Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 7.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 16,494 shares of the financial services provider’s stock after selling 1,347 shares during the period. Kentucky Retirement Systems’ holdings in Brown & Brown were worth $1,709,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of BRO. ST Germain D J Co. Inc. increased its stake in shares of Brown & Brown by 298.5% during the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 200 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in Brown & Brown during the third quarter worth about $29,000. Crewe Advisors LLC boosted its stake in shares of Brown & Brown by 330.4% in the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 228 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Brown & Brown by 65.7% in the second quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 211 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Brown & Brown by 142.3% in the second quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after buying an additional 323 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Ratings Changes

BRO has been the subject of several research reports. Keefe, Bruyette & Woods lifted their target price on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Wells Fargo & Company lifted their price target on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Bank of America boosted their target price on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Finally, Truist Financial upped their price objective on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and a consensus target price of $106.50.

Brown & Brown Stock Performance

BRO stock opened at $109.78 on Tuesday. The firm has a market cap of $31.39 billion, a PE ratio of 29.91, a price-to-earnings-growth ratio of 2.54 and a beta of 0.82. The stock has a 50-day moving average price of $105.38 and a 200-day moving average price of $98.09. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.08.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm posted $0.71 EPS. Brown & Brown’s revenue was up 11.0% compared to the same quarter last year. As a group, equities research analysts expect that Brown & Brown, Inc. will post 3.73 earnings per share for the current year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were paid a $0.15 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date was Wednesday, November 6th. This represents a $0.60 annualized dividend and a yield of 0.55%. Brown & Brown’s dividend payout ratio is presently 16.35%.

Insider Activity at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 17.02% of the stock is currently owned by company insiders.

About Brown & Brown

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.