Brown & Brown, Inc. $BRO Shares Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System grew its position in Brown & Brown, Inc. (NYSE:BRO) by 15.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,800 shares of the financial services provider’s stock after acquiring an additional 2,000 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Brown & Brown were worth $1,641,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Brown & Brown by 1.9% in the first quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock valued at $3,794,339,000 after acquiring an additional 560,980 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Brown & Brown by 0.3% in the first quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider’s stock valued at $1,609,742,000 after acquiring an additional 38,078 shares during the period. Parnassus Investments LLC acquired a new stake in shares of Brown & Brown in the first quarter valued at approximately $899,139,000. Invesco Ltd. boosted its holdings in shares of Brown & Brown by 8.3% in the first quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider’s stock valued at $512,545,000 after acquiring an additional 316,519 shares during the period. Finally, Royal Bank of Canada boosted its holdings in shares of Brown & Brown by 6.3% in the first quarter. Royal Bank of Canada now owns 3,063,741 shares of the financial services provider’s stock valued at $381,129,000 after acquiring an additional 181,315 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Trading Up 0.5%

Shares of BRO stock opened at $96.01 on Monday. Brown & Brown, Inc. has a fifty-two week low of $89.99 and a fifty-two week high of $125.68. The stock has a market cap of $31.67 billion, a P/E ratio of 27.67, a P/E/G ratio of 2.17 and a beta of 0.79. The business has a fifty day simple moving average of $94.34 and a 200-day simple moving average of $104.76. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter last year, the business posted $0.93 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were given a $0.15 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. Brown & Brown’s dividend payout ratio (DPR) is currently 17.29%.

Wall Street Analysts Forecast Growth

BRO has been the subject of several analyst reports. Weiss Ratings cut Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Bank of America upgraded Brown & Brown from a “neutral” rating to a “buy” rating and upped their price target for the stock from $126.00 to $130.00 in a research note on Wednesday, July 30th. UBS Group cut their price target on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Barclays cut their price target on Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Finally, Truist Financial set a $120.00 price target on Brown & Brown in a research note on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $109.92.

Insiders Place Their Bets

In other news, Director Paul J. Krump purchased 2,678 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was acquired at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the transaction, the director directly owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The stock was purchased at an average price of $91.44 per share, with a total value of $91,440.00. Following the transaction, the director owned 5,000 shares of the company’s stock, valued at approximately $457,200. This represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 15.59% of the company’s stock.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.