Brown & Brown, Inc. (NYSE:BRO) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 208,028 shares of the financial services provider's stock after selling 3,880 shares during the period. New York State Teachers Retirement System owned about 0.07% of Brown & Brown worth $25,879,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kohmann Bosshard Financial Services LLC acquired a new position in Brown & Brown during the 4th quarter worth $28,000. Johnson Financial Group Inc. lifted its position in shares of Brown & Brown by 534.1% during the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after purchasing an additional 235 shares during the last quarter. Sunbelt Securities Inc. grew its stake in Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after purchasing an additional 256 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Brown & Brown in the fourth quarter worth about $37,000. Finally, Garde Capital Inc. bought a new stake in Brown & Brown in the first quarter valued at about $46,000. Institutional investors own 71.01% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on BRO. Edward Jones initiated coverage on Brown & Brown in a report on Wednesday, April 16th. They set a "buy" rating on the stock. UBS Group upped their price target on Brown & Brown from $110.00 to $120.00 and gave the company a "neutral" rating in a research report on Wednesday, April 9th. The Goldman Sachs Group downgraded shares of Brown & Brown from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. Truist Financial lowered their target price on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $122.00 target price (up from $116.00) on shares of Brown & Brown in a report on Thursday, June 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $118.85.

Brown & Brown Stock Performance

Shares of NYSE:BRO traded down $1.09 during trading hours on Wednesday, hitting $107.84. The stock had a trading volume of 10,207,691 shares, compared to its average volume of 1,832,560. The stock's fifty day simple moving average is $110.45 and its 200 day simple moving average is $111.12. The firm has a market capitalization of $30.92 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 2.43 and a beta of 0.82. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 2.52. Brown & Brown, Inc. has a 1-year low of $88.31 and a 1-year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its earnings results on Monday, April 28th. The financial services provider reported $1.29 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a net margin of 20.84% and a return on equity of 17.77%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the business earned $1.14 earnings per share. The firm's revenue was up 11.6% compared to the same quarter last year. Sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Monday, May 12th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.56%. The ex-dividend date was Monday, May 12th. Brown & Brown's payout ratio is currently 16.71%.

Brown & Brown Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.