255,614 Brown & Brown, Inc. $BRO Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama grew its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 417.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 316,852 shares of the financial services provider’s stock after purchasing an additional 255,614 shares during the period. Retirement Systems of Alabama owned approximately 0.10% of Brown & Brown worth $21,110,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Fulcrum Asset Management LLP lifted its stake in Brown & Brown by 19,172.7% during the third quarter. Fulcrum Asset Management LLP now owns 23,320 shares of the financial services provider’s stock valued at $1,566,000 after purchasing an additional 23,199 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Brown & Brown by 28.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 24,180 shares of the financial services provider’s stock worth $1,494,000 after buying an additional 5,338 shares in the last quarter. Avion Wealth grew its position in Brown & Brown by 428.3% in the third quarter. Avion Wealth now owns 972 shares of the financial services provider’s stock worth $64,000 after buying an additional 788 shares during the last quarter. Almanack Investment Partners LLC. acquired a new position in Brown & Brown in the third quarter worth approximately $265,000. Finally, M Holdings Securities Inc. acquired a new position in Brown & Brown in the third quarter worth approximately $2,176,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BRO shares. Mizuho reduced their price objective on Brown & Brown from $83.00 to $78.00 and set an “outperform” rating for the company in a research note on Wednesday, October 7th. Oppenheimer initiated coverage on Brown & Brown in a research report on Wednesday, October 7th. They set an “outperform” rating and a $73.00 target price on the stock. Barclays reduced their target price on Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a report on Wednesday, October 7th. JPMorgan Chase & Co. increased their price target on Brown & Brown from $80.00 to $83.00 and gave the company a “neutral” rating in a research report on Thursday, October 1st. Finally, TD Cowen began coverage on Brown & Brown in a research note on Monday, October 12th. They issued a “buy” rating and a $82.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $75.47.

Brown & Brown Stock Down 0.7%

Shares of Brown & Brown stock opened at $71.35 on Thursday. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $82.57. The company has a market cap of $23.67 billion, a P/E ratio of 22.58, a P/E/G ratio of 2.36 and a beta of 0.52. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average price of $66.93 and a 200 day moving average price of $66.56.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 26th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. The business had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the company earned $1.05 EPS. Brown & Brown’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, analysts expect that Brown & Brown, Inc. will post 4.44 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 11th. Investors of record on Wednesday, November 4th were issued a dividend of $0.18 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Wednesday, November 4th. Brown & Brown’s dividend payout ratio is 22.78%.

Brown & Brown Profile

Brown & Brown, Inc. is an insurance brokerage and risk management company that helps businesses, public entities and individuals assess and manage risk. Its services include arranging property and casualty insurance, employee benefits and personal insurance, as well as providing risk management and related services. The company serves clients through retail insurance operations, national insurance programs, wholesale brokerage and insurance-related services. It operates primarily in the United States and also serves clients in international markets.