Congress Asset Management Co. Sells 164,163 Shares of Brown & Brown, Inc. (NYSE:BRO)

Congress Asset Management Co. trimmed its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 12.9% during the 1st quarter, HoldingsChannel reports. The fund owned 1,110,721 shares of the financial services provider’s stock after selling 164,163 shares during the quarter. Brown & Brown makes up approximately 1.0% of Congress Asset Management Co.’s investment portfolio, making the stock its 25th biggest holding. Congress Asset Management Co.’s holdings in Brown & Brown were worth $138,174,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC bought a new position in Brown & Brown during the fourth quarter valued at about $28,000. Johnson Financial Group Inc. grew its stake in shares of Brown & Brown by 534.1% in the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 235 shares during the period. Y.D. More Investments Ltd grew its stake in shares of Brown & Brown by 122.7% in the 4th quarter. Y.D. More Investments Ltd now owns 294 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 162 shares during the period. Sunbelt Securities Inc. grew its stake in shares of Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 256 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Brown & Brown in the 4th quarter valued at approximately $37,000. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Up 0.6%

Shares of BRO opened at $110.65 on Friday. The company has a market capitalization of $31.71 billion, a P/E ratio of 31.98, a PEG ratio of 2.93 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79. Brown & Brown, Inc. has a one year low of $88.31 and a one year high of $125.68. The business’s 50 day simple moving average is $113.53 and its 200-day simple moving average is $111.26.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, April 28th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the company posted $1.14 EPS. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, sell-side analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.54%. The ex-dividend date was Monday, May 12th. Brown & Brown’s dividend payout ratio is 16.71%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BRO shares. Truist Financial lowered their price objective on Brown & Brown from $138.00 to $130.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. The Goldman Sachs Group lowered Brown & Brown from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $126.00 to $119.00 in a research note on Tuesday, May 13th. UBS Group upped their price objective on Brown & Brown from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, April 9th. Barclays upped their price objective on Brown & Brown from $119.00 to $121.00 and gave the company an “equal weight” rating in a research note on Friday, April 11th. Finally, Keefe, Bruyette & Woods lowered their price objective on Brown & Brown from $102.00 to $100.00 and set an “underperform” rating on the stock in a research note on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $118.25.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.