Kentucky Retirement Systems Insurance Trust Fund Lowers Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Kentucky Retirement Systems Insurance Trust Fund lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 8.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,010 shares of the financial services provider’s stock after selling 626 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Brown & Brown were worth $726,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Avantax Advisory Services Inc. lifted its position in Brown & Brown by 6.0% in the first quarter. Avantax Advisory Services Inc. now owns 4,174 shares of the financial services provider’s stock valued at $365,000 after purchasing an additional 238 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in Brown & Brown by 19.2% during the first quarter. O Shaughnessy Asset Management LLC now owns 19,475 shares of the financial services provider’s stock worth $1,705,000 after acquiring an additional 3,139 shares during the period. UniSuper Management Pty Ltd raised its position in Brown & Brown by 429.7% in the first quarter. UniSuper Management Pty Ltd now owns 13,751 shares of the financial services provider’s stock worth $1,204,000 after acquiring an additional 11,155 shares in the last quarter. Lake Street Advisors Group LLC acquired a new stake in Brown & Brown in the first quarter valued at $204,000. Finally, Twin Capital Management Inc. purchased a new stake in shares of Brown & Brown during the 1st quarter worth $1,536,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $109.78 on Tuesday. The company has a 50-day simple moving average of $105.38 and a 200-day simple moving average of $98.09. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. The company 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. Brown & Brown, Inc. has a 12 month low of $69.13 and a 12 month high of $114.08.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities analysts anticipate that Brown & Brown, Inc. will post 3.73 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were given a $0.15 dividend. The ex-dividend date was Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.55%. Brown & Brown’s dividend payout ratio (DPR) is currently 16.35%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company raised their price objective 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 lifted their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Barclays assumed coverage on Brown & Brown in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price objective for the company. Argus assumed coverage on Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price on the stock. Finally, Keefe, Bruyette & Woods raised their price target on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $106.50.

Insider Activity at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. 17.02% of the stock is owned by insiders.

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.