Illinois Municipal Retirement Fund Has $470,000 Position in Brown & Brown, Inc. $BRO

Illinois Municipal Retirement Fund lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 77.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,012 shares of the financial services provider’s stock after selling 17,427 shares during the period. Illinois Municipal Retirement Fund’s holdings in Brown & Brown were worth $470,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of BRO. Vanguard Group Inc. grew its holdings in shares of Brown & Brown by 16.8% during the 2nd quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock worth $3,949,779,000 after purchasing an additional 5,124,203 shares in the last quarter. Norges Bank acquired a new stake in Brown & Brown during the second quarter worth about $433,740,000. Principal Financial Group Inc. grew its stake in Brown & Brown by 13.4% during the third quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock worth $1,445,888,000 after buying an additional 1,821,229 shares in the last quarter. Boston Partners bought a new position in Brown & Brown in the 2nd quarter valued at about $171,163,000. Finally, State Street Corp raised its position in shares of Brown & Brown by 11.3% in the 2nd quarter. State Street Corp now owns 12,460,821 shares of the financial services provider’s stock valued at $1,381,531,000 after buying an additional 1,262,139 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Up 0.2%

Shares of BRO opened at $69.57 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.66 and a current ratio of 1.66. Brown & Brown, Inc. has a 52 week low of $65.68 and a 52 week high of $125.68. The stock has a market capitalization of $23.68 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 2.10 and a beta of 0.79. The stock has a fifty day moving average of $76.41 and a 200-day moving average of $84.30.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The business’s revenue for the quarter was up 35.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.86 EPS. As a group, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 11th. Stockholders of record on Wednesday, February 4th were paid a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. Brown & Brown’s dividend payout ratio is currently 20.63%.

Analysts Set New Price Targets

Several analysts recently issued reports on BRO shares. Argus upgraded shares of Brown & Brown to a “hold” rating in a research report on Tuesday, January 27th. Bank of America reduced their target price on Brown & Brown from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Tuesday, January 27th. JPMorgan Chase & Co. started coverage on Brown & Brown in a research note on Thursday, December 18th. They issued a “neutral” rating and a $91.00 price target on the stock. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research report on Monday, November 3rd. Finally, Wells Fargo & Company reduced their price objective on Brown & Brown from $82.00 to $78.00 and set an “equal weight” rating on the stock in a research note on Friday, February 13th. Three equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat, Brown & Brown currently has a consensus rating of “Hold” and an average price target of $90.36.

Brown & Brown Company 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.