Central Pacific Bank Trust Division Sells 222 Shares of Brown & Brown, Inc. (NYSE:BRO)

Central Pacific Bank Trust Division lessened its position in Brown & Brown, Inc. (NYSE:BRO) by 29.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 535 shares of the financial services provider’s stock after selling 222 shares during the period. Central Pacific Bank Trust Division’s holdings in Brown & Brown were worth $55,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its position in shares of Brown & Brown by 0.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock valued at $405,638,000 after buying an additional 28,180 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Brown & Brown by 24.6% during the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after purchasing an additional 687,783 shares during the period. Barclays PLC lifted its holdings in shares of Brown & Brown by 17.8% during the 3rd quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock valued at $255,537,000 after purchasing an additional 371,980 shares in the last quarter. Royal London Asset Management Ltd. grew its position in shares of Brown & Brown by 105.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after purchasing an additional 1,059,711 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Brown & Brown by 8.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock worth $138,899,000 after purchasing an additional 114,688 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BRO. Jefferies Financial Group upped their price target on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Company increased their target price on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Royal Bank of Canada boosted their price target on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Argus assumed coverage on Brown & Brown in a report on Tuesday, September 24th. They set a “buy” rating and a $120.00 price objective for the company. Finally, Barclays boosted their target price on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown has an average rating of “Moderate Buy” and an average target price of $109.46.

Brown & Brown Stock Performance

Shares of BRO stock opened at $101.59 on Monday. The stock has a market cap of $29.05 billion, a P/E ratio of 27.68, a P/E/G ratio of 2.40 and a beta of 0.85. The company has a fifty day moving average price of $107.11 and a two-hundred day moving average price of $102.44. Brown & Brown, Inc. has a one year low of $69.24 and a one year high of $114.15. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. The business’s revenue was up 11.0% compared to the same quarter last year. As a group, equities analysts predict that Brown & Brown, Inc. will post 3.74 EPS for the current year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.59%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown’s payout ratio is 16.35%.

About Brown & Brown

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.