Marks Group Wealth Management Inc Sells 4,391 Shares of Brown & Brown, Inc. (NYSE:BRO)

Marks Group Wealth Management Inc lowered its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 4.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 87,111 shares of the financial services provider's stock after selling 4,391 shares during the period. Brown & Brown comprises about 1.0% of Marks Group Wealth Management Inc's portfolio, making the stock its 14th largest position. Marks Group Wealth Management Inc's holdings in Brown & Brown were worth $10,837,000 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. CWM LLC boosted its stake in Brown & Brown by 3.7% in the 1st quarter. CWM LLC now owns 6,342 shares of the financial services provider's stock worth $789,000 after purchasing an additional 227 shares in the last quarter. Kathmere Capital Management LLC raised its stake in Brown & Brown by 26.4% in the first quarter. Kathmere Capital Management LLC now owns 3,365 shares of the financial services provider's stock worth $419,000 after buying an additional 703 shares in the last quarter. Ballentine Partners LLC grew its position in shares of Brown & Brown by 4.6% in the 1st quarter. Ballentine Partners LLC now owns 3,648 shares of the financial services provider's stock worth $454,000 after buying an additional 159 shares during the last quarter. IFC Advisors LLC purchased a new stake in shares of Brown & Brown during the first quarter worth about $229,000. Finally, SteelPeak Wealth LLC purchased a new stake in Brown & Brown during the 1st quarter valued at about $2,880,000. Institutional investors own 71.01% of the company's stock.

Wall Street Analyst Weigh In

BRO has been the subject of a number of recent analyst reports. UBS Group raised their price objective on Brown & Brown from $110.00 to $120.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 9th. BMO Capital Markets reiterated an "outperform" rating and set a $122.00 price objective (up from $116.00) on shares of Brown & Brown in a report on Thursday, June 12th. 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. Morgan Stanley reissued an "equal weight" rating and set a $128.00 price target on shares of Brown & Brown in a research report on Tuesday, March 25th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $127.00 price target (up previously from $125.00) on shares of Brown & Brown in a report on Thursday, June 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $118.23.

Brown & Brown Stock Up 0.8%

Shares of NYSE:BRO traded up $0.82 during trading on Monday, hitting $107.57. The company's stock had a trading volume of 564,480 shares, compared to its average volume of 1,887,485. The company has a market capitalization of $30.84 billion, a PE ratio of 29.99, a P/E/G ratio of 2.34 and a beta of 0.82. The business has a 50 day moving average price of $109.61 and a two-hundred day moving average price of $111.43. 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 fifty-two week low of $92.29 and a fifty-two week high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.01). Brown & Brown had a net margin of 20.84% and a return on equity of 17.77%. The company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $1.14 earnings per share. Brown & Brown's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, research analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

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