Trueblood Wealth Management LLC Makes New Investment in Brown & Brown, Inc. (NYSE:BRO)

Trueblood Wealth Management LLC acquired a new stake in Brown & Brown, Inc. (NYSE:BRO) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 18,261 shares of the financial services provider’s stock, valued at approximately $1,299,000. Brown & Brown accounts for 0.8% of Trueblood Wealth Management LLC’s portfolio, making the stock its 28th biggest holding.

A number of other large investors also recently modified their holdings of the company. Procyon Advisors LLC boosted its position in shares of Brown & Brown by 2.9% in the fourth quarter. Procyon Advisors LLC now owns 22,002 shares of the financial services provider’s stock valued at $1,565,000 after acquiring an additional 630 shares during the period. Tributary Capital Management LLC boosted its position in shares of Brown & Brown by 1.1% in the fourth quarter. Tributary Capital Management LLC now owns 16,677 shares of the financial services provider’s stock valued at $1,186,000 after acquiring an additional 174 shares during the period. Pacer Advisors Inc. boosted its position in shares of Brown & Brown by 6.5% in the fourth quarter. Pacer Advisors Inc. now owns 15,761 shares of the financial services provider’s stock valued at $1,121,000 after acquiring an additional 968 shares during the period. Portside Wealth Group LLC bought a new stake in Brown & Brown during the fourth quarter valued at approximately $373,000. Finally, HB Wealth Management LLC lifted its position in Brown & Brown by 17.7% during the fourth quarter. HB Wealth Management LLC now owns 3,526 shares of the financial services provider’s stock valued at $251,000 after purchasing an additional 529 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on BRO. Jefferies Financial Group lowered shares of Brown & Brown from a “buy” rating to a “hold” rating and dropped their target price for the company from $85.00 to $78.00 in a research report on Tuesday, January 9th. Raymond James lifted their target price on shares of Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Sunday, March 17th. The Goldman Sachs Group upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and dropped their target price for the company from $84.00 to $83.00 in a research report on Monday, January 8th. Finally, Truist Financial lifted their target price on shares of Brown & Brown from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $84.90.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the transaction, the chairman now directly owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 16.58% of the stock is owned by insiders.

Brown & Brown Price Performance

Shares of BRO stock traded up $0.84 during trading hours on Wednesday, hitting $87.26. 1,113,504 shares of the company’s stock were exchanged, compared to its average volume of 1,349,617. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 12-month low of $55.42 and a 12-month high of $87.42. The business’s 50 day simple moving average is $82.10 and its 200-day simple moving average is $75.37. The company has a market capitalization of $24.94 billion, a PE ratio of 28.52, a PEG ratio of 2.87 and a beta of 0.78.

Brown & Brown (NYSE:BRO) last issued its earnings results on Tuesday, January 23rd. The financial services provider reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Brown & Brown had a net margin of 20.44% and a return on equity of 15.46%. The company had revenue of $1.03 billion for the quarter. During the same period in the previous year, the firm earned $0.50 earnings per share. On average, equities research analysts anticipate that Brown & Brown, Inc. will post 3.29 earnings per share for the current year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Friday, February 2nd were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.60%. The ex-dividend date was Thursday, February 1st. Brown & Brown’s payout ratio is 16.99%.

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.