Brown & Brown, Inc. (NYSE:BRO) Stock Position Lowered by WealthPlan Investment Management LLC

Key Points

• WealthPlan Investment Management LLC reduced its stake in Brown & Brown, Inc. (NYSE:BRO) by 5.6%, leaving it with 92,991 shares valued at approximately $11.57 million.
• Analyst ratings have fluctuated with Barclays and Wells Fargo lowering their target prices, while Bank of America upgraded Brown & Brown to a "buy" rating with a new target of $130.00.
• The company recently declared a quarterly dividend of $0.15 per share, representing a 0.7% dividend yield, payable on August 20th.

WealthPlan Investment Management LLC lessened its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 5.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 92,991 shares of the financial services provider's stock after selling 5,536 shares during the period. Brown & Brown makes up 1.1% of WealthPlan Investment Management LLC's holdings, making the stock its 22nd largest position. WealthPlan Investment Management LLC's holdings in Brown & Brown were worth $11,568,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BRO. Optimum Investment Advisors acquired a new stake in shares of Brown & Brown during the first quarter worth $31,000. Johnson Financial Group Inc. raised its position in shares of Brown & Brown by 534.1% during the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after purchasing an additional 235 shares during the period. Sunbelt Securities Inc. raised its position in shares of Brown & Brown by 581.8% during the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after purchasing an additional 256 shares during the period. Garde Capital Inc. acquired a new stake in shares of Brown & Brown during the first quarter worth $46,000. Finally, GW&K Investment Management LLC raised its position in shares of Brown & Brown by 104.4% during the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock worth $52,000 after purchasing an additional 214 shares during the period. Institutional investors own 71.01% of the company's stock.

Wall Street Analyst Weigh In

BRO has been the topic of a number of recent analyst reports. Barclays cut their target price on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Wells Fargo & Company cut their target price on Brown & Brown from $127.00 to $104.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Keefe, Bruyette & Woods cut their target price on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a research report on Thursday, July 31st. Bank of America raised Brown & Brown from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Finally, UBS Group upped their price target on Brown & Brown from $110.00 to $120.00 and gave the company a "neutral" rating in a research report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $114.69.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $91.82 on Thursday. The business's 50-day moving average price is $105.49 and its two-hundred day moving average price is $110.92. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. Brown & Brown, Inc. has a one year low of $90.38 and a one year high of $125.68. The company has a market capitalization of $30.29 billion, a P/E ratio of 26.46, a price-to-earnings-growth ratio of 2.08 and a beta of 0.78.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.04. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%. The business's quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 earnings per share. Analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Wednesday, August 13th. Brown & Brown's dividend payout ratio is 17.29%.

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.

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