The Manufacturers Life Insurance Company Cuts Position in Brown & Brown, Inc. (NYSE:BRO)

The Manufacturers Life Insurance Company trimmed its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,410,115 shares of the financial services provider’s stock after selling 41,263 shares during the period. The Manufacturers Life Insurance Company’s holdings in Brown & Brown were worth $245,880,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Journey Strategic Wealth LLC raised its stake in Brown & Brown by 2.3% during the fourth quarter. Journey Strategic Wealth LLC now owns 4,486 shares of the financial services provider’s stock valued at $458,000 after buying an additional 99 shares during the last quarter. CWA Asset Management Group LLC boosted its stake in 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 purchasing an additional 103 shares in the last quarter. Bleakley Financial Group LLC grew its position in Brown & Brown by 3.4% during the 4th quarter. Bleakley Financial Group LLC now owns 3,162 shares of the financial services provider’s stock valued at $323,000 after purchasing an additional 103 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in Brown & Brown by 2.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 4,664 shares of the financial services provider’s stock valued at $476,000 after purchasing an additional 113 shares in the last quarter. Finally, Synovus Financial Corp raised its holdings in Brown & Brown by 1.9% in the third quarter. Synovus Financial Corp now owns 6,157 shares of the financial services provider’s stock worth $638,000 after buying an additional 117 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Price Performance

NYSE BRO opened at $114.29 on Monday. The firm has a market capitalization of $32.68 billion, a P/E ratio of 33.03, a PEG ratio of 2.93 and a beta of 0.75. The company has a 50-day moving average price of $118.02 and a 200-day moving average price of $110.55. Brown & Brown, Inc. has a 52 week low of $80.91 and a 52 week high of $125.68. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, January 27th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping 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%. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Analyst Ratings Changes

BRO has been the topic of a number of recent analyst reports. Barclays increased their price target on shares of Brown & Brown from $119.00 to $121.00 and gave the company an “equal weight” rating in a report on Friday, April 11th. Wells Fargo & Company increased their target price on Brown & Brown from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Jefferies Financial Group lifted their target price on Brown & Brown from $105.00 to $109.00 and gave the stock a “hold” rating in a report on Friday, April 11th. Edward Jones started coverage on Brown & Brown in a report on Wednesday, April 16th. They set a “buy” rating on the stock. Finally, Royal Bank of Canada boosted their target price on Brown & Brown from $118.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Brown & Brown has a consensus rating of “Hold” and an average target price of $117.50.

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.