iA Global Asset Management Inc. Trims Position in Brown & Brown, Inc. (NYSE:BRO)

iA Global Asset Management Inc. cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 64.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,159 shares of the financial services provider’s stock after selling 2,108 shares during the quarter. iA Global Asset Management Inc.’s holdings in Brown & Brown were worth $118,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of BRO. Brooklyn Investment Group purchased a new position in Brown & Brown during the 3rd quarter worth approximately $26,000. Kohmann Bosshard Financial Services LLC purchased a new position in Brown & Brown during the 4th quarter worth approximately $28,000. Y.D. More Investments Ltd raised its position in Brown & Brown by 122.7% during the 4th quarter. Y.D. More Investments Ltd now owns 294 shares of the financial services provider’s stock worth $30,000 after buying an additional 162 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Brown & Brown during the 4th quarter worth approximately $31,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Brown & Brown during the 4th quarter worth approximately $37,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on BRO. Royal Bank of Canada raised their price objective on shares of Brown & Brown from $118.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods dropped their price objective on shares of Brown & Brown from $99.00 to $97.00 and set an “underperform” rating on the stock in a research note on Friday, January 10th. Wells Fargo & Company raised their price objective on shares of Brown & Brown from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Morgan Stanley began coverage on shares of Brown & Brown in a research note on Thursday, December 5th. They set an “overweight” rating and a $134.00 price objective on the stock. Finally, Bank of America raised their price objective on shares of Brown & Brown from $116.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $113.17.

Brown & Brown Trading Down 1.2 %

Shares of BRO opened at $118.38 on Friday. Brown & Brown, Inc. has a 52-week low of $80.33 and a 52-week high of $121.25. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. The firm’s fifty day moving average is $111.55 and its two-hundred day moving average is $107.69. The stock has a market cap of $33.85 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 2.93 and a beta of 0.86.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 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%. Research analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $0.60 annualized dividend and a yield of 0.51%. Brown & Brown’s dividend payout ratio (DPR) is currently 17.34%.

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.