Kentucky Retirement Systems Reduces Holdings in Brown & Brown, Inc. (NYSE:BRO)

Kentucky Retirement Systems reduced its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 7.6% in the third quarter, HoldingsChannel.com reports. The firm owned 16,494 shares of the financial services provider’s stock after selling 1,347 shares during the period. Kentucky Retirement Systems’ holdings in Brown & Brown were worth $1,709,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. ST Germain D J Co. Inc. lifted its position in shares of Brown & Brown by 298.5% in the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 200 shares during the period. Ashton Thomas Securities LLC bought a new position in shares of Brown & Brown in the 3rd quarter worth approximately $29,000. Crewe Advisors LLC raised its holdings in Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 228 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Brown & Brown by 65.7% in the 2nd quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock worth $48,000 after buying an additional 211 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Brown & Brown by 142.3% in the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 323 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on BRO. Jefferies Financial Group lifted their target price 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. Raymond James boosted their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Barclays assumed coverage on Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 target price on the stock. Truist Financial increased their price objective on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, StockNews.com downgraded Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $106.50.

Brown & Brown Trading Down 0.2 %

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

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business earned $0.71 EPS. The business’s revenue was up 11.0% on a year-over-year basis. Sell-side analysts expect that Brown & Brown, Inc. will post 3.73 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were issued a $0.15 dividend. The ex-dividend date was Wednesday, November 6th. This is a boost 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%. Brown & Brown’s dividend payout ratio is presently 16.35%.

Insider Activity at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction that occurred on 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 filing with the SEC, which can be accessed through this link. 17.02% of the stock is currently owned by company insiders.

Brown & Brown 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.