Summit Wealth Partners LLC Sells 15,000 Shares of Brown & Brown, Inc. (NYSE:BRO)

Summit Wealth Partners LLC lowered its position in Brown & Brown, Inc. (NYSE:BRO) by 6.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 221,700 shares of the financial services provider’s stock after selling 15,000 shares during the quarter. Brown & Brown comprises approximately 4.6% of Summit Wealth Partners LLC’s investment portfolio, making the stock its 3rd biggest holding. Summit Wealth Partners LLC’s holdings in Brown & Brown were worth $22,618,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in shares of Brown & Brown during the 3rd quarter valued at $26,000. ST Germain D J Co. Inc. boosted its stake in shares of Brown & Brown by 298.5% during the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $28,000 after buying an additional 200 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of Brown & Brown during the 3rd quarter valued at $29,000. Y.D. More Investments Ltd lifted its stake in shares of Brown & Brown by 122.7% in the 4th quarter. Y.D. More Investments Ltd now owns 294 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 162 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Brown & Brown in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on BRO. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Keefe, Bruyette & Woods decreased their target price on shares of Brown & Brown from $99.00 to $97.00 and set an “underperform” rating on the stock in a research report on Friday, January 10th. Barclays boosted their price target on shares of Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday, November 21st. Wells Fargo & Company upped their target price on shares of Brown & Brown from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Bank of America upped their target price on shares of Brown & Brown from $116.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $113.17.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $106.79 on Thursday. The company has a quick ratio of 1.73, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $30.54 billion, a PE ratio of 30.87, a P/E/G ratio of 2.75 and a beta of 0.86. Brown & Brown, Inc. has a twelve month low of $77.47 and a twelve month high of $114.15. The company has a 50-day moving average price of $104.85 and a two-hundred day moving average price of $104.52.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. Equities analysts forecast that Brown & Brown, Inc. will post 4.15 EPS for the current year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Wednesday, February 5th. Brown & Brown’s payout ratio is 17.34%.

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.