Bank of Montreal Can Reduces Position in Brown & Brown, Inc. (NYSE:BRO)

Bank of Montreal Can lessened its stake in shares of Brown & Brown, Inc. (NYSE:BROGet Rating) by 10.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 131,813 shares of the financial services provider’s stock after selling 14,841 shares during the quarter. Bank of Montreal Can’s holdings in Brown & Brown were worth $7,878,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BRO. Mutual of America Capital Management LLC boosted its stake in shares of Brown & Brown by 0.8% during the first quarter. Mutual of America Capital Management LLC now owns 42,117 shares of the financial services provider’s stock valued at $3,044,000 after purchasing an additional 344 shares during the period. Metis Global Partners LLC bought a new position in shares of Brown & Brown during the first quarter valued at approximately $271,000. Arizona State Retirement System raised its holdings in shares of Brown & Brown by 2.5% during the first quarter. Arizona State Retirement System now owns 66,823 shares of the financial services provider’s stock valued at $4,829,000 after acquiring an additional 1,652 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Brown & Brown by 23.8% during the first quarter. Envestnet Asset Management Inc. now owns 132,323 shares of the financial services provider’s stock valued at $9,563,000 after acquiring an additional 25,448 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Brown & Brown by 5.1% during the first quarter. Victory Capital Management Inc. now owns 331,976 shares of the financial services provider’s stock valued at $20,576,000 after acquiring an additional 16,013 shares in the last quarter. Hedge funds and other institutional investors own 72.31% of the company’s stock.

Brown & Brown Price Performance

BRO opened at $58.63 on Friday. The stock has a fifty day simple moving average of $59.32 and a two-hundred day simple moving average of $60.23. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.94. The company has a market cap of $16.61 billion, a price-to-earnings ratio of 26.53 and a beta of 0.74. Brown & Brown, Inc. has a 12-month low of $52.91 and a 12-month high of $74.00.

Brown & Brown (NYSE:BROGet Rating) last posted its quarterly earnings data on Tuesday, October 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.10). Brown & Brown had a return on equity of 14.67% and a net margin of 18.42%. The firm had revenue of $927.60 million during the quarter, compared to the consensus estimate of $943.59 million. During the same quarter last year, the company posted $0.58 EPS. Brown & Brown’s revenue for the quarter was up 20.4% compared to the same quarter last year. Research analysts predict that Brown & Brown, Inc. will post 2.25 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 16th. Stockholders of record on Wednesday, November 2nd were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Tuesday, November 1st. This is an increase from Brown & Brown’s previous quarterly dividend of $0.10. This represents a $0.46 annualized dividend and a dividend yield of 0.78%. Brown & Brown’s dividend payout ratio (DPR) is presently 20.81%.

Analysts Set New Price Targets

BRO has been the subject of a number of recent analyst reports. Royal Bank of Canada decreased their target price on Brown & Brown from $66.00 to $62.00 and set a “sector perform” rating for the company in a report on Wednesday, October 26th. StockNews.com downgraded Brown & Brown from a “buy” rating to a “hold” rating in a report on Friday, October 28th. Wells Fargo & Company decreased their target price on Brown & Brown from $66.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, October 26th. Jefferies Financial Group upped their target price on Brown & Brown from $70.00 to $74.00 and gave the company a “buy” rating in a report on Friday, October 7th. Finally, Morgan Stanley decreased their target price on Brown & Brown from $69.00 to $65.00 and set an “equal weight” rating for the company in a report on Tuesday. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Brown & Brown has a consensus rating of “Hold” and an average target price of $66.88.

Brown & Brown Company Profile

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Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.

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Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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