Summit Wealth Partners LLC trimmed its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 9.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 201,700 shares of the financial services provider's stock after selling 20,000 shares during the period. Brown & Brown makes up 5.1% of Summit Wealth Partners LLC's investment portfolio, making the stock its largest holding. Summit Wealth Partners LLC owned about 0.07% of Brown & Brown worth $25,091,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently made changes to their positions in the company. Johnson Financial Group Inc. grew its holdings in Brown & Brown by 534.1% in the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 235 shares during the period. Sunbelt Securities Inc. lifted its stake 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 in the last quarter. Optimum Investment Advisors purchased a new stake in shares of Brown & Brown during the first quarter valued at approximately $31,000. Garde Capital Inc. purchased a new position in Brown & Brown in the 1st quarter valued at about $46,000. Finally, GW&K Investment Management LLC raised its position in shares of Brown & Brown by 104.4% in the 1st quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 214 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on BRO. Wells Fargo & Company restated an "overweight" rating and set a $127.00 price objective (up from $125.00) on shares of Brown & Brown in a research note on Thursday, June 12th. The Goldman Sachs Group cut Brown & Brown from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. Keefe, Bruyette & Woods boosted their target price on shares of Brown & Brown from $102.00 to $104.00 and gave the stock an "underperform" rating in a report on Wednesday, July 9th. BMO Capital Markets restated an "outperform" rating and set a $122.00 price target (up previously from $116.00) on shares of Brown & Brown in a report on Thursday, June 12th. Finally, 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Brown & Brown has an average rating of "Hold" and a consensus price target of $118.23.
Get Our Latest Stock Analysis on Brown & Brown
Brown & Brown Price Performance
NYSE:BRO traded up $0.60 during mid-day trading on Friday, hitting $103.38. The company's stock had a trading volume of 3,136,214 shares, compared to its average volume of 2,403,424. The stock has a fifty day moving average of $108.51 and a 200-day moving average of $111.46. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $29.64 billion, a price-to-earnings ratio of 28.80, a P/E/G ratio of 2.26 and a beta of 0.82. Brown & Brown, Inc. has a fifty-two week low of $97.61 and a fifty-two week 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 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the firm earned $1.14 earnings per share. The firm's revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.
Brown & Brown Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.58%. Brown & Brown's payout ratio is 16.71%.
Brown & Brown Profile
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Free Report)
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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