Brown & Brown, Inc. $BRO Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc grew its position in Brown & Brown, Inc. (NYSE:BRO) by 459.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 432,392 shares of the financial services provider’s stock after acquiring an additional 355,132 shares during the period. CIBC Asset Management Inc’s holdings in Brown & Brown were worth $34,394,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Cornerstone Planning Group LLC raised its position in shares of Brown & Brown by 423.1% in the third quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 220 shares during the period. Basepoint Wealth LLC acquired a new position in shares of Brown & Brown in the fourth quarter worth about $27,000. Darwin Wealth Management LLC acquired a new position in shares of Brown & Brown in the second quarter worth about $30,000. Board of the Pension Protection Fund acquired a new position in shares of Brown & Brown in the fourth quarter worth about $40,000. Finally, Maseco LLP acquired a new position in shares of Brown & Brown in the fourth quarter worth about $60,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Transactions at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average price of $57.10 per share, with a total value of $114,200.00. Following the purchase, the director owned 47,621 shares in the company, valued at approximately $2,719,159.10. The trade was a 4.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 13.13% of the company’s stock.

Wall Street Analysts Forecast Growth

BRO has been the subject of several research analyst reports. Royal Bank Of Canada reduced their price target on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 29th. Wells Fargo & Company reduced their price target on shares of Brown & Brown from $72.00 to $69.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 29th. Truist Financial reduced their price target on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Barclays reduced their price target on shares of Brown & Brown from $80.00 to $72.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Brown & Brown from $91.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $79.44.

Brown & Brown Stock Down 2.7%

BRO opened at $55.04 on Thursday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $112.84. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $61.93 and a 200 day moving average price of $70.82. The company has a market cap of $18.65 billion, a PE ratio of 17.70, a price-to-earnings-growth ratio of 2.61 and a beta of 0.63.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the prior year, the company earned $1.29 EPS. Brown & Brown’s revenue was up 35.4% compared to the same quarter last year. Sell-side analysts expect that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, May 11th. Brown & Brown’s dividend payout ratio is currently 21.22%.

Brown & Brown Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.