State Board of Administration of Florida Retirement System Has $18.20 Million Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

State Board of Administration of Florida Retirement System raised its stake in Brown & Brown, Inc. (NYSE:BROFree Report) by 0.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 260,529 shares of the financial services provider’s stock after buying an additional 360 shares during the period. State Board of Administration of Florida Retirement System owned 0.09% of Brown & Brown worth $18,195,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Independent Advisor Alliance grew its position in Brown & Brown by 0.3% during the 3rd quarter. Independent Advisor Alliance now owns 51,561 shares of the financial services provider’s stock worth $3,601,000 after acquiring an additional 155 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Brown & Brown by 3.0% during the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,416 shares of the financial services provider’s stock worth $373,000 after purchasing an additional 156 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Brown & Brown by 3.3% in the second quarter. Fifth Third Bancorp now owns 4,876 shares of the financial services provider’s stock valued at $336,000 after buying an additional 157 shares during the period. Advisor Partners II LLC increased its stake in shares of Brown & Brown by 1.3% in the first quarter. Advisor Partners II LLC now owns 11,845 shares of the financial services provider’s stock valued at $680,000 after buying an additional 157 shares during the period. Finally, Stephens Inc. AR raised its holdings in Brown & Brown by 0.7% in the 1st quarter. Stephens Inc. AR now owns 25,801 shares of the financial services provider’s stock valued at $1,481,000 after buying an additional 172 shares during the last quarter. Institutional investors own 70.33% of the company’s stock.

Brown & Brown Stock Up 1.3 %

Brown & Brown stock opened at $81.00 on Friday. The company has a market capitalization of $23.05 billion, a PE ratio of 26.47, a PEG ratio of 2.87 and a beta of 0.78. Brown & Brown, Inc. has a 12-month low of $52.82 and a 12-month high of $81.01. The firm’s fifty day moving average is $74.05 and its 200 day moving average is $72.48. The company has a quick ratio of 1.85, a current ratio of 1.92 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BROGet Free Report) last announced its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.03 billion for the quarter. Brown & Brown had a net margin of 20.44% and a return on equity of 15.46%. During the same quarter in the prior year, the company posted $0.50 EPS. As a group, sell-side analysts predict that Brown & Brown, Inc. will post 3.2 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Friday, February 2nd will be issued a $0.13 dividend. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $0.52 annualized dividend and a yield of 0.64%. Brown & Brown’s payout ratio is currently 16.99%.

Wall Street Analysts Forecast Growth

BRO has been the topic of a number of research reports. Jefferies Financial Group lowered shares of Brown & Brown from a “buy” rating to a “hold” rating and reduced their target price for the stock from $85.00 to $78.00 in a report on Tuesday, January 9th. Raymond James increased their price objective on Brown & Brown from $80.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Bank of America began coverage on Brown & Brown in a report on Tuesday, December 12th. They set a “neutral” rating and a $77.00 target price on the stock. Truist Financial increased their price target on Brown & Brown from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Finally, Wells Fargo & Company lifted their price objective on Brown & Brown from $72.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $82.70.

Read Our Latest Stock Analysis on BRO

Brown & Brown Profile

(Free Report)

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.

Further Reading

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

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