Korea Investment CORP Sells 21,161 Shares of Brown & Brown, Inc. (NYSE:BRO)

Korea Investment CORP reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 17.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,016 shares of the financial services provider's stock after selling 21,161 shares during the period. Korea Investment CORP's holdings in Brown & Brown were worth $10,510,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Madison Investment Advisors LLC acquired a new position in shares of Brown & Brown during the 4th quarter valued at about $198,031,000. Vanguard Group Inc. grew its holdings in Brown & Brown by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider's stock valued at $3,054,493,000 after purchasing an additional 1,335,964 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in Brown & Brown by 11,337.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,108,894 shares of the financial services provider's stock valued at $1,109,000 after purchasing an additional 1,099,199 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Brown & Brown in the fourth quarter valued at approximately $71,915,000. Finally, Zurich Insurance Group Ltd FI lifted its stake in shares of Brown & Brown by 258.0% in the third quarter. Zurich Insurance Group Ltd FI now owns 646,574 shares of the financial services provider's stock worth $66,985,000 after buying an additional 465,988 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

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Brown & Brown Price Performance

Shares of BRO stock traded up $0.94 during mid-day trading on Thursday, reaching $125.17. The company's stock had a trading volume of 897,068 shares, compared to its average volume of 1,394,444. The firm's 50-day moving average is $114.46 and its two-hundred day moving average is $108.78. The company has a market cap of $35.79 billion, a P/E ratio of 36.18, a PEG ratio of 2.93 and a beta of 0.86. Brown & Brown, Inc. has a 1-year low of $80.33 and a 1-year high of $125.68. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 earnings per share (EPS) 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, research analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $0.60 annualized dividend and a dividend yield of 0.48%. Brown & Brown's dividend payout ratio (DPR) is presently 17.34%.

Analysts Set New Price Targets

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