Brown & Brown, Inc. $BRO Shares Acquired by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 261,767 shares of the financial services provider’s stock after acquiring an additional 3,010 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Brown & Brown were worth $29,022,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Parnassus Investments LLC acquired a new position in Brown & Brown in the first quarter valued at $899,139,000. Vanguard Group Inc. lifted its holdings in shares of Brown & Brown by 16.8% in the 2nd quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock valued at $3,949,779,000 after purchasing an additional 5,124,203 shares during the last quarter. Boston Partners acquired a new stake in shares of Brown & Brown in the 2nd quarter valued at about $171,163,000. Geode Capital Management LLC boosted its position in shares of Brown & Brown by 16.6% in the 2nd quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider’s stock valued at $813,624,000 after purchasing an additional 1,050,350 shares during the period. Finally, Nuveen LLC purchased a new position in Brown & Brown during the 1st quarter worth approximately $72,895,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of BRO stock opened at $81.10 on Friday. The stock has a fifty day moving average price of $86.24 and a 200 day moving average price of $96.77. The company has a debt-to-equity ratio of 0.62, a quick ratio of 6.72 and a current ratio of 2.10. The stock has a market cap of $27.69 billion, a PE ratio of 24.28, a P/E/G ratio of 1.70 and a beta of 0.77. Brown & Brown, Inc. has a 1 year low of $76.17 and a 1 year high of $125.68.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company posted $0.91 EPS. The company’s revenue was up 35.4% on a year-over-year basis. Sell-side analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th were paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. Brown & Brown’s dividend payout ratio is currently 19.76%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BRO. Raymond James Financial reaffirmed an “outperform” rating on shares of Brown & Brown in a report on Monday, November 3rd. Bank of America reissued a “neutral” rating and set a $97.00 price objective (down from $135.00) on shares of Brown & Brown in a research report on Monday, November 3rd. Barclays reduced their target price on shares of Brown & Brown from $102.00 to $84.00 and set an “equal weight” rating for the company in a report on Thursday, November 20th. UBS Group decreased their target price on shares of Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Finally, Citigroup lowered Brown & Brown from a “buy” rating to a “neutral” rating in a report on Monday, November 3rd. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and an average target price of $102.69.

About Brown & Brown

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.