114,564 Brown & Brown, Inc. $BRO Shares Bought by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its Brown & Brown stake by 401.1% in the third quarter, purchasing 114,564 shares and bringing its total holdings to 143,126 shares valued at approximately $9.54 million.
• Analyst sentiment remains mixed but leans toward Hold: the stock has an average target price of $76, with ratings ranging from Strong Buy to Sell. Keefe, Bruyette & Woods upgraded the shares to Outperform with a $77 target, while Morgan Stanley cut its target to $55.
• Brown & Brown’s shares opened at $67.98, while the company’s latest quarterly results narrowly missed earnings and revenue expectations despite 30.4% year-over-year revenue growth. The company also maintains a quarterly dividend of $0.165 per share, yielding about 1.0%.

State of Alaska Department of Revenue boosted its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 401.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 143,126 shares of the financial services provider's stock after buying an additional 114,564 shares during the period. State of Alaska Department of Revenue's holdings in Brown & Brown were worth $9,535,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Union Bancaire Privee UBP SA purchased a new position in shares of Brown & Brown in the first quarter valued at about $25,000. Continuum Advisory LLC bought a new position in shares of Brown & Brown in the second quarter worth about $34,000. Allied Private Wealth LLC purchased a new stake in shares of Brown & Brown during the second quarter worth about $35,000. Johnson Financial Group Inc. purchased a new stake in shares of Brown & Brown during the second quarter worth about $37,000. Finally, Elevation Wealth Partners LLC grew its position in shares of Brown & Brown by 175.1% during the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider's stock worth $40,000 after purchasing an additional 394 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Keefe, Bruyette & Woods raised Brown & Brown from an "underperform" rating to an "outperform" rating and set a $77.00 target price on the stock in a research note on Monday. Morgan Stanley dropped their price target on Brown & Brown from $60.00 to $55.00 and set an "underweight" rating for the company in a research note on Tuesday, October 6th. UBS Group reaffirmed a "neutral" rating and set a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a report on Wednesday, July 8th. Weiss Ratings raised shares of Brown & Brown from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, August 19th. Finally, The Goldman Sachs Group lifted their price objective on shares of Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $76.00.

Brown & Brown Stock Up 4.9%

Shares of BRO stock opened at $67.98 on Friday. The company's fifty day simple moving average is $67.25 and its two-hundred day simple moving average is $64.88. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $92.91. The stock has a market cap of $22.75 billion, a P/E ratio of 21.44, a PEG ratio of 2.02 and a beta of 0.60. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. 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 17.75% and a return on equity of 13.17%. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.71 billion. During the same quarter in the previous year, the business earned $1.03 EPS. The company's revenue for the quarter was up 30.4% on a year-over-year basis. Analysts predict that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were paid a dividend of $0.1650 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. Brown & Brown's dividend payout ratio is presently 20.82%.

About Brown & Brown

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.

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