Raymond James Trust N.A. Sells 2,224 Shares of Brown & Brown, Inc. (NYSE:BRO)

Raymond James Trust N.A. reduced its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 9.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,804 shares of the financial services provider’s stock after selling 2,224 shares during the quarter. Raymond James Trust N.A.’s holdings in Brown & Brown were worth $644,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Tandem Investment Advisors Inc. lifted its holdings in Brown & Brown by 12.5% during the first quarter. Tandem Investment Advisors Inc. now owns 617,809 shares of the financial services provider’s stock valued at $18,232,000 after purchasing an additional 68,777 shares in the last quarter. Fenimore Asset Management Inc. raised its position in shares of Brown & Brown by 5.3% during the first quarter. Fenimore Asset Management Inc. now owns 2,973,331 shares of the financial services provider’s stock valued at $87,743,000 after buying an additional 149,028 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Brown & Brown by 1.5% during the first quarter. State of Alaska Department of Revenue now owns 25,248 shares of the financial services provider’s stock valued at $744,000 after buying an additional 362 shares during the last quarter. Orrstown Financial Services Inc. raised its position in shares of Brown & Brown by 2,637.4% during the first quarter. Orrstown Financial Services Inc. now owns 22,447 shares of the financial services provider’s stock valued at $662,000 after buying an additional 21,627 shares during the last quarter. Finally, CX Institutional raised its position in shares of Brown & Brown by 6.9% during the first quarter. CX Institutional now owns 18,389 shares of the financial services provider’s stock valued at $543,000 after buying an additional 1,189 shares during the last quarter. Institutional investors and hedge funds own 72.17% of the company’s stock.

In related news, EVP Anthony T. Strianese sold 35,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $29.17, for a total value of $1,020,950.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Robert W. Lloyd sold 10,601 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $29.29, for a total transaction of $310,503.29. The disclosure for this sale can be found here. Corporate insiders own 16.69% of the company’s stock.

NYSE:BRO traded up $0.52 during mid-day trading on Friday, reaching $32.19. The company’s stock had a trading volume of 1,114,389 shares, compared to its average volume of 1,031,712. The firm has a market cap of $8.93 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 2.33 and a beta of 0.75. Brown & Brown, Inc. has a 1 year low of $25.72 and a 1 year high of $32.54. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.93 and a quick ratio of 0.95.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, April 22nd. The financial services provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The business had revenue of $617.50 million during the quarter, compared to analyst estimates of $600.51 million. Brown & Brown had a net margin of 17.23% and a return on equity of 12.47%. The company’s quarterly revenue was up 23.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 earnings per share. Sell-side analysts anticipate that Brown & Brown, Inc. will post 1.36 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Wednesday, May 8th will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, May 7th. This represents a $0.32 annualized dividend and a dividend yield of 0.99%. Brown & Brown’s dividend payout ratio (DPR) is currently 26.02%.

Several research firms have recently issued reports on BRO. Wells Fargo & Co reiterated a “hold” rating and set a $28.00 price objective on shares of Brown & Brown in a research report on Sunday, April 21st. Zacks Investment Research upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, SunTrust Banks boosted their price target on shares of Brown & Brown to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $29.56.

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About Brown & Brown

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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