Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 0.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,377,004 shares of the financial services provider’s stock after selling 12,625 shares during the quarter. Bank of New York Mellon Corp owned about 0.48% of Brown & Brown worth $140,482,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of BRO. Private Advisor Group LLC increased its stake in Brown & Brown by 26.1% in the third quarter. Private Advisor Group LLC now owns 7,467 shares of the financial services provider’s stock valued at $774,000 after purchasing an additional 1,544 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Brown & Brown by 11.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,853 shares of the financial services provider’s stock valued at $1,435,000 after purchasing an additional 1,380 shares during the period. State of Alaska Department of Revenue increased its stake in Brown & Brown by 6.9% in the third quarter. State of Alaska Department of Revenue now owns 27,508 shares of the financial services provider’s stock valued at $2,849,000 after purchasing an additional 1,765 shares during the period. J.W. Cole Advisors Inc. acquired a new position in shares of Brown & Brown during the third quarter worth about $216,000. Finally, abrdn plc increased its stake in shares of Brown & Brown by 11.5% during the third quarter. abrdn plc now owns 98,603 shares of the financial services provider’s stock worth $10,124,000 after acquiring an additional 10,150 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BRO has been the topic of a number of recent analyst reports. Morgan Stanley initiated coverage on shares of Brown & Brown in a research note on Thursday, December 5th. They set an “overweight” rating and a $134.00 price target on the stock. Royal Bank of Canada boosted their price target 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 dropped 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. Barclays boosted their price target on shares of Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 21st. Finally, Bank of America boosted their price target on shares of Brown & Brown from $116.00 to $117.00 and gave the stock a “neutral” rating in a research note 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 company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $113.17.

Brown & Brown Stock Up 1.8 %

BRO stock opened at $118.59 on Friday. The company has a market cap of $33.91 billion, a P/E ratio of 34.27, a P/E/G ratio of 2.93 and a beta of 0.86. Brown & Brown, Inc. has a 52 week low of $80.33 and a 52 week high of $118.80. The company’s 50-day moving average price is $106.24 and its 200 day moving average price is $105.86. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating 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 expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Wednesday, February 5th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend was Wednesday, February 5th. Brown & Brown’s dividend payout ratio (DPR) is presently 17.34%.

Brown & Brown Company 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.