Bank of New York Mellon Corp Sells 31,686 Shares of Brown & Brown, Inc. $BRO

Key Points

• Bank of New York Mellon Corp trimmed its stake in Brown & Brown by 2.2% in the fourth quarter, selling 31,686 shares and leaving it with 1,389,128 shares valued at about $110.7 million.
• Several analysts have recently lowered price targets on BRO, and the stock now carries a consensus Hold rating with an average price target of $79.44.
• Brown & Brown reported quarterly results that beat earnings and revenue estimates, and the company also paid a quarterly dividend of $0.165 per share, or $0.66 annually, for a 1.1% yield.

Bank of New York Mellon Corp reduced its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 2.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,389,128 shares of the financial services provider's stock after selling 31,686 shares during the period. Bank of New York Mellon Corp owned 0.41% of Brown & Brown worth $110,713,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ICONIQ Capital LLC increased its holdings in Brown & Brown by 5.4% during the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock worth $234,000 after buying an additional 109 shares during the last quarter. Zacks Investment Management grew its position in shares of Brown & Brown by 0.7% in the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock valued at $1,675,000 after acquiring an additional 125 shares during the period. Private Trust Co. NA increased its stake in shares of Brown & Brown by 13.1% during the 4th quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider's stock worth $91,000 after purchasing an additional 133 shares during the last quarter. Moment Partners LLC increased its stake in shares of Brown & Brown by 3.0% during the 3rd quarter. Moment Partners LLC now owns 4,632 shares of the financial services provider's stock worth $434,000 after purchasing an additional 136 shares during the last quarter. Finally, Moors & Cabot Inc. raised its holdings in shares of Brown & Brown by 2.1% in the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock valued at $638,000 after purchasing an additional 142 shares during the period. 71.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BRO has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods cut their price objective on Brown & Brown from $74.00 to $72.00 and set a "market perform" rating for the company in a research report on Wednesday, April 29th. JPMorgan Chase & Co. decreased their target price on Brown & Brown from $91.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, April 9th. Citizens Jmp assumed coverage on Brown & Brown in a research note on Thursday, May 21st. They issued a "market outperform" rating and a $70.00 price target on the stock. Barclays cut their price target on Brown & Brown from $80.00 to $72.00 and set an "equal weight" rating for the company in a report on Wednesday, April 8th. Finally, Mizuho decreased their price objective on shares of Brown & Brown from $85.00 to $84.00 and set an "outperform" rating on the stock in a report on Monday, April 13th. Five investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $79.44.

Insider Transactions at Brown & Brown

In related news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average price of $57.10 per share, with a total value of $114,200.00. Following the purchase, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 13.13% of the stock is currently owned by corporate insiders.

Brown & Brown Stock Performance

BRO opened at $58.85 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current ratio of 1.64. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $111.51. The firm has a market cap of $19.95 billion, a P/E ratio of 18.92, a price-to-earnings-growth ratio of 2.71 and a beta of 0.63. The business's fifty day moving average is $61.63 and its 200-day moving average is $70.50.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period last year, the firm earned $1.29 EPS. The business's quarterly revenue was up 35.4% compared to the same quarter last year. Sell-side analysts expect that Brown & Brown, Inc. will post 4.51 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Monday, May 11th. Brown & Brown's dividend payout ratio is currently 21.22%.

Brown & Brown Company Profile

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

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