Brown & Brown, Inc. (NYSE:BRO) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 17.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 982,542 shares of the financial services provider’s stock after selling 206,979 shares during the period. JPMorgan Chase & Co. owned 0.34% of Brown & Brown worth $101,791,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Franklin Resources Inc. increased its stake in Brown & Brown by 24.6% during the third quarter. Franklin Resources Inc. now owns 109,166 shares of the financial services provider’s stock worth $11,565,000 after acquiring an additional 21,574 shares during the last quarter. Synovus Financial Corp increased its position in Brown & Brown by 1.9% during the 3rd quarter. Synovus Financial Corp now owns 6,157 shares of the financial services provider’s stock worth $638,000 after purchasing an additional 117 shares in the last quarter. Tidal Investments LLC raised its holdings in Brown & Brown by 652.8% in the third quarter. Tidal Investments LLC now owns 259,205 shares of the financial services provider’s stock valued at $26,854,000 after buying an additional 224,772 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Brown & Brown during the third quarter valued at approximately $58,000. Finally, Sanctuary Advisors LLC grew its stake in Brown & Brown by 4.4% during the third quarter. Sanctuary Advisors LLC now owns 161,569 shares of the financial services provider’s stock worth $18,104,000 after buying an additional 6,805 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Royal Bank of Canada upped their target price on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. StockNews.com downgraded Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Bank of America upped their price target on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Finally, Barclays lifted their price objective on shares of Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $109.46.

Brown & Brown Stock Down 1.5 %

Shares of Brown & Brown stock opened at $100.54 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $107.15 and a 200 day moving average price of $102.30. Brown & Brown, Inc. has a fifty-two week low of $69.24 and a fifty-two week high of $114.15. The firm has a market cap of $28.75 billion, a P/E ratio of 27.40, a P/E/G ratio of 2.40 and a beta of 0.84.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the company posted $0.71 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, November 6th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.60%. Brown & Brown’s dividend payout ratio is 16.35%.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.