State of Alaska Department of Revenue Has $3.49 Million Stake in Brown & Brown, Inc. $BRO

State of Alaska Department of Revenue increased its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 13.2% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 31,483 shares of the financial services provider's stock after purchasing an additional 3,680 shares during the period. State of Alaska Department of Revenue's holdings in Brown & Brown were worth $3,490,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its position in Brown & Brown by 206.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 42,456 shares of the financial services provider's stock worth $4,331,000 after buying an additional 28,603 shares in the last quarter. Versant Capital Management Inc lifted its position in Brown & Brown by 77.2% in the 1st quarter. Versant Capital Management Inc now owns 732 shares of the financial services provider's stock worth $91,000 after buying an additional 319 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in Brown & Brown in the 1st quarter worth approximately $234,000. Czech National Bank lifted its position in Brown & Brown by 5.9% in the 1st quarter. Czech National Bank now owns 54,509 shares of the financial services provider's stock worth $6,781,000 after buying an additional 3,047 shares in the last quarter. Finally, NBC Securities Inc. lifted its position in Brown & Brown by 115,600.0% in the 1st quarter. NBC Securities Inc. now owns 2,314 shares of the financial services provider's stock worth $287,000 after buying an additional 2,312 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Insider Activity

In other news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the acquisition, the director directly owned 5,000 shares of the company's stock, valued at approximately $457,200. This trade represents a 25.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Paul J. Krump purchased 2,678 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares in the company, valued at $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 15.59% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of Brown & Brown from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Raymond James Financial restated an "outperform" rating and set a $120.00 price target (down previously from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Finally, Barclays dropped their price target on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Brown & Brown presently has an average rating of "Hold" and a consensus target price of $112.08.

Brown & Brown Price Performance

NYSE:BRO opened at $93.76 on Wednesday. The company has a 50-day moving average of $94.77 and a 200-day moving average of $106.29. The company has a market capitalization of $30.93 billion, a price-to-earnings ratio of 27.02, a PEG ratio of 2.10 and a beta of 0.81. Brown & Brown, Inc. has a 52 week low of $89.99 and a 52 week high of $125.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm's revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period last year, the firm earned $0.93 EPS. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is presently 17.29%.

Brown & Brown Company 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.

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