CIBC Asset Management Inc Has $3.07 Million Position in Brown & Brown, Inc. (NYSE:BRO)

CIBC Asset Management Inc boosted its position in Brown & Brown, Inc. (NYSE:BRO) by 1.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 34,363 shares of the financial services provider’s stock after buying an additional 656 shares during the quarter. CIBC Asset Management Inc’s holdings in Brown & Brown were worth $3,072,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. State Board of Administration of Florida Retirement System lifted its position in shares of Brown & Brown by 2.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock worth $23,390,000 after purchasing an additional 6,613 shares in the last quarter. Sei Investments Co. lifted its position in Brown & Brown by 12.7% during the 1st quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock worth $24,169,000 after buying an additional 31,071 shares in the last quarter. Great Valley Advisor Group Inc. acquired a new position in shares of Brown & Brown during the 2nd quarter worth about $1,512,000. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Brown & Brown by 206.0% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 15,302 shares of the financial services provider’s stock worth $1,088,000 after buying an additional 10,301 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Brown & Brown by 12.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after acquiring an additional 27,879 shares in the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Down 1.1 %

Brown & Brown stock opened at $104.61 on Friday. The firm has a market capitalization of $29.84 billion, a price-to-earnings ratio of 32.19, a price-to-earnings-growth ratio of 2.44 and a beta of 0.83. The firm’s fifty day moving average price is $98.04 and its two-hundred day moving average price is $90.38. Brown & Brown, Inc. has a 1-year low of $66.73 and a 1-year high of $106.02. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.05. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. Brown & Brown’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 earnings per share. On average, equities research analysts predict that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were given a dividend of $0.13 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 annualized dividend and a yield of 0.50%. Brown & Brown’s payout ratio is currently 16.00%.

Insider Activity

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the transaction, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Citigroup raised their target price on shares of Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. UBS Group boosted their price target on Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Raymond James upped their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Bank of America upgraded Brown & Brown from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $91.00 to $101.00 in a research note on Wednesday, May 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $100.00.

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.