Summit Wealth Partners LLC Sells 15,000 Shares of Brown & Brown, Inc. (NYSE:BRO)

Summit Wealth Partners LLC reduced its position in Brown & Brown, Inc. (NYSE:BRO) by 6.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 221,700 shares of the financial services provider’s stock after selling 15,000 shares during the period. Brown & Brown accounts for about 4.6% of Summit Wealth Partners LLC’s holdings, making the stock its 3rd biggest holding. Summit Wealth Partners LLC owned 0.08% of Brown & Brown worth $22,618,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Zurich Insurance Group Ltd FI increased its position in Brown & Brown by 258.0% in the 3rd quarter. Zurich Insurance Group Ltd FI now owns 646,574 shares of the financial services provider’s stock valued at $66,985,000 after acquiring an additional 465,988 shares during the period. Barclays PLC increased its position in Brown & Brown by 17.8% during the 3rd quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock worth $255,537,000 after purchasing an additional 371,980 shares during the period. FMR LLC increased 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 purchasing an additional 330,661 shares during the period. Los Angeles Capital Management LLC increased its position in Brown & Brown by 129.3% during the 3rd quarter. Los Angeles Capital Management LLC now owns 547,003 shares of the financial services provider’s stock worth $56,670,000 after purchasing an additional 308,458 shares during the period. Finally, Tidal Investments LLC increased its position in Brown & Brown by 652.8% during the 3rd quarter. Tidal Investments LLC now owns 259,205 shares of the financial services provider’s stock worth $26,854,000 after purchasing an additional 224,772 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Up 0.8 %

Shares of NYSE BRO opened at $106.79 on Thursday. Brown & Brown, Inc. has a 12-month low of $77.47 and a 12-month high of $114.15. The company has a market cap of $30.54 billion, a P/E ratio of 30.87, a P/E/G ratio of 2.75 and a beta of 0.86. The company has a current ratio of 1.79, a quick ratio of 1.73 and a debt-to-equity ratio of 0.56. The stock has a fifty day moving average price of $104.85 and a 200 day moving average price of $104.52.

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 return on equity of 17.81% and a net margin of 20.68%. Research analysts anticipate that Brown & Brown, Inc. will post 4.15 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 12th. Stockholders of record on Wednesday, February 5th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, February 5th. This represents a $0.60 annualized dividend and a dividend yield of 0.56%. Brown & Brown’s dividend payout ratio is presently 17.34%.

Analysts Set New Price Targets

BRO has been the topic of several recent analyst reports. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Barclays boosted their price target on Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 21st. Morgan Stanley started coverage on Brown & Brown in a research note on Thursday, December 5th. They set an “overweight” rating and a $134.00 price target on the stock. Jefferies Financial Group boosted their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods decreased their price target on Brown & Brown from $99.00 to $97.00 and set an “underperform” rating on the stock in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average price target 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.