New York Life Investment Management LLC Decreases Stock Position in Brown & Brown, Inc. (NYSE:BRO)

New York Life Investment Management LLC decreased its position in Brown & Brown, Inc. (NYSE:BRO) by 0.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,637 shares of the financial services provider’s stock after selling 140 shares during the quarter. New York Life Investment Management LLC’s holdings in Brown & Brown were worth $2,392,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new position in shares of Brown & Brown during the 4th quarter worth about $31,000. Park Place Capital Corp lifted its holdings in shares of Brown & Brown by 166.5% during the 4th quarter. Park Place Capital Corp now owns 509 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 318 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of Brown & Brown by 174.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 548 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 348 shares during the period. GPS Wealth Strategies Group LLC lifted its holdings in shares of Brown & Brown by 150.6% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 589 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 354 shares during the period. Finally, Mendota Financial Group LLC purchased a new position in shares of Brown & Brown during the 4th quarter worth about $42,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Stock Up 0.8 %

NYSE BRO opened at $83.50 on Monday. The stock has a market cap of $23.82 billion, a PE ratio of 25.69, a P/E/G ratio of 2.28 and a beta of 0.79. Brown & Brown, Inc. has a fifty-two week low of $61.71 and a fifty-two week high of $87.99. The business has a 50 day moving average price of $84.18 and a two-hundred day moving average price of $77.67. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.07 by $0.07. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 EPS. As a group, sell-side analysts predict that Brown & Brown, Inc. will post 3.62 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Friday, May 3rd. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

Analysts Set New Price Targets

BRO has been the topic of several recent analyst reports. Jefferies Financial Group lowered shares of Brown & Brown from a “buy” rating to a “hold” rating and cut their price objective for the stock from $85.00 to $78.00 in a report on Tuesday, January 9th. Royal Bank of Canada increased their target price on shares of Brown & Brown from $87.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. Wells Fargo & Company increased their target price on shares of Brown & Brown from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods increased their target price on shares of Brown & Brown from $80.00 to $82.00 and gave the stock an “underperform” rating in a research report on Friday. Finally, The Goldman Sachs Group raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $84.00 to $83.00 in a research report on Monday, January 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Brown & Brown has a consensus rating of “Hold” and an average target price of $87.30.

Insider Activity

In related news, Chairman Hyatt J. Brown sold 144,323 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the sale, the chairman now directly owns 37,460,605 shares of the company’s stock, valued at approximately $3,220,113,605.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 16.43% of the company’s stock.

About Brown & Brown

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.