Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund lessened its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 8.2% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,010 shares of the financial services provider’s stock after selling 626 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Brown & Brown were worth $726,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Empowered Funds LLC boosted its position in Brown & Brown by 2.1% during the 3rd quarter. Empowered Funds LLC now owns 20,684 shares of the financial services provider’s stock worth $2,143,000 after purchasing an additional 418 shares during the period. Sheaff Brock Investment Advisors LLC acquired a new position in shares of Brown & Brown during the third quarter worth about $381,000. CIBC Asset Management Inc boosted its position in shares of Brown & Brown by 7.7% in the third quarter. CIBC Asset Management Inc now owns 36,999 shares of the financial services provider’s stock worth $3,833,000 after buying an additional 2,636 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Brown & Brown by 5.7% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,502 shares of the financial services provider’s stock valued at $777,000 after buying an additional 406 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. raised its holdings in shares of Brown & Brown by 0.4% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 307,392 shares of the financial services provider’s stock valued at $31,846,000 after buying an additional 1,189 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

BRO has been the subject of a number of analyst reports. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Wells Fargo & Company upped their target price on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Truist Financial lifted their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group upped their price objective on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, Barclays initiated coverage on Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $106.50.

Insider Activity

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 17.02% of the company’s stock.

Brown & Brown Stock Down 0.2 %

Shares of Brown & Brown stock opened at $109.78 on Tuesday. The business has a 50-day moving average price of $105.38 and a 200 day moving average price of $98.09. Brown & Brown, Inc. has a fifty-two week low of $69.13 and a fifty-two week high of $114.08. The firm has a market cap of $31.39 billion, a P/E ratio of 29.91, a P/E/G ratio of 2.54 and a beta of 0.82. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the company posted $0.71 EPS. The business’s revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 3.73 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were given a $0.15 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is presently 16.35%.

Brown & Brown Company Profile

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.