JPMorgan Chase & Co. Sells 7,644 Shares of Brown & Brown, Inc. (NYSE:BRO)

JPMorgan Chase & Co. cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 3.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 221,628 shares of the financial services provider’s stock after selling 7,644 shares during the period. JPMorgan Chase & Co.’s holdings in Brown & Brown were worth $6,540,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its stake in Brown & Brown by 1.5% in the 1st quarter. State of Alaska Department of Revenue now owns 25,248 shares of the financial services provider’s stock valued at $744,000 after purchasing an additional 362 shares during the last quarter. Quantamental Technologies LLC raised its stake in Brown & Brown by 25.4% in the 1st quarter. Quantamental Technologies LLC now owns 1,898 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 384 shares during the last quarter. First Hawaiian Bank raised its stake in Brown & Brown by 2.0% in the 1st quarter. First Hawaiian Bank now owns 23,157 shares of the financial services provider’s stock valued at $684,000 after purchasing an additional 461 shares during the last quarter. ETF Managers Group LLC raised its stake in Brown & Brown by 10.3% in the 1st quarter. ETF Managers Group LLC now owns 5,657 shares of the financial services provider’s stock valued at $167,000 after purchasing an additional 530 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Brown & Brown by 4.5% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 13,547 shares of the financial services provider’s stock valued at $373,000 after purchasing an additional 585 shares during the last quarter. Institutional investors and hedge funds own 70.94% of the company’s stock.

NYSE BRO opened at $32.85 on Thursday. Brown & Brown, Inc. has a 12 month low of $25.72 and a 12 month high of $33.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $9.19 billion, a PE ratio of 26.71, a P/E/G ratio of 2.41 and a beta of 0.71.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. Brown & Brown had a net margin of 17.23% and a return on equity of 12.47%. The company had revenue of $617.50 million during the quarter, compared to the consensus estimate of $600.51 million. During the same quarter in the prior year, the company posted $0.33 EPS. The company’s quarterly revenue was up 23.4% compared to the same quarter last year. On average, analysts expect that Brown & Brown, Inc. will post 1.35 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Wednesday, May 8th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date was Tuesday, May 7th. Brown & Brown’s dividend payout ratio is currently 26.02%.

BRO has been the subject of several analyst reports. Zacks Investment Research raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a research note on Friday, February 15th. Wells Fargo & Co reissued a “hold” rating and issued a $28.00 target price on shares of Brown & Brown in a research note on Sunday, April 21st. Finally, SunTrust Banks boosted their target price on shares of Brown & Brown to $36.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. Brown & Brown presently has a consensus rating of “Hold” and a consensus target price of $29.56.

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Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.

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Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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