California State Teachers Retirement System Acquires 26,792,212 Shares of Brown & Brown, Inc. $BRO

California State Teachers Retirement System lifted its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 7,957.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,128,907 shares of the financial services provider's stock after purchasing an additional 26,792,212 shares during the quarter. California State Teachers Retirement System owned 8.11% of Brown & Brown worth $1,740,319,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Union Bancaire Privee UBP SA bought a new stake in Brown & Brown during the first quarter worth about $25,000. Basepoint Wealth LLC bought a new position in Brown & Brown in the 4th quarter valued at about $27,000. Darwin Wealth Management LLC bought a new position in Brown & Brown in the 2nd quarter valued at about $30,000. DV Equities LLC acquired a new position in shares of Brown & Brown in the 4th quarter valued at approximately $33,000. Finally, Continuum Advisory LLC acquired a new position in shares of Brown & Brown in the 2nd quarter valued at approximately $34,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Price Performance

BRO stock opened at $66.28 on Friday. The company has a market capitalization of $22.18 billion, a P/E ratio of 20.91, a PEG ratio of 2.04 and a beta of 0.58. The company has a fifty day moving average price of $70.20 and a 200-day moving average price of $65.88. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $96.55.

Brown & Brown (NYSE:BRO - Get Free Report) last posted 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 company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the previous year, the company earned $1.03 earnings per share. The business's revenue for the quarter was up 30.4% on a year-over-year basis. As a group, equities analysts expect that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown's dividend payout ratio is currently 20.82%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. UBS Group reissued a "neutral" rating and issued a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Keefe, Bruyette & Woods upped their target price on Brown & Brown from $72.00 to $74.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 8th. Mizuho raised their target price on Brown & Brown from $81.00 to $86.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Barclays lifted their price target on Brown & Brown from $72.00 to $76.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 7th. Finally, Citigroup cut Brown & Brown from an "outperform" rating to a "neutral" rating and boosted their price target for the stock from $70.00 to $79.00 in a report on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and a consensus price target of $76.80.

Brown & Brown Company 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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