Cresset Asset Management LLC Sells 53,470 Shares of Brown & Brown, Inc. (NYSE:BRO)

Cresset Asset Management LLC reduced its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 14.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 329,417 shares of the financial services provider's stock after selling 53,470 shares during the quarter. Cresset Asset Management LLC owned about 0.12% of Brown & Brown worth $33,607,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank bought a new position in Brown & Brown during the fourth quarter valued at $313,412,000. First Trust Advisors LP lifted its holdings in shares of Brown & Brown by 626.6% in the 4th quarter. First Trust Advisors LP now owns 2,350,039 shares of the financial services provider's stock valued at $239,751,000 after acquiring an additional 2,026,589 shares during the last quarter. Madison Investment Advisors LLC purchased a new position in Brown & Brown in the fourth quarter worth about $198,031,000. Vanguard Group Inc. increased its stake in Brown & Brown by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider's stock worth $3,054,493,000 after acquiring an additional 1,335,964 shares during the last quarter. Finally, Proficio Capital Partners LLC increased its stake in Brown & Brown by 11,337.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,108,894 shares of the financial services provider's stock worth $1,109,000 after acquiring an additional 1,099,199 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Trading Down 0.2 %

NYSE BRO opened at $110.39 on Tuesday. The company's 50-day simple moving average is $117.74 and its two-hundred day simple moving average is $110.74. Brown & Brown, Inc. has a one year low of $83.60 and a one year high of $125.68. The company has a market capitalization of $31.64 billion, a price-to-earnings ratio of 31.90, a price-to-earnings-growth ratio of 2.93 and a beta of 0.75. 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 (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.01). The company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.41 billion. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. The company's revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.14 earnings per share. Equities analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Monday, May 12th. Brown & Brown's payout ratio is 16.71%.

Analyst Ratings Changes

BRO has been the subject of a number of recent research reports. Wells Fargo & Company lifted their target price on Brown & Brown from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Royal Bank of Canada boosted their price objective on shares of Brown & Brown from $118.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, January 29th. Edward Jones began coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They issued a "buy" rating for the company. UBS Group upped their price target on shares of Brown & Brown from $110.00 to $120.00 and gave the company a "neutral" rating in a report on Wednesday, April 9th. Finally, Barclays raised their price objective on shares of Brown & Brown from $119.00 to $121.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $116.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.