California Public Employees Retirement System Reduces Position in Brown & Brown, Inc. $BRO

California Public Employees Retirement System trimmed its stake in Brown & Brown, Inc. (NYSE:BRO) by 15.3% in the first quarter, HoldingsChannel.com reports. The fund owned 513,153 shares of the financial services provider’s stock after selling 92,416 shares during the quarter. California Public Employees Retirement System’s holdings in Brown & Brown were worth $33,463,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Brown & Brown during the fourth quarter valued at $516,837,000. Capital International Investors purchased a new stake in Brown & Brown during the 4th quarter worth about $371,654,000. Van Lanschot Kempen Investment Management N.V. raised its stake in Brown & Brown by 132.8% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider’s stock valued at $361,725,000 after purchasing an additional 2,589,048 shares during the last quarter. Deutsche Bank AG raised its stake in Brown & Brown by 53.0% in the 4th quarter. Deutsche Bank AG now owns 3,929,461 shares of the financial services provider’s stock valued at $313,178,000 after purchasing an additional 1,361,934 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Brown & Brown by 1,679.0% in the 3rd quarter. AQR Capital Management LLC now owns 1,204,318 shares of the financial services provider’s stock valued at $112,953,000 after purchasing an additional 1,136,623 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Brown & Brown

In related news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the acquisition, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. The trade was a 4.38% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 13.13% of the stock is currently owned by insiders.

Brown & Brown Stock Performance

Brown & Brown stock opened at $66.53 on Wednesday. The firm has a market capitalization of $22.55 billion, a P/E ratio of 21.39, a PEG ratio of 3.18 and a beta of 0.60. The stock has a fifty day moving average price of $61.63 and a 200 day moving average price of $66.92. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week 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.

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

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio is currently 21.22%.

Analyst Ratings Changes

BRO has been the topic of several analyst reports. Mizuho raised their price target on shares of Brown & Brown from $74.00 to $81.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Morgan Stanley downgraded shares of Brown & Brown from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $60.00 to $55.00 in a report on Monday, July 6th. Royal Bank Of Canada cut their price objective on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 29th. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Finally, Truist Financial decreased their target price on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Five analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Brown & Brown has a consensus rating of “Hold” and an average 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.