84,097 Shares in Brown & Brown, Inc. $BRO Purchased by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio purchased 84,097 Brown & Brown shares during the second quarter, valued at approximately $5.4 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown reported quarterly revenue of $1.65 billion, up 30.4% year over year, but earnings of $1.07 per share narrowly missed analysts’ $1.08 consensus estimate.
• The company paid a quarterly dividend of $0.165 per share, equivalent to an annualized $0.66 dividend and a 0.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $76.80.

Public Employees Retirement System of Ohio bought a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 84,097 shares of the financial services provider's stock, valued at approximately $5,395,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Rathbones Group PLC grew its stake in shares of Brown & Brown by 17.7% during the 1st quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider's stock worth $75,267,000 after acquiring an additional 173,265 shares during the period. Barr E S & Co. increased its stake in shares of Brown & Brown by 19.0% in the fourth quarter. Barr E S & Co. now owns 362,669 shares of the financial services provider's stock worth $28,905,000 after purchasing an additional 57,971 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Brown & Brown by 46.5% in the first quarter. Renaissance Technologies LLC now owns 1,573,902 shares of the financial services provider's stock valued at $102,634,000 after purchasing an additional 499,902 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Brown & Brown by 6,588.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 289,013 shares of the financial services provider's stock valued at $18,540,000 after buying an additional 284,692 shares in the last quarter. Finally, MUFG Securities EMEA plc lifted its stake in shares of Brown & Brown by 924.0% during the 4th quarter. MUFG Securities EMEA plc now owns 57,425 shares of the financial services provider's stock valued at $4,577,000 after buying an additional 51,817 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Stock Down 0.0%

Shares of NYSE BRO opened at $72.05 on Thursday. The stock has a market capitalization of $24.11 billion, a P/E ratio of 22.73, a PEG ratio of 2.22 and a beta of 0.58. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $96.55. The firm's 50 day simple moving average is $69.76 and its two-hundred day simple moving average is $65.87. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11.

Brown & Brown (NYSE:BRO - Get Free Report) last announced 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 return on equity of 13.17% and a net margin of 17.75%.The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. The company's revenue was up 30.4% compared to the same quarter last year. As a group, analysts expect that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown's payout ratio is 20.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Citigroup lowered Brown & Brown from an "outperform" rating to a "neutral" rating and raised their price target for the stock from $70.00 to $79.00 in a report on Wednesday, July 29th. UBS Group restated a "neutral" rating and issued a $73.00 target price (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Raymond James Financial reaffirmed an "outperform" rating on shares of Brown & Brown in a report on Friday, June 26th. Truist Financial set a $90.00 price target on Brown & Brown in a research report on Wednesday, July 29th. Finally, Royal Bank Of Canada reissued a "sector perform" rating on shares of Brown & Brown in a report on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $76.80.

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.

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