Legacy Wealth Asset Management LLC Sells 551 Shares of Brown & Brown, Inc. $BRO

Legacy Wealth Asset Management LLC lessened its holdings in Brown & Brown, Inc. (NYSE:BRO) by 15.0% during the 2nd quarter, Holdings Channel reports. The firm owned 3,119 shares of the financial services provider’s stock after selling 551 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Brown & Brown were worth $346,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Bares Capital Management Inc. bought a new position in shares of Brown & Brown in the 1st quarter valued at about $26,000. Optimum Investment Advisors bought a new position in shares of Brown & Brown in the 1st quarter valued at about $31,000. SouthState Corp boosted its stake in shares of Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 166 shares during the last quarter. ST Germain D J Co. Inc. boosted its stake in shares of Brown & Brown by 298.5% in the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 200 shares during the last quarter. Finally, Bruce G. Allen Investments LLC boosted its stake in shares of Brown & Brown by 1,129.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 305 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of BRO opened at $88.26 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a twelve month low of $86.79 and a twelve month high of $125.68. The firm’s 50 day moving average price is $93.99 and its two-hundred day moving average price is $103.33. The firm has a market cap of $29.11 billion, a P/E ratio of 25.44, a PEG ratio of 1.97 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the firm posted $0.93 earnings per share. The business’s revenue was up 9.1% on a year-over-year basis. On average, analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Paul J. Krump purchased 2,678 shares of the business’s stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business’s stock in a transaction on Wednesday, August 6th. The stock was bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the purchase, the director owned 5,000 shares of the company’s stock, valued at approximately $457,200. This represents a 25.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 15.59% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Citigroup assumed coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They set a “buy” rating and a $112.00 price objective on the stock. UBS Group reduced their price objective on shares of Brown & Brown from $120.00 to $106.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Weiss Ratings lowered shares of Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Wells Fargo & Company reduced their price objective on shares of Brown & Brown from $101.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Finally, Barclays reduced their price objective on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Brown & Brown has an average rating of “Hold” and a consensus target price of $109.92.

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.