Mount Lucas Management LP Sells 12,865 Shares of Brown & Brown, Inc. (NYSE:BRO)

Mount Lucas Management LP reduced its position in Brown & Brown, Inc. (NYSE:BRO) by 45.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,629 shares of the financial services provider’s stock after selling 12,865 shares during the quarter. Mount Lucas Management LP’s holdings in Brown & Brown were worth $1,619,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. ST Germain D J Co. Inc. boosted its position in Brown & Brown by 298.5% during the third 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 acquired a new stake in Brown & Brown during the third quarter worth approximately $29,000. Crewe Advisors LLC lifted its stake in Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after buying an additional 228 shares during the period. Headlands Technologies LLC bought a new position in shares of Brown & Brown during the 1st quarter worth approximately $32,000. Finally, Larson Financial Group LLC boosted its holdings in shares of Brown & Brown by 65.7% during the 2nd quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock worth $48,000 after buying an additional 211 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Price Performance

BRO opened at $110.05 on Friday. The firm’s fifty day moving average price is $105.38 and its two-hundred day moving average price is $97.98. The company has a market capitalization of $31.47 billion, a price-to-earnings ratio of 29.99, a P/E/G ratio of 2.54 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. Brown & Brown, Inc. has a 1 year low of $69.13 and a 1 year high of $114.08.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.71 EPS. As a group, analysts anticipate that Brown & Brown, Inc. will post 3.73 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were issued a dividend of $0.15 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Insiders Place Their Bets

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 17.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Argus began coverage on shares of Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price on the stock. Keefe, Bruyette & Woods raised their target price on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Royal Bank of Canada upped their price target on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Raymond James boosted their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Barclays began coverage on Brown & Brown in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Brown & Brown currently has a consensus rating of “Hold” and a consensus price target of $106.50.

Brown & Brown Company Profile

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.