Keybank National Association OH Trims Stake in Brown & Brown, Inc. (NYSE:BRO)

Keybank National Association OH lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 14.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,124 shares of the financial services provider's stock after selling 2,796 shares during the quarter. Keybank National Association OH's holdings in Brown & Brown were worth $2,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pictet North America Advisors SA boosted its stake in Brown & Brown by 7.7% during the first quarter. Pictet North America Advisors SA now owns 100,094 shares of the financial services provider's stock worth $12,452,000 after acquiring an additional 7,172 shares in the last quarter. DAVENPORT & Co LLC boosted its stake in Brown & Brown by 16.7% during the first quarter. DAVENPORT & Co LLC now owns 45,047 shares of the financial services provider's stock worth $5,604,000 after acquiring an additional 6,459 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Brown & Brown by 17.0% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 30,091 shares of the financial services provider's stock worth $3,743,000 after acquiring an additional 4,371 shares in the last quarter. Mather Group LLC. boosted its stake in Brown & Brown by 8.6% during the first quarter. Mather Group LLC. now owns 2,637 shares of the financial services provider's stock worth $328,000 after acquiring an additional 209 shares in the last quarter. Finally, Smallwood Wealth Investment Management LLC bought a new stake in Brown & Brown during the first quarter worth about $83,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Edward Jones assumed coverage on shares of Brown & Brown in a research note on Wednesday, April 16th. They set a "buy" rating on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Brown & Brown from $100.00 to $102.00 and gave the stock an "underperform" rating in a research note on Friday, June 13th. Wells Fargo & Company reissued an "overweight" rating and set a $127.00 price objective (up previously from $125.00) on shares of Brown & Brown in a research note on Thursday, June 12th. Barclays dropped their target price on shares of Brown & Brown from $121.00 to $111.00 and set an "equal weight" rating on the stock in a research note on Monday. Finally, Truist Financial dropped their target price on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Brown & Brown has an average rating of "Hold" and a consensus target price of $118.08.

Brown & Brown Stock Performance

Brown & Brown stock traded down $0.53 during midday trading on Tuesday, reaching $107.28. 3,346,685 shares of the company traded hands, compared to its average volume of 1,867,212. The firm has a market capitalization of $30.76 billion, a price-to-earnings ratio of 29.88, a price-to-earnings-growth ratio of 2.36 and a beta of 0.82. The business has a 50 day moving average of $109.76 and a two-hundred day moving average of $111.30. Brown & Brown, Inc. has a 12 month low of $89.92 and a 12 month high of $125.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.52 and a quick ratio of 2.52.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The financial services provider reported $1.29 earnings per share 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 net margin of 20.84% and a return on equity of 17.77%. The firm's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the company earned $1.14 EPS. As a group, research analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 dividend on an annualized basis and a yield of 0.56%. Brown & Brown's dividend 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.