Sumitomo Mitsui Trust Holdings Inc. Trims Position in Brown & Brown, Inc. (NYSE:BRO)

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Sumitomo Mitsui Trust Holdings Inc. lessened its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 29.6% in the second quarter, Holdings Channel reports. The fund owned 1,046,215 shares of the financial services provider’s stock after selling 440,902 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Brown & Brown were worth $42,644,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of BRO. Fred Alger Management LLC increased its position in Brown & Brown by 90.9% during the first quarter. Fred Alger Management LLC now owns 800 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 381 shares during the last quarter. Allred Capital Management LLC increased its position in Brown & Brown by 43.0% during the first quarter. Allred Capital Management LLC now owns 1,210 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 364 shares during the last quarter. Column Capital Advisors LLC purchased a new stake in Brown & Brown during the first quarter valued at $46,000. Trust Co. of Vermont purchased a new stake in Brown & Brown during the first quarter valued at $51,000. Finally, Harvest Fund Management Co. Ltd increased its position in Brown & Brown by 99.1% during the first quarter. Harvest Fund Management Co. Ltd now owns 2,146 shares of the financial services provider’s stock valued at $77,000 after acquiring an additional 1,068 shares during the last quarter. Institutional investors own 71.15% of the company’s stock.

A number of analysts recently commented on the company. SunTrust Banks upped their price objective on Brown & Brown from $46.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday. Credit Suisse Group restated a “hold” rating and issued a $38.00 price target on shares of Brown & Brown in a research report on Tuesday, April 28th. Morgan Stanley upped their price target on Brown & Brown from $44.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Royal Bank of Canada upped their price objective on Brown & Brown from $38.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Wednesday. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $41.71.

Shares of Brown & Brown stock opened at $45.47 on Friday. The stock has a 50 day moving average of $42.04 and a 200 day moving average of $40.83. Brown & Brown, Inc. has a 12 month low of $30.70 and a 12 month high of $48.69. The firm has a market cap of $12.89 billion, a PE ratio of 29.91 and a beta of 0.68. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.44.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.06. Brown & Brown had a return on equity of 12.54% and a net margin of 17.69%. The company had revenue of $598.20 million during the quarter, compared to analyst estimates of $576.26 million. During the same period in the prior year, the company earned $0.32 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. As a group, equities research analysts forecast that Brown & Brown, Inc. will post 1.53 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 12th. Investors of record on Wednesday, August 5th will be paid a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Tuesday, August 4th. Brown & Brown’s payout ratio is presently 24.29%.

Brown & Brown Company 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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