The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Brown & Brown, Inc. shares valued at $7,804,964 were sold by BROWN HYATT J on Mar 13 ’24. At $85.14 per share, BROWN HYATT J sold 91,677 shares. The insider’s holdings dropped to 37,368,928 shares worth approximately $3.26 billion following the completion of this transaction.
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Also, BROWN HYATT J sold 144,323 shares, netting a total of over 12,405,289 in proceeds. Following the sale of shares at $85.96 each, the insider now holds 37,460,605 shares.
Before that, Boyd Stephen M had sold 2,500 shares from its account. In a trade valued at $176,596, the EVP/ Pres Wholesale Brokerage traded Brown & Brown, Inc. shares for $70.64 each. Upon closing the transaction, the insider’s holdings decreased to 2,500 shares, worth approximately $5.63 million.
As published in a research note from BofA Securities on March 13, 2024, Brown & Brown, Inc. [BRO] has been rated down from a Neutral to an Underperform and the price target has been revised to $86 from $80. Analysts at Jefferies downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in early January. As of January 08, 2024, RBC Capital Mkts has increased its “Sector perform” rating to a “an Outperform” for BRO. Earlier on January 08, 2024, Goldman upgraded its rating. Their new recommendation was “a Buy” for BRO stock which previously was a “a Neutral”.
Analyzing BRO Stock Performance
During the last five days, there has been a surge of approximately 0.65%. Over the course of the year, Brown & Brown, Inc. shares have jumped approximately 22.71%. Shares of the company reached a 52-week high of $87.42 on 03/27/24 and a 52-week low of $69.24 on 01/05/24. A 50-day SMA is recorded $81.94, while a 200-day SMA reached $73.70. Nevertheless, trading volume fell to 1.11 million shares from 1.03 million shares the previous day.
Support And Resistance Levels for Brown & Brown, Inc. (BRO)
According to the 24-hour chart, there is a support level at 86.70, which, if violated, would cause prices to drop to 86.14. In the upper region, resistance lies at 87.62. The next price resistance is at 87.98. RSI (Relative Strength Index) is 71.14 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.80, which suggests the price will decrease in the coming days. Percent R is at 3.78%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Brown & Brown, Inc. subject to short interest?
Stocks of Brown & Brown, Inc. saw a sharp steep in short interest on Mar 15, 2024 dropping by 50000.0 shares to 2.25 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 2.3 million shares. A decline of -2.22% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.92 of the overall float, the days-to-cover ratio (short ratio) decline to 1.92.
