Healthcare of Ontario Pension Plan Trust Fund Sells 343,212 Shares of Brown & Brown, Inc. $BRO

Healthcare of Ontario Pension Plan Trust Fund trimmed its holdings in Brown & Brown, Inc. (NYSE:BRO) by 30.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 768,395 shares of the financial services provider’s stock after selling 343,212 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Brown & Brown were worth $50,107,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Union Bancaire Privee UBP SA acquired a new position in shares of Brown & Brown during the 1st quarter worth approximately $25,000. Basepoint Wealth LLC acquired a new stake in Brown & Brown during the 4th quarter valued at $27,000. Darwin Wealth Management LLC acquired a new stake in Brown & Brown during the 2nd quarter valued at $30,000. DV Equities LLC bought a new position in Brown & Brown during the fourth quarter worth $33,000. Finally, Maseco LLP bought a new position in Brown & Brown during the fourth quarter worth $60,000. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $67.70 on Friday. The firm has a 50 day moving average of $62.28 and a 200-day moving average of $66.74. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $104.25. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $22.95 billion, a PE ratio of 21.77, a PEG ratio of 3.12 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.03. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The firm’s revenue for the quarter was up 35.4% on a year-over-year basis. During the same quarter last year, the business posted $1.29 EPS. On average, equities research analysts predict that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th will be paid a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 1.0%. Brown & Brown’s dividend payout ratio is presently 21.22%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several equities analysts have commented on BRO shares. Bank of America decreased their price objective on shares of Brown & Brown from $90.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Wells Fargo & Company cut their target price on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating for the company in a research note on Thursday, July 9th. Royal Bank Of Canada reduced their target price on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating for the company in a report on Wednesday, April 29th. Citizens Jmp upped their price target on shares of Brown & Brown from $70.00 to $78.00 and gave the company a “market outperform” rating in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Brown & Brown from $81.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, July 13th. Five analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $78.62.

Brown & Brown Company 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.