1,132,054 Brown & Brown, Inc. $BRO Shares Purchased by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System bought 1,132,054 additional Brown & Brown shares in the third quarter, increasing its position by 6,992.7% to 1,148,243 shares, worth about $69.9 million.
• Brown & Brown’s latest quarter fell slightly short of analyst expectations: EPS was $1.07 versus $1.08 expected, and revenue was $1.70 billion versus $1.76 billion expected. Revenue nevertheless increased 7.4% year over year.
• The company raised its quarterly dividend from $0.165 to $0.18 per share, equivalent to a 1.0% yield. Analysts’ consensus rating was “Hold,” with an average price target of $75.47.

Maryland State Retirement & Pension System lifted its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 6,992.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,148,243 shares of the financial services provider's stock after buying an additional 1,132,054 shares during the quarter. Brown & Brown makes up approximately 1.1% of Maryland State Retirement & Pension System's portfolio, making the stock its 14th biggest holding. Maryland State Retirement & Pension System owned approximately 0.35% of Brown & Brown worth $69,928,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BRO. Westside Investment Management Inc. increased its holdings in Brown & Brown by 84.7% during the 3rd quarter. Westside Investment Management Inc. now owns 399 shares of the financial services provider's stock worth $25,000 after acquiring an additional 183 shares during the period. Allied Private Wealth LLC purchased a new stake in Brown & Brown in the 2nd quarter worth approximately $35,000. Continuum Advisory LLC bought a new position in Brown & Brown in the 2nd quarter valued at $34,000. Johnson Financial Group Inc. bought a new position in Brown & Brown in the 2nd quarter valued at $37,000. Finally, Manchester Capital Management LLC boosted its holdings in Brown & Brown by 853.3% in the 3rd quarter. Manchester Capital Management LLC now owns 572 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 512 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Trading Down 0.7%

Shares of BRO opened at $71.35 on Thursday. The firm's 50 day simple moving average is $66.93 and its 200 day simple moving average is $66.56. The company has a market capitalization 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 debt-to-equity ratio of 0.58, a current ratio of 1.96 and a quick ratio of 1.96. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $82.57.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its earnings results on Monday, October 26th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the firm earned $1.05 earnings per share. The company's revenue for the quarter was up 7.4% compared to the same quarter last year. Sell-side analysts forecast that Brown & Brown, Inc. will post 4.44 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 11th. Stockholders of record on Wednesday, November 4th were given a dividend of $0.18 per share. This is an increase from Brown & Brown's previous quarterly dividend of $0.1650. The ex-dividend date was Wednesday, November 4th. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Brown & Brown's dividend payout ratio is 22.78%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BRO shares. Weiss Ratings raised shares of Brown & Brown from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, October 22nd. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Wells Fargo & Company dropped their price objective on Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating for the company in a research note on Monday, October 12th. Morgan Stanley reduced their target price on Brown & Brown from $60.00 to $55.00 and set an "underweight" rating for the company in a research report on Tuesday, October 6th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $75.47.

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.

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