Patton Fund Management Inc. Reduces Position in Brown & Brown, Inc. (NYSE:BRO)

Patton Fund Management Inc. trimmed its position in Brown & Brown, Inc. (NYSE:BRO) by 5.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 46,436 shares of the financial services provider’s stock after selling 2,496 shares during the period. Patton Fund Management Inc.’s holdings in Brown & Brown were worth $4,811,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Crewe Advisors LLC increased its position in shares of 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 acquiring an additional 228 shares during the period. Headlands Technologies LLC purchased a new position in Brown & Brown during the 1st quarter valued at about $32,000. Alaska Permanent Fund Corp bought a new position in Brown & Brown during the 1st quarter valued at approximately $36,000. First PREMIER Bank purchased a new stake in Brown & Brown in the 1st quarter worth approximately $40,000. Finally, Larson Financial Group LLC grew its position in shares of Brown & Brown by 65.7% in 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 during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was 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 Securities & Exchange Commission, which is available at this link. Also, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the transaction, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.02% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on BRO. Bank of America upped their target price on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. StockNews.com lowered shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Wednesday. Keefe, Bruyette & Woods lifted their target price on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Raymond James increased their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Argus started coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average target price of $105.67.

Brown & Brown Stock Up 0.4 %

BRO stock traded up $0.40 on Thursday, reaching $106.73. 268,591 shares of the company traded hands, compared to its average volume of 1,296,146. The firm has a fifty day simple moving average of $103.32 and a 200-day simple moving average of $94.20. The company has a market cap of $30.44 billion, a P/E ratio of 32.72, a price-to-earnings-growth ratio of 2.45 and a beta of 0.83. Brown & Brown, Inc. has a one year low of $66.73 and a one year high of $107.67. 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 results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.05. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The company’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the company earned $0.68 earnings per share. Research analysts anticipate that Brown & Brown, Inc. will post 3.69 earnings per share for the current year.

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.