in a report on Monday. Bank of America reissued a “neutral” rating and set a $97.00 price objective (down previously from $135.00) on shares of Brown & Brown in a research note on Monday, November 3rd. Raymond James Financial reaffirmed an “outperform” rating on shares of Brown & Brown in a research note on Monday, November 3rd. Finally, Truist Financial cut their price target on Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Five analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Brown & Brown has an average rating of “Hold” and an average price target of $101.00.

Brown & Brown Trading Down 0.9%

BRO stock opened at $80.31 on Friday. 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 company has a market cap of $27.42 billion, a price-to-earnings ratio of 24.04, a PEG ratio of 1.90 and a beta of 0.82. The business has a fifty day simple moving average of $82.00 and a 200-day simple moving average of $93.59. Brown & Brown, Inc. has a 52 week low of $76.17 and a 52 week high of $125.68.

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

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were given a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 0.8%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, November 5th. Brown & Brown’s dividend payout ratio is 19.76%.

About Brown & Brown

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.