Brown & Brown, Inc. $BRO Stake Raised by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its holdings in Brown & Brown, Inc. (NYSE:BRO) by 401.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 143,126 shares of the financial services provider’s stock after purchasing an additional 114,564 shares during the period. State of Alaska Department of Revenue’s holdings in Brown & Brown were worth $9,535,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Union Bancaire Privee UBP SA bought a new position in Brown & Brown during the first quarter valued at $25,000. Continuum Advisory LLC purchased a new position in shares of Brown & Brown in the 2nd quarter worth $34,000. Allied Private Wealth LLC bought a new stake in shares of Brown & Brown in the 2nd quarter worth about $35,000. Johnson Financial Group Inc. bought a new stake in shares of Brown & Brown in the 2nd quarter worth about $37,000. Finally, Elevation Wealth Partners LLC increased its holdings in shares of Brown & Brown by 175.1% in the 3rd quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock worth $40,000 after buying an additional 394 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

BRO has been the topic of several recent research reports. Weiss Ratings raised shares of Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 19th. The Goldman Sachs Group lifted their price target on Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. UBS Group reissued a “neutral” rating and set a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Barclays lowered their price objective on Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 7th. Finally, Citizens Jmp dropped their target price on Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating for the company in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $76.00.

Brown & Brown Price Performance

Brown & Brown stock opened at $67.98 on Friday. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $92.91. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The firm has a 50-day moving average price of $67.25 and a 200-day moving average price of $64.88. The firm has a market capitalization of $22.75 billion, a PE ratio of 21.44, a price-to-earnings-growth ratio of 2.02 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the company posted $1.03 earnings per share. The business’s revenue for the quarter was up 30.4% on a year-over-year basis. As a group, equities research analysts forecast that Brown & Brown, Inc. will post 4.49 EPS for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were given a dividend of $0.1650 per share. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s payout ratio is 20.82%.

Brown & Brown Company Profile

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.