Cibc World Markets Corp Reduces Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Cibc World Markets Corp reduced its holdings in Brown & Brown, Inc. (NYSE:BRO) by 18.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 37,709 shares of the financial services provider’s stock after selling 8,534 shares during the period. Cibc World Markets Corp’s holdings in Brown & Brown were worth $3,847,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in BRO. Studio Investment Management LLC lifted its holdings in shares of 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 worth $675,000 after acquiring an additional 96 shares during the last quarter. Journey Strategic Wealth LLC lifted its holdings in shares of Brown & Brown by 2.3% in the 4th quarter. Journey Strategic Wealth LLC now owns 4,486 shares of the financial services provider’s stock worth $458,000 after acquiring an additional 99 shares during the last quarter. CWA Asset Management Group LLC lifted its holdings in shares of Brown & Brown by 3.7% in the 4th quarter. CWA Asset Management Group LLC now owns 2,916 shares of the financial services provider’s stock worth $297,000 after acquiring an additional 103 shares during the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Brown & Brown by 3.4% in the 4th quarter. Bleakley Financial Group LLC now owns 3,162 shares of the financial services provider’s stock worth $323,000 after acquiring an additional 103 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Brown & Brown by 2.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 4,664 shares of the financial services provider’s stock worth $476,000 after acquiring an additional 113 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $119.93 on Thursday. The firm has a market cap of $34.29 billion, a PE ratio of 34.66, a PEG ratio of 2.93 and a beta of 0.86. The firm has a fifty day moving average of $110.53 and a 200 day moving average of $107.41. 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, Inc. has a one year low of $80.33 and a one year high of $121.25.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, January 27th. The financial services provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates 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, research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Wednesday, February 5th. Brown & Brown’s dividend payout ratio is currently 17.34%.

Analysts Set New Price Targets

Several research firms have recently issued reports on BRO. Keefe, Bruyette & Woods lowered their target price on shares of Brown & Brown from $99.00 to $97.00 and set an “underperform” rating for the company in a report on Friday, January 10th. 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 target on the stock. Wells Fargo & Company raised their price target 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. Barclays raised 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, Royal Bank of Canada raised their target price on shares of Brown & Brown from $118.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus target price of $113.17.

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.