Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC decreased its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 9.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 265,227 shares of the financial services provider's stock after selling 28,383 shares during the quarter. Janney Montgomery Scott LLC owned about 0.09% of Brown & Brown worth $32,994,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BRO. Vontobel Holding Ltd. grew its holdings in shares of Brown & Brown by 13.5% during the fourth quarter. Vontobel Holding Ltd. now owns 5,112 shares of the financial services provider's stock worth $522,000 after buying an additional 607 shares in the last quarter. Bank Pictet & Cie Europe AG bought a new stake in Brown & Brown in the fourth quarter valued at approximately $907,000. Sanctuary Advisors LLC lifted its position in shares of Brown & Brown by 1.2% in the fourth quarter. Sanctuary Advisors LLC now owns 163,559 shares of the financial services provider's stock valued at $17,249,000 after buying an additional 1,990 shares during the last quarter. CIBC Asset Management Inc boosted its position in Brown & Brown by 4.6% during the fourth quarter. CIBC Asset Management Inc now owns 38,706 shares of the financial services provider's stock worth $3,949,000 after purchasing an additional 1,707 shares during the period. Finally, Truist Financial Corp grew its stake in Brown & Brown by 2.0% in the 4th quarter. Truist Financial Corp now owns 279,134 shares of the financial services provider's stock valued at $28,477,000 after buying an additional 5,521 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BRO has been the topic of a number of analyst reports. Truist Financial reduced their price target on Brown & Brown from $138.00 to $130.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Keefe, Bruyette & Woods lifted their target price on shares of Brown & Brown from $100.00 to $102.00 and gave the stock an "underperform" rating in a research report on Friday, June 13th. Barclays increased their price target on Brown & Brown from $119.00 to $121.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Morgan Stanley restated an "equal weight" rating and set a $128.00 target price on shares of Brown & Brown in a research report on Tuesday, March 25th. Finally, Edward Jones started coverage on shares of Brown & Brown in a research report on Wednesday, April 16th. They set a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, Brown & Brown has a consensus rating of "Hold" and an average target price of $118.85.

Brown & Brown Stock Up 0.2%

BRO stock traded up $0.19 during trading on Thursday, hitting $108.31. 3,705,520 shares of the company's stock traded hands, compared to its average volume of 1,676,821. The business has a fifty day simple moving average of $111.77 and a two-hundred day simple moving average of $110.94. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $31.05 billion, a P/E ratio of 30.17, a PEG ratio of 2.38 and a beta of 0.84. Brown & Brown, Inc. has a 1 year low of $88.31 and a 1 year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a net margin of 20.84% and a return on equity of 17.77%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the company earned $1.14 earnings per share. The company's quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th were issued a $0.15 dividend. 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 0.55%. Brown & Brown's payout ratio is 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.