Incline Global Management LLC Reduces Stock Holdings in Brown & Brown, Inc. $BRO

Incline Global Management LLC lowered its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 89.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 16,872 shares of the financial services provider’s stock after selling 148,953 shares during the quarter. Brown & Brown makes up approximately 0.5% of Incline Global Management LLC’s investment portfolio, making the stock its 26th largest position. Incline Global Management LLC’s holdings in Brown & Brown were worth $1,345,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Basepoint Wealth LLC bought a new position in Brown & Brown in the fourth quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new position in shares of Brown & Brown during the 2nd quarter worth $30,000. DV Equities LLC bought a new stake in shares of Brown & Brown during the 4th quarter valued at $33,000. Board of the Pension Protection Fund bought a new stake in shares of Brown & Brown during the 4th quarter valued at $40,000. Finally, Maseco LLP purchased a new stake in shares of Brown & Brown in the 4th quarter worth $60,000. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Down 1.0%

BRO opened at $59.09 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current ratio of 1.64. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $111.10. The firm’s fifty day moving average is $60.70 and its 200 day moving average is $69.34. The stock has a market cap of $20.03 billion, a price-to-earnings ratio of 19.00, a price-to-earnings-growth ratio of 2.75 and a beta of 0.63.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the company earned $1.29 EPS. Brown & Brown’s revenue for the quarter was up 35.4% on a year-over-year basis. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were paid a dividend of $0.165 per share. The ex-dividend date was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.1%. Brown & Brown’s payout ratio is 21.22%.

Insider Buying and Selling at Brown & Brown

In other news, Director H Palmer Proctor, Jr. bought 2,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the purchase, the director owned 47,621 shares in the company, valued at $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 13.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BRO. JPMorgan Chase & Co. decreased their target price on Brown & Brown from $91.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. The Goldman Sachs Group reduced their price target on Brown & Brown from $82.00 to $73.00 and set a “neutral” rating for the company in a research report on Wednesday, April 8th. Mizuho decreased their price objective on Brown & Brown from $85.00 to $84.00 and set an “outperform” rating on the stock in a research note on Monday, April 13th. Citigroup began coverage on Brown & Brown in a research report on Thursday, May 21st. They set a “market outperform” rating on the stock. Finally, Truist Financial cut their price objective on Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Five research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $78.44.

Brown & Brown 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.