Pacer Advisors Inc. Cuts Holdings in Brown & Brown, Inc. (NYSE:BRO)

Pacer Advisors Inc. trimmed its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 37.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 34,126 shares of the financial services provider's stock after selling 20,693 shares during the period. Pacer Advisors Inc.'s holdings in Brown & Brown were worth $3,482,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in Brown & Brown by 0.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider's stock valued at $405,638,000 after purchasing an additional 28,180 shares during the last quarter. Barclays PLC increased its stake in shares of Brown & Brown by 17.8% in the third quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider's stock valued at $255,537,000 after buying an additional 371,980 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Brown & Brown by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider's stock valued at $136,302,000 after buying an additional 17,934 shares during the last quarter. FMR LLC boosted its position in Brown & Brown by 42.4% during the 3rd quarter. FMR LLC now owns 1,109,840 shares of the financial services provider's stock worth $114,979,000 after buying an additional 330,661 shares during the period. Finally, Natixis Advisors LLC grew its holdings in Brown & Brown by 6.2% during the 3rd quarter. Natixis Advisors LLC now owns 779,434 shares of the financial services provider's stock worth $80,749,000 after acquiring an additional 45,766 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Morgan Stanley began coverage on shares of Brown & Brown in a report on Thursday, December 5th. They set an "overweight" rating and a $134.00 price target on the stock. Truist Financial boosted their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. StockNews.com downgraded shares of Brown & Brown from a "buy" rating to a "hold" rating in a research note on Saturday, November 2nd. Bank of America increased their price target on Brown & Brown from $116.00 to $117.00 and gave the stock a "neutral" rating in a report on Tuesday. Finally, Royal Bank of Canada boosted their price objective on Brown & Brown from $118.00 to $120.00 and gave the company an "outperform" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and a consensus target price of $113.17.

Brown & Brown Stock Down 0.8 %

BRO stock traded down $0.81 during midday trading on Friday, reaching $104.65. 1,782,557 shares of the company's stock traded hands, compared to its average volume of 1,685,888. The company has a quick ratio of 1.73, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. The firm's fifty day moving average price is $105.25 and its 200-day moving average price is $104.17. Brown & Brown, Inc. has a 52 week low of $75.79 and a 52 week high of $114.15. The company has a market cap of $29.93 billion, a price-to-earnings ratio of 30.25, a P/E/G ratio of 2.68 and a beta of 0.85.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its earnings results on Monday, January 27th. The financial services provider reported $0.86 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%. As a group, sell-side analysts forecast that Brown & Brown, Inc. will post 4.15 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 12th. Stockholders of record on Wednesday, February 5th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.57%. The ex-dividend date is Wednesday, February 5th. Brown & Brown's dividend payout ratio (DPR) is presently 17.34%.

Brown & Brown Profile

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.