PNC Financial Services Group Inc. trimmed its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,186 shares of the financial services provider's stock after selling 3,480 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Brown & Brown were worth $4,406,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Berkshire Asset Management LLC PA acquired a new position in shares of Brown & Brown during the 4th quarter worth about $222,000. Andra AP fonden increased its position in Brown & Brown by 60.6% during the fourth quarter. Andra AP fonden now owns 54,600 shares of the financial services provider's stock worth $5,570,000 after buying an additional 20,600 shares during the last quarter. Edgestream Partners L.P. raised its stake in Brown & Brown by 46.3% in the fourth quarter. Edgestream Partners L.P. now owns 31,667 shares of the financial services provider's stock valued at $3,231,000 after buying an additional 10,017 shares during the period. Jackson Creek Investment Advisors LLC lifted its position in shares of Brown & Brown by 7.6% in the fourth quarter. Jackson Creek Investment Advisors LLC now owns 5,620 shares of the financial services provider's stock valued at $573,000 after buying an additional 399 shares during the last quarter. Finally, Callan Family Office LLC boosted its stake in shares of Brown & Brown by 67.7% during the 4th quarter. Callan Family Office LLC now owns 10,249 shares of the financial services provider's stock worth $1,046,000 after acquiring an additional 4,137 shares during the period. Institutional investors and hedge funds own 71.01% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on BRO shares. Wells Fargo & Company increased their price target on Brown & Brown from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. Morgan Stanley began coverage on shares of Brown & Brown in a research report on Thursday, December 5th. They issued an "overweight" rating and a $134.00 price objective on the stock. Royal Bank of Canada raised their target price on shares of Brown & Brown from $118.00 to $120.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods decreased their price target on shares of Brown & Brown from $99.00 to $97.00 and set an "underperform" rating on the stock in a research note on Friday, January 10th. Finally, Bank of America raised their price objective on shares of Brown & Brown from $116.00 to $117.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $113.17.
Check Out Our Latest Stock Analysis on Brown & Brown
Brown & Brown Price Performance
Brown & Brown stock traded up $1.88 during mid-day trading on Monday, reaching $120.08. 2,053,316 shares of the company were exchanged, compared to its average volume of 1,284,696. The firm has a market cap of $34.33 billion, a PE ratio of 34.70, a PEG ratio of 2.93 and a beta of 0.86. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79. The company has a fifty day simple moving average of $109.79 and a 200-day simple moving average of $107.20. Brown & Brown, Inc. has a 12 month low of $80.33 and a 12 month high of $121.25.
Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.10. Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. As a group, equities research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.
Brown & Brown Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Stockholders of record on Wednesday, February 5th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date was Wednesday, February 5th. Brown & Brown's dividend payout ratio (DPR) is presently 17.34%.
About Brown & Brown
(
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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