Retirement Systems of Alabama Has $5.35 Million Holdings in Brown & Brown, Inc. (NYSE:BRO)

Retirement Systems of Alabama lessened its position in Brown & Brown, Inc. (NYSE:BRO) by 1.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,604 shares of the financial services provider’s stock after selling 623 shares during the quarter. Retirement Systems of Alabama’s holdings in Brown & Brown were worth $5,346,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Studio Investment Management LLC grew its position in shares of Brown & Brown by 1.5% in the third quarter. Studio Investment Management LLC now owns 6,513 shares of the financial services provider’s stock valued at $675,000 after purchasing an additional 96 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in Brown & Brown by 0.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock valued at $1,819,000 after purchasing an additional 100 shares during the period. Trust Point Inc. boosted its stake in Brown & Brown by 4.3% during the 3rd quarter. Trust Point Inc. now owns 2,519 shares of the financial services provider’s stock valued at $261,000 after purchasing an additional 103 shares during the period. Creative Planning grew its holdings in Brown & Brown by 0.4% in the 3rd quarter. Creative Planning now owns 29,892 shares of the financial services provider’s stock valued at $3,097,000 after buying an additional 112 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in Brown & Brown by 0.5% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 22,929 shares of the financial services provider’s stock worth $2,375,000 after buying an additional 113 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Argus assumed coverage on Brown & Brown in a research report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. Jefferies Financial Group increased their price target on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Morgan Stanley assumed coverage on shares of Brown & Brown in a research note on Thursday, December 5th. They issued an “overweight” rating and a $134.00 target price for the company. Finally, Royal Bank of Canada boosted their price target on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $109.46.

Brown & Brown Stock Down 2.2 %

NYSE BRO opened at $100.93 on Thursday. Brown & Brown, Inc. has a 1-year low of $69.19 and a 1-year high of $114.15. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. The stock’s 50 day moving average is $107.93 and its two-hundred day moving average is $101.41. The company has a market capitalization of $28.86 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 2.40 and a beta of 0.84.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.71 earnings per share. Equities analysts forecast that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.59%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

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.