Mattern Capital Management LLC Sells 2,668 Shares of Brown & Brown, Inc. (NYSE:BRO)

Mattern Capital Management LLC trimmed its holdings in Brown & Brown, Inc. (NYSE:BRO) by 2.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 126,738 shares of the financial services provider’s stock after selling 2,668 shares during the period. Brown & Brown accounts for approximately 1.7% of Mattern Capital Management LLC’s holdings, making the stock its 7th largest holding. Mattern Capital Management LLC’s holdings in Brown & Brown were worth $12,930,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new stake in Brown & Brown in the 3rd quarter worth about $26,000. Ashton Thomas Securities LLC acquired a new stake in Brown & Brown in the 3rd quarter worth about $29,000. Y.D. More Investments Ltd boosted its stake in Brown & Brown by 122.7% in the 4th quarter. Y.D. More Investments Ltd now owns 294 shares of the financial services provider’s stock worth $30,000 after buying an additional 162 shares during the last quarter. R Squared Ltd acquired a new stake in Brown & Brown in the 4th quarter worth about $31,000. Finally, Versant Capital Management Inc boosted its stake in Brown & Brown by 130.7% in the 4th quarter. Versant Capital Management Inc now owns 413 shares of the financial services provider’s stock worth $42,000 after buying an additional 234 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

Brown & Brown stock opened at $111.69 on Friday. The stock’s 50 day moving average price is $105.13 and its 200 day moving average price is $105.35. The firm has a market capitalization of $31.93 billion, a PE ratio of 32.28, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79. Brown & Brown, Inc. has a one year low of $80.33 and a one year high of $114.15.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.76 by $0.10. Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. As a group, sell-side analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.54%. The ex-dividend date was Wednesday, February 5th. Brown & Brown’s dividend payout ratio (DPR) is presently 17.34%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on BRO shares. Royal Bank of Canada lifted their price objective on Brown & Brown from $118.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 29th. Wells Fargo & Company lifted their price objective on Brown & Brown from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Morgan Stanley started coverage on Brown & Brown in a research note on Thursday, December 5th. They issued an “overweight” rating and a $134.00 price objective on the stock. Finally, Bank of America lifted their price objective on Brown & Brown from $116.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and an average price target of $113.17.

Brown & Brown Company Profile

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.