New York State Teachers Retirement System Sells 6,408 Shares of Brown & Brown, Inc. $BRO

New York State Teachers Retirement System lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.0% during the 3rd quarter, Holdings Channel reports. The fund owned 203,867 shares of the financial services provider’s stock after selling 6,408 shares during the period. New York State Teachers Retirement System’s holdings in Brown & Brown were worth $19,121,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. ST Germain D J Co. Inc. grew its stake in Brown & Brown by 298.5% in the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 200 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in shares of Brown & Brown in the 2nd quarter valued at about $30,000. Motco purchased a new position in shares of Brown & Brown in the 2nd quarter worth approximately $32,000. Bruce G. Allen Investments LLC raised its stake in shares of Brown & Brown by 1,129.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 305 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its position in Brown & Brown by 39.3% during the second quarter. TD Private Client Wealth LLC now owns 436 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 123 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BRO shares. Keefe, Bruyette & Woods lifted their price target on shares of Brown & Brown from $79.00 to $80.00 and gave the stock an “underperform” rating in a report on Tuesday, January 6th. BMO Capital Markets restated a “market perform” rating on shares of Brown & Brown in a research note on Tuesday, December 30th. Citigroup cut Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Brown & Brown in a report on Monday, December 29th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Brown & Brown in a report on Thursday, December 18th. They set a “neutral” rating and a $91.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $99.27.

Brown & Brown Stock Down 0.8%

Brown & Brown stock opened at $78.97 on Wednesday. The business’s 50-day simple moving average is $79.84 and its two-hundred day simple moving average is $89.94. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.10 and a current ratio of 2.10. The company has a market cap of $26.96 billion, a PE ratio of 23.64, a PEG ratio of 1.77 and a beta of 0.81. Brown & Brown, Inc. has a fifty-two week low of $76.17 and a fifty-two week high of $125.68.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the company posted $0.91 earnings per share. The company’s revenue was up 35.4% compared to the same quarter last year. Equities analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

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

Brown & Brown Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.