Avior Wealth Management LLC Trims Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Avior Wealth Management LLC cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 18.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 571 shares of the financial services provider’s stock after selling 132 shares during the period. Avior Wealth Management LLC’s holdings in Brown & Brown were worth $59,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BRO. Crewe Advisors LLC raised its stake in Brown & Brown by 330.4% during the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 228 shares during the last quarter. ST Germain D J Co. Inc. raised its stake in Brown & Brown by 298.5% during the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 200 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Brown & Brown during the 3rd quarter valued at approximately $29,000. Blue Trust Inc. raised its stake in Brown & Brown by 142.3% during the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 323 shares during the last quarter. Finally, Larson Financial Group LLC raised its stake in Brown & Brown by 65.7% during the 2nd quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 211 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wells Fargo & Company upped their price objective on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Royal Bank of Canada boosted their target price on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Argus began coverage on Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price on the stock. Truist Financial boosted their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and an average price target of $107.42.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction on 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 filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 17.02% of the company’s stock.

Brown & Brown Price Performance

BRO stock opened at $112.05 on Monday. Brown & Brown, Inc. has a 1 year low of $69.13 and a 1 year high of $114.08. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The stock’s 50 day moving average price is $106.16 and its 200 day moving average price is $98.92. The firm has a market cap of $32.04 billion, a P/E ratio of 30.53, a PEG ratio of 2.55 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the company earned $0.71 EPS. Brown & Brown’s revenue was up 11.0% on a year-over-year basis. On average, sell-side analysts expect that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were given a $0.15 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

About Brown & Brown

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.