Brown & Brown, Inc. $BRO Position Increased by California State Teachers Retirement System

California State Teachers Retirement System increased its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 25.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 422,898 shares of the financial services provider's stock after purchasing an additional 86,203 shares during the period. California State Teachers Retirement System owned about 0.13% of Brown & Brown worth $27,128,907 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Capital World Investors lifted its position in shares of Brown & Brown by 2.3% during the 4th quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider's stock valued at $1,425,546,000 after acquiring an additional 407,006 shares during the period. BlackRock Inc. bought a new stake in shares of Brown & Brown in the 2nd quarter valued at about $1,418,571,000. Principal Financial Group Inc. grew its position in Brown & Brown by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider's stock valued at $1,017,847,000 after purchasing an additional 246,172 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Brown & Brown by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider's stock worth $631,495,000 after purchasing an additional 118,225 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Brown & Brown during the 4th quarter valued at approximately $516,837,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Price Performance

NYSE:BRO traded down $0.22 during trading hours on Tuesday, hitting $68.11. 807,947 shares of the stock traded hands, compared to its average volume of 2,999,712. The company has a market cap of $22.79 billion, a price-to-earnings ratio of 21.48, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $96.55. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average price of $70.20 and a 200 day moving average price of $65.85.

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). The company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. Brown & Brown's quarterly revenue was up 30.4% compared to the same quarter last year. During the same period last year, the firm earned $1.03 earnings per share. Sell-side analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown's payout ratio is currently 20.82%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BRO. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods increased their price target on Brown & Brown from $72.00 to $74.00 and gave the company a "market perform" rating in a report on Wednesday, July 8th. Citizens Jmp upped their target price on Brown & Brown from $70.00 to $78.00 and gave the company a "market outperform" rating in a report on Friday, July 10th. JPMorgan Chase & Co. increased their price objective on Brown & Brown from $78.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Finally, Jefferies Financial Group reiterated a "hold" 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 assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $76.80.

Brown & Brown Profile

Brown & Brown, Inc is an independent insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk by providing insurance products and related advisory services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialty insurance programs. Brown & Brown also operates wholesale brokerage and managing general agency businesses, which provide specialized coverage and market access to retail insurance agents and brokers.

Founded in 1939 by J.

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