Janney Montgomery Scott LLC Sells 25,668 Shares of Brown & Brown, Inc. (NYSE:BRO)

Janney Montgomery Scott LLC trimmed its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 8.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 293,610 shares of the financial services provider's stock after selling 25,668 shares during the quarter. Janney Montgomery Scott LLC owned 0.10% of Brown & Brown worth $29,954,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Studio Investment Management LLC lifted its stake in Brown & Brown by 1.5% in the 3rd quarter. Studio Investment Management LLC now owns 6,513 shares of the financial services provider's stock valued at $675,000 after purchasing an additional 96 shares during the last quarter. Trust Point Inc. lifted its stake in shares of Brown & Brown by 4.3% in the 3rd quarter. Trust Point Inc. now owns 2,519 shares of the financial services provider's stock valued at $261,000 after acquiring an additional 103 shares during the last quarter. CWA Asset Management Group LLC boosted its holdings in shares of Brown & Brown by 3.7% during the 4th quarter. CWA Asset Management Group LLC now owns 2,916 shares of the financial services provider's stock valued at $297,000 after acquiring an additional 103 shares in the last quarter. Creative Planning grew its position in Brown & Brown by 0.4% during the 3rd quarter. Creative Planning now owns 29,892 shares of the financial services provider's stock worth $3,097,000 after acquiring an additional 112 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its holdings in Brown & Brown by 0.5% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 22,929 shares of the financial services provider's stock worth $2,375,000 after purchasing an additional 113 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BRO shares. Bank of America upped their price objective on Brown & Brown from $108.00 to $117.00 and gave the company a "neutral" rating in a research note on Thursday, October 10th. Royal Bank of Canada raised their price target on shares of Brown & Brown from $113.00 to $118.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Morgan Stanley began coverage on shares of Brown & Brown in a research note on Thursday, December 5th. They issued an "overweight" rating and a $134.00 price objective on the stock. Jefferies Financial Group raised their price objective on Brown & Brown from $98.00 to $104.00 and gave the stock a "hold" rating in a research report on Wednesday, October 9th. Finally, Truist Financial upped their target price on Brown & Brown from $116.00 to $118.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $112.08.

Brown & Brown Stock Up 0.7 %

Shares of BRO traded up $0.78 during trading hours on Friday, hitting $106.01. The stock had a trading volume of 1,480,167 shares, compared to its average volume of 1,201,046. Brown & Brown, Inc. has a 1-year low of $75.79 and a 1-year high of $114.15. The firm has a market capitalization of $30.31 billion, a P/E ratio of 28.88, a price-to-earnings-growth ratio of 2.12 and a beta of 0.85. The firm has a 50 day simple moving average of $105.75 and a 200-day simple moving average of $103.70. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the business posted $0.71 EPS. Brown & Brown's quarterly revenue was up 11.0% on a year-over-year basis. Sell-side analysts predict that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, February 5th. This represents a $0.60 annualized dividend and a dividend yield of 0.57%. Brown & Brown's payout ratio is 16.35%.

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.