CIBC Private Wealth Group LLC Decreases Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

CIBC Private Wealth Group LLC lowered its holdings in Brown & Brown, Inc. (NYSE:BRO) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,396,213 shares of the financial services provider’s stock after selling 12,917 shares during the period. CIBC Private Wealth Group LLC’s holdings in Brown & Brown were worth $99,285,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BRO. Legacy Capital Wealth Partners LLC lifted its stake in Brown & Brown by 2.6% in the fourth quarter. Legacy Capital Wealth Partners LLC now owns 6,316 shares of the financial services provider’s stock valued at $449,000 after purchasing an additional 158 shares during the last quarter. Tributary Capital Management LLC grew its stake in shares of Brown & Brown by 1.1% during the 4th quarter. Tributary Capital Management LLC now owns 16,677 shares of the financial services provider’s stock worth $1,186,000 after acquiring an additional 174 shares during the period. First Horizon Advisors Inc. increased its holdings in Brown & Brown by 22.8% in the 4th quarter. First Horizon Advisors Inc. now owns 1,008 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 187 shares during the last quarter. Xcel Wealth Management LLC raised its stake in Brown & Brown by 3.2% in the 4th quarter. Xcel Wealth Management LLC now owns 6,389 shares of the financial services provider’s stock valued at $454,000 after acquiring an additional 200 shares during the period. Finally, Czech National Bank boosted its position in Brown & Brown by 0.6% during the fourth quarter. Czech National Bank now owns 41,371 shares of the financial services provider’s stock worth $2,942,000 after purchasing an additional 229 shares during the period. Institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on BRO shares. StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Wednesday, May 29th. Royal Bank of Canada boosted their target price on shares of Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Raymond James raised their price target on Brown & Brown from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, March 26th. Bank of America upgraded Brown & Brown from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $91.00 to $101.00 in a research note on Wednesday, May 22nd. Finally, Citigroup raised their target price on Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $89.40.

Insider Transactions at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the completion of the sale, the chairman now owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 16.43% of the stock is currently owned by insiders.

Brown & Brown Price Performance

Brown & Brown stock traded up $1.01 during midday trading on Tuesday, hitting $89.90. 1,018,199 shares of the company’s stock were exchanged, compared to its average volume of 1,318,883. The company has a market cap of $25.64 billion, a P/E ratio of 27.66, a PEG ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.97 and a current ratio of 1.97. The stock has a 50-day moving average price of $85.51 and a two-hundred day moving average price of $80.41. Brown & Brown, Inc. has a 52-week low of $62.92 and a 52-week high of $91.70.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.07 by $0.07. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.22 billion. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. Brown & Brown’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 earnings per share. On average, equities research analysts forecast that Brown & Brown, Inc. will post 3.61 earnings per share for the current year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend was Friday, May 3rd. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

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.