New Mexico Educational Retirement Board cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 4.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,600 shares of the financial services provider’s stock after selling 700 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Brown & Brown were worth $983,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in BRO. Marshall Wace LLP acquired a new stake in Brown & Brown during the 3rd quarter worth about $231,000. MML Investors Services LLC purchased a new stake in shares of Brown & Brown during the 3rd quarter worth about $244,000. LPL Financial LLC raised its stake in shares of Brown & Brown by 17.0% during the 3rd quarter. LPL Financial LLC now owns 79,759 shares of the financial services provider’s stock worth $4,423,000 after purchasing an additional 11,568 shares in the last quarter. Toroso Investments LLC raised its stake in shares of Brown & Brown by 19.7% during the 3rd quarter. Toroso Investments LLC now owns 5,025 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 826 shares in the last quarter. Finally, Twinbeech Capital LP purchased a new stake in shares of Brown & Brown during the 3rd quarter worth about $395,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.
Shares of NYSE:BRO opened at $55.49 on Thursday. Brown & Brown, Inc. has a 1-year low of $52.18 and a 1-year high of $74.00. The firm has a market capitalization of $15.66 billion, a PE ratio of 25.93 and a beta of 0.81. The business’s 50 day moving average is $59.76 and its 200-day moving average is $64.97. The company has a current ratio of 3.80, a quick ratio of 3.80 and a debt-to-equity ratio of 0.81.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 18th. Stockholders of record on Monday, May 9th were issued a dividend of $0.102 per share. This represents a $0.41 annualized dividend and a dividend yield of 0.74%. The ex-dividend date of this dividend was Friday, May 6th. Brown & Brown’s payout ratio is presently 19.16%.
In related news, Director Hugh M. Brown purchased 824 shares of the firm’s stock in a transaction that occurred on Thursday, May 5th. The shares were acquired at an average price of $59.66 per share, with a total value of $49,159.84. Following the purchase, the director now directly owns 49,452 shares in the company, valued at $2,950,306.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lawrence L. Gellerstedt III purchased 1,670 shares of the firm’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was bought at an average cost of $59.99 per share, for a total transaction of $100,183.30. Following the purchase, the director now owns 7,727 shares in the company, valued at $463,542.73. The disclosure for this purchase can be found here. Insiders have bought a total of 4,294 shares of company stock worth $248,253 in the last three months. 16.67% of the stock is owned by insiders.
A number of brokerages recently weighed in on BRO. Truist Financial raised their price objective on Brown & Brown from $77.00 to $82.00 in a research note on Thursday, April 21st. UBS Group began coverage on Brown & Brown in a research note on Monday, April 18th. They issued a “neutral” rating and a $76.00 price objective on the stock. Morgan Stanley cut their price objective on Brown & Brown from $70.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Monday, May 23rd. Finally, StockNews.com began coverage on Brown & Brown in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Brown & Brown has a consensus rating of “Hold” and a consensus target price of $70.88.
Brown & Brown Company Profile (Get Rating)
Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.
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