Cigna Investments Inc. New Decreases Holdings in Brown & Brown, Inc. (NYSE:BRO)

Cigna Investments Inc. New trimmed its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 11.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,134 shares of the financial services provider’s stock after selling 771 shares during the period. Cigna Investments Inc. New’s holdings in Brown & Brown were worth $276,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cullen Frost Bankers Inc. raised its holdings in shares of Brown & Brown by 95.4% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 885 shares of the financial services provider’s stock valued at $32,000 after buying an additional 432 shares in the last quarter. Wedbush Securities Inc. raised its holdings in shares of Brown & Brown by 3.4% during the 4th quarter. Wedbush Securities Inc. now owns 13,725 shares of the financial services provider’s stock valued at $542,000 after buying an additional 445 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Brown & Brown by 6.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 7,262 shares of the financial services provider’s stock valued at $287,000 after buying an additional 468 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its holdings in shares of Brown & Brown by 1.1% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 43,300 shares of the financial services provider’s stock valued at $1,709,000 after buying an additional 470 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Brown & Brown by 0.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 97,800 shares of the financial services provider’s stock valued at $3,527,000 after buying an additional 500 shares in the last quarter. 70.25% of the stock is currently owned by institutional investors.

Shares of Brown & Brown stock opened at $47.49 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.97 and a quick ratio of 0.97. The business’s 50 day simple moving average is $42.35 and its two-hundred day simple moving average is $38.28. The stock has a market capitalization of $13.33 billion, a P/E ratio of 33.68, a price-to-earnings-growth ratio of 3.08 and a beta of 0.64. Brown & Brown, Inc. has a one year low of $28.19 and a one year high of $47.70.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.01. The business had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $563.56 million. Brown & Brown had a return on equity of 12.23% and a net margin of 16.66%. The business’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 EPS. Sell-side analysts expect that Brown & Brown, Inc. will post 1.54 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 19th. Shareholders of record on Wednesday, February 5th will be paid a $0.085 dividend. The ex-dividend date is Tuesday, February 4th. This represents a $0.34 dividend on an annualized basis and a yield of 0.72%. Brown & Brown’s dividend payout ratio (DPR) is currently 24.29%.

In other Brown & Brown news, EVP Jerome Scott Penny sold 30,000 shares of Brown & Brown stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $39.47, for a total value of $1,184,100.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 16.69% of the stock is owned by insiders.

BRO has been the topic of a number of research reports. Raymond James raised their price objective on Brown & Brown from $40.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, January 29th. William Blair reissued a “market perform” rating on shares of Brown & Brown in a report on Tuesday, January 28th. Royal Bank of Canada raised their price objective on Brown & Brown from $38.00 to $42.00 and gave the company a “sector perform” rating in a report on Wednesday, January 29th. They noted that the move was a valuation call. SunTrust Banks reissued a “buy” rating and set a $52.00 price objective on shares of Brown & Brown in a report on Wednesday, January 29th. Finally, Morgan Stanley raised Brown & Brown from an “underweight” rating to an “equal” rating and set a $38.00 price objective on the stock in a report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Brown & Brown presently has a consensus rating of “Hold” and an average price target of $39.67.

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.

Further Reading: Cash Flow

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

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