Mattern Capital Management LLC Has $11.67 Million Position in Brown & Brown, Inc. (NYSE:BRO)

Mattern Capital Management LLC cut its stake in Brown & Brown, Inc. (NYSE:BRO) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 130,509 shares of the financial services provider’s stock after selling 1,238 shares during the quarter. Brown & Brown comprises about 1.6% of Mattern Capital Management LLC’s portfolio, making the stock its 6th biggest position. Mattern Capital Management LLC’s holdings in Brown & Brown were worth $11,669,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Brown & Brown by 0.7% in the first quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider’s stock worth $2,482,223,000 after purchasing an additional 203,105 shares during the last quarter. Principal Financial Group Inc. grew its stake in Brown & Brown by 0.7% during the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock worth $1,144,893,000 after buying an additional 86,824 shares during the last quarter. Norges Bank acquired a new position in Brown & Brown during the 4th quarter valued at about $217,663,000. The Manufacturers Life Insurance Company grew its stake in shares of Brown & Brown by 76.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock worth $142,236,000 after acquiring an additional 865,082 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Brown & Brown by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,494,799 shares of the financial services provider’s stock valued at $106,294,000 after acquiring an additional 19,311 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on BRO. Keefe, Bruyette & Woods boosted their target price on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research report on Friday, July 26th. StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Wells Fargo & Company upgraded Brown & Brown from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $94.00 to $112.00 in a research note on Monday, August 12th. Citigroup raised their price objective on Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Finally, Raymond James upped their target price on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Brown & Brown currently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Brown & Brown Price Performance

NYSE:BRO opened at $105.84 on Thursday. The company has a 50 day moving average price of $97.75 and a 200-day moving average price of $90.28. Brown & Brown, Inc. has a 1-year low of $66.73 and a 1-year high of $106.02. The firm has a market cap of $30.19 billion, a price-to-earnings ratio of 32.57, a price-to-earnings-growth ratio of 2.44 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm posted $0.68 earnings per share. The company’s revenue was up 12.5% compared to the same quarter last year. Equities research analysts forecast that Brown & Brown, Inc. will post 3.68 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is presently 16.00%.

Insider Transactions at Brown & Brown

In related news, EVP Julie Turpin sold 3,350 shares of Brown & Brown stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $89.92, for a total value of $301,232.00. Following the sale, the executive vice president now directly owns 23,597 shares in the company, valued at approximately $2,121,842.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Julie Turpin sold 3,350 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $89.92, for a total value of $301,232.00. Following the completion of the sale, the executive vice president now directly owns 23,597 shares in the company, valued at $2,121,842.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the sale, the chief financial officer now owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The disclosure for this sale can be found here. Insiders sold a total of 140,490 shares of company stock valued at $14,623,258 in the last three months. 17.02% of the stock is currently owned by company insiders.

Brown & Brown 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.