Brown & Brown, Inc. (NYSE:BRO) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 5.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 349,597 shares of the financial services provider’s stock after selling 21,115 shares during the quarter. New York State Common Retirement Fund owned about 0.12% of Brown & Brown worth $24,860,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its holdings in shares of Brown & Brown by 0.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,236,392 shares of the financial services provider’s stock valued at $372,360,000 after acquiring an additional 29,514 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Brown & Brown by 6.1% during the third quarter. Northern Trust Corp now owns 2,285,511 shares of the financial services provider’s stock valued at $159,620,000 after acquiring an additional 130,647 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Brown & Brown by 15.9% during the third quarter. Royal Bank of Canada now owns 1,715,645 shares of the financial services provider’s stock valued at $119,821,000 after acquiring an additional 235,001 shares in the last quarter. California Public Employees Retirement System increased its holdings in shares of Brown & Brown by 0.9% during the third quarter. California Public Employees Retirement System now owns 1,516,285 shares of the financial services provider’s stock valued at $105,897,000 after acquiring an additional 13,477 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Brown & Brown by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,221,896 shares of the financial services provider’s stock valued at $85,337,000 after acquiring an additional 16,109 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Activity

In other news, Chairman Hyatt J. Brown sold 144,323 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the transaction, the chairman now owns 37,460,605 shares in the company, valued at approximately $3,220,113,605.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 17.02% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on BRO. UBS Group upped their price objective on shares of Brown & Brown from $75.00 to $81.00 and gave the company a “neutral” rating in a report on Monday, January 29th. Citigroup upped their target price on Brown & Brown from $89.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Jefferies Financial Group lowered Brown & Brown from a “buy” rating to a “hold” rating and dropped their target price for the company from $85.00 to $78.00 in a research report on Tuesday, January 9th. Truist Financial upped their target price on Brown & Brown from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research report on Sunday, March 17th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $87.10.

Brown & Brown Trading Down 1.0 %

Brown & Brown stock opened at $81.45 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.95 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 12 month low of $61.71 and a 12 month high of $87.99. The stock’s 50 day simple moving average is $84.29 and its two-hundred day simple moving average is $77.06. The firm has a market cap of $23.23 billion, a PE ratio of 25.06, a P/E/G ratio of 2.25 and a beta of 0.78.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.07 by $0.07. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the firm posted $0.84 EPS. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. Analysts anticipate that Brown & Brown, Inc. will post 3.61 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.52 annualized dividend and a yield of 0.64%. Brown & Brown’s dividend payout ratio is presently 16.00%.

Brown & Brown 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.