Brown & Brown, Inc. (NYSE:BRO) Holdings Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,328,262 shares of the financial services provider's stock after selling 48,742 shares during the quarter. Bank of New York Mellon Corp owned about 0.46% of Brown & Brown worth $165,236,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Phillips Wealth Planners LLC raised its stake in shares of Brown & Brown by 3.4% in the 1st quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider's stock valued at $316,000 after acquiring an additional 88 shares during the period. Gateway Investment Advisers LLC raised its position in Brown & Brown by 2.3% in the first quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider's stock valued at $536,000 after purchasing an additional 97 shares during the period. Blue Trust Inc. lifted its stake in shares of Brown & Brown by 11.7% during the first quarter. Blue Trust Inc. now owns 1,002 shares of the financial services provider's stock worth $125,000 after purchasing an additional 105 shares in the last quarter. Lido Advisors LLC boosted its position in shares of Brown & Brown by 2.6% in the fourth quarter. Lido Advisors LLC now owns 4,690 shares of the financial services provider's stock worth $479,000 after buying an additional 120 shares during the period. Finally, Transcend Capital Advisors LLC lifted its position in Brown & Brown by 6.8% during the 1st quarter. Transcend Capital Advisors LLC now owns 2,164 shares of the financial services provider's stock worth $269,000 after acquiring an additional 138 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BRO has been the topic of a number of analyst reports. UBS Group lifted their price objective on shares of Brown & Brown from $110.00 to $120.00 and gave the company a "neutral" rating in a research note on Wednesday, April 9th. Jefferies Financial Group boosted their price objective on shares of Brown & Brown from $105.00 to $109.00 and gave the stock a "hold" rating in a report on Friday, April 11th. Keefe, Bruyette & Woods raised their target price on Brown & Brown from $102.00 to $104.00 and gave the company an "underperform" rating in a research note on Wednesday. Barclays dropped their target price on Brown & Brown from $121.00 to $111.00 and set an "equal weight" rating on the stock in a research report on Monday. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $128.00 price target on shares of Brown & Brown in a report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Brown & Brown currently has an average rating of "Hold" and an average target price of $118.23.

Brown & Brown Stock Performance

Shares of NYSE BRO traded down $0.25 during midday trading on Thursday, hitting $107.89. The company's stock had a trading volume of 1,443,330 shares, compared to its average volume of 1,873,979. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 2.52. Brown & Brown, Inc. has a 1-year low of $90.04 and a 1-year high of $125.68. The firm's fifty day moving average price is $109.71 and its 200-day moving average price is $111.27. The firm has a market cap of $30.93 billion, a P/E ratio of 30.02, a P/E/G ratio of 2.35 and a beta of 0.82.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The financial services provider reported $1.29 EPS for the quarter, missing analysts' consensus estimates of $1.30 by ($0.01). The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.41 billion. Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. Brown & Brown's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.14 earnings per share. On average, sell-side 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 was paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 annualized dividend and a dividend yield of 0.56%. Brown & Brown's payout ratio is currently 16.71%.

About Brown & Brown

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.