Louisiana State Employees Retirement System Takes $1.02 Million Position in Brown & Brown, Inc. (NYSE:BRO)

Louisiana State Employees Retirement System acquired a new position in Brown & Brown, Inc. (NYSE:BRO - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 14,300 shares of the financial services provider's stock, valued at approximately $1,017,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BRO. SG Americas Securities LLC grew its position in Brown & Brown by 86.9% during the fourth quarter. SG Americas Securities LLC now owns 24,866 shares of the financial services provider's stock valued at $1,768,000 after buying an additional 11,559 shares during the period. Patton Fund Management Inc. bought a new position in shares of Brown & Brown during the 4th quarter valued at approximately $4,765,000. Whittier Trust Co. increased its stake in shares of Brown & Brown by 12.1% during the 4th quarter. Whittier Trust Co. now owns 162,226 shares of the financial services provider's stock worth $11,536,000 after purchasing an additional 17,479 shares during the last quarter. WCM Investment Management LLC raised its holdings in shares of Brown & Brown by 13.4% in the 4th quarter. WCM Investment Management LLC now owns 107,979 shares of the financial services provider's stock worth $7,658,000 after purchasing an additional 12,748 shares during the period. Finally, Toronto Dominion Bank lifted its stake in Brown & Brown by 28.7% in the third quarter. Toronto Dominion Bank now owns 277,331 shares of the financial services provider's stock valued at $19,369,000 after purchasing an additional 61,800 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Wall Street Analysts Forecast Growth

BRO has been the topic of several research reports. Bank of America lowered Brown & Brown from a "neutral" rating to an "underperform" rating and boosted their target price for the company from $80.00 to $86.00 in a research note on Wednesday, March 13th. The Goldman Sachs Group raised Brown & Brown from a "neutral" rating to a "buy" rating and cut their price target for the stock from $84.00 to $83.00 in a report on Monday, January 8th. Raymond James boosted their price objective on Brown & Brown from $90.00 to $95.00 and gave the company an "outperform" rating in a research note on Tuesday, March 26th. Truist Financial raised their target price on Brown & Brown from $92.00 to $94.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Citigroup lifted their target price on Brown & Brown from $89.00 to $94.00 and gave the company a "buy" rating in a report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $87.10.

Insider Activity

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the business's stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the completion of the sale, the chairman now directly owns 37,460,605 shares of the company's stock, valued at $3,220,113,605.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.02% of the stock is owned by corporate insiders.

Brown & Brown Price Performance

Shares of NYSE BRO traded up $0.14 during mid-day trading on Thursday, reaching $82.27. 1,608,686 shares of the company were exchanged, compared to its average volume of 1,345,231. Brown & Brown, Inc. has a 52 week low of $61.71 and a 52 week high of $87.99. The company's 50 day moving average price is $84.30 and its 200 day moving average price is $77.02. The stock has a market capitalization of $23.47 billion, a PE ratio of 25.27, a PEG ratio of 2.49 and a beta of 0.78. The company has a quick ratio of 1.95, a current ratio of 1.97 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.07. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.22 billion. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The company's revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. Sell-side analysts forecast that Brown & Brown, Inc. will post 3.57 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.63%. Brown & Brown's payout ratio is 16.00%.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.