Keybank National Association OH Sells 1,869 Shares of Brown & Brown, Inc. $BRO

Keybank National Association OH lowered its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 10.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 15,255 shares of the financial services provider’s stock after selling 1,869 shares during the period. Keybank National Association OH’s holdings in Brown & Brown were worth $1,691,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in BRO. Private Trust Co. NA grew its holdings in shares of Brown & Brown by 4.3% during the 1st quarter. Private Trust Co. NA now owns 3,595 shares of the financial services provider’s stock valued at $447,000 after purchasing an additional 147 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Brown & Brown by 16.2% during the 1st quarter. First Horizon Advisors Inc. now owns 1,535 shares of the financial services provider’s stock valued at $191,000 after purchasing an additional 214 shares during the last quarter. Mutual Advisors LLC grew its holdings in shares of Brown & Brown by 19.1% during the 1st quarter. Mutual Advisors LLC now owns 4,190 shares of the financial services provider’s stock valued at $480,000 after purchasing an additional 673 shares during the last quarter. Silver Oak Securities Incorporated bought a new stake in Brown & Brown in the 1st quarter worth $646,000. Finally, IFM Investors Pty Ltd grew its holdings in Brown & Brown by 16.2% in the 1st quarter. IFM Investors Pty Ltd now owns 53,693 shares of the financial services provider’s stock worth $6,679,000 after acquiring an additional 7,472 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Insider Activity

In other Brown & Brown news, Director Paul J. Krump purchased 2,678 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average cost of $93.31 per share, with a total value of $249,884.18. Following the transaction, the director directly owned 5,353 shares in the company, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at $457,200. This trade represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 17.02% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Argus reissued a “hold” rating on shares of Brown & Brown in a report on Thursday, July 31st. Bank of America raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and raised their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Citigroup cut their price target on shares of Brown & Brown from $112.00 to $104.00 and set a “buy” rating on the stock in a report on Thursday. BMO Capital Markets cut their price target on shares of Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a report on Wednesday, July 30th. Finally, Wall Street Zen raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $108.38.

Brown & Brown Trading Down 0.8%

NYSE:BRO opened at $79.81 on Monday. The company has a 50-day moving average price of $92.16 and a 200-day moving average price of $101.35. Brown & Brown, Inc. has a 12 month low of $79.30 and a 12 month high of $125.68. The company has a current ratio of 2.10, a quick ratio of 6.72 and a debt-to-equity ratio of 0.62. The stock has a market cap of $27.25 billion, a price-to-earnings ratio of 23.90, a P/E/G ratio of 1.70 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company posted $0.91 EPS. The company’s quarterly revenue was up 35.4% compared to the same quarter last year. Equities analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th will be given a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, November 5th. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. Brown & Brown’s dividend payout ratio is 19.76%.

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.