Insider Selling: Brown & Brown, Inc. (NYSE:BRO) Chairman Sells 850,000 Shares of Stock

Brown & Brown, Inc. (NYSE:BRO) Chairman Hyatt J. Brown sold 850,000 shares of the stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $51.66, for a total transaction of $43,911,000.00. Following the sale, the chairman now owns 55,914 shares in the company, valued at $2,888,517.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Shares of NYSE:BRO traded down $0.08 during midday trading on Monday, hitting $53.10. The stock had a trading volume of 1,200,957 shares, compared to its average volume of 1,102,845. The company has a market capitalization of $14.97 billion, a PE ratio of 32.83 and a beta of 0.66. The stock has a 50 day moving average price of $47.67 and a two-hundred day moving average price of $46.38. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.55. Brown & Brown, Inc. has a 1 year low of $34.71 and a 1 year high of $53.79.

Brown & Brown (NYSE:BRO) last issued its earnings results on Sunday, April 25th. The financial services provider reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.14. The business had revenue of $815.30 million for the quarter, compared to the consensus estimate of $755.74 million. Brown & Brown had a net margin of 18.02% and a return on equity of 13.26%. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.51 earnings per share. As a group, equities analysts expect that Brown & Brown, Inc. will post 1.64 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 19th. Stockholders of record on Monday, May 10th will be issued a $0.093 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, May 7th. This represents a $0.37 annualized dividend and a dividend yield of 0.70%. Brown & Brown’s payout ratio is presently 26.43%.

A number of equities research analysts have issued reports on BRO shares. Keefe, Bruyette & Woods upgraded shares of Brown & Brown from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $50.00 to $54.00 in a report on Monday, January 18th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Brown & Brown from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Wednesday, April 28th. Morgan Stanley reduced their price objective on shares of Brown & Brown from $51.00 to $50.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 30th. Royal Bank of Canada raised their price objective on shares of Brown & Brown from $48.00 to $53.00 and gave the company a “sector perform” rating in a report on Wednesday, April 28th. Finally, The Goldman Sachs Group upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and raised their price objective for the company from $49.00 to $54.00 in a report on Friday, January 8th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Brown & Brown currently has an average rating of “Hold” and a consensus target price of $53.11.

A number of hedge funds have recently added to or reduced their stakes in BRO. Norges Bank purchased a new stake in Brown & Brown during the fourth quarter worth about $112,050,000. Select Equity Group L.P. boosted its holdings in Brown & Brown by 7.3% during the fourth quarter. Select Equity Group L.P. now owns 13,889,579 shares of the financial services provider’s stock worth $658,505,000 after buying an additional 948,514 shares in the last quarter. Virginia Retirement Systems ET AL boosted its holdings in Brown & Brown by 1,489.5% during the first quarter. Virginia Retirement Systems ET AL now owns 410,100 shares of the financial services provider’s stock worth $18,746,000 after buying an additional 384,300 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Brown & Brown during the first quarter worth about $14,373,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Brown & Brown by 431.4% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 364,342 shares of the financial services provider’s stock worth $16,654,000 after buying an additional 295,777 shares in the last quarter. 69.06% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Cayman Islands, Ireland, and the United Kingdom. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The company offers builders risk, group medical and pharmaceutical, property, commercial auto, homeowners, reinsurance, crop and hail, inland marine, retirement benefit, cyber, disability, risk mitigating warranty products, directors and officers, management liability, errors and omissions, medical stop loss, term life, excess liability, personal auto, umbrella, general liability, prescription drug, workers compensation, and group dental insurance products.

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