CIBC Private Wealth Group LLC Sells 21,676 Shares of Brown & Brown, Inc. (NYSE:BRO)

CIBC Private Wealth Group LLC trimmed its holdings in Brown & Brown, Inc. (NYSE:BRO) by 1.5% in the 4th quarter, Holdings Channel reports. The fund owned 1,391,002 shares of the financial services provider’s stock after selling 21,676 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Brown & Brown were worth $142,619,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Mogy Joel R Investment Counsel Inc. increased its stake in shares of Brown & Brown by 324.3% during the fourth quarter. Mogy Joel R Investment Counsel Inc. now owns 19,285 shares of the financial services provider’s stock valued at $1,967,000 after purchasing an additional 14,740 shares in the last quarter. Sanctuary Advisors LLC increased its position in Brown & Brown by 4.4% during the 3rd quarter. Sanctuary Advisors LLC now owns 161,569 shares of the financial services provider’s stock valued at $18,104,000 after buying an additional 6,805 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Brown & Brown by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,356,535 shares of the financial services provider’s stock valued at $138,394,000 after buying an additional 40,881 shares in the last quarter. Victory Capital Management Inc. raised its stake in Brown & Brown by 19.9% during the fourth quarter. Victory Capital Management Inc. now owns 304,405 shares of the financial services provider’s stock valued at $31,055,000 after buying an additional 50,510 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in Brown & Brown by 47.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 168,838 shares of the financial services provider’s stock worth $17,225,000 after acquiring an additional 54,246 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

BRO opened at $122.97 on Friday. The company’s 50 day moving average is $113.33 and its 200 day moving average is $108.31. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56. The company has a market cap of $35.16 billion, a price-to-earnings ratio of 35.54, a PEG ratio of 2.93 and a beta of 0.86. Brown & Brown, Inc. has a 12-month low of $80.33 and a 12-month high of $123.24.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.10. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. On average, equities research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Wednesday, February 5th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Wednesday, February 5th. Brown & Brown’s payout ratio is 17.34%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods lowered their price target on Brown & Brown from $99.00 to $97.00 and set an “underperform” rating for the company in a research report on Friday, January 10th. Morgan Stanley reiterated an “equal weight” rating and issued a $128.00 target price on shares of Brown & Brown in a research note on Tuesday, March 25th. Royal Bank of Canada raised their price target on shares of Brown & Brown from $118.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. Bank of America upped their price objective on Brown & Brown from $116.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Finally, Wells Fargo & Company boosted their price target on Brown & Brown from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $112.67.

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.