New York State Common Retirement Fund Cuts Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

New York State Common Retirement Fund cut its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 8.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 309,422 shares of the financial services provider’s stock after selling 26,893 shares during the period. New York State Common Retirement Fund owned 0.11% of Brown & Brown worth $32,056,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. grew its position in shares of Brown & Brown by 298.5% during the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 200 shares during the period. Crewe Advisors LLC grew 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 valued at $27,000 after purchasing an additional 228 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Brown & Brown in the first quarter valued at approximately $32,000. Larson Financial Group LLC raised its stake in shares of Brown & Brown by 65.7% during 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. lifted its position in shares of Brown & Brown by 142.3% during the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after buying an additional 323 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Buying and Selling

In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the sale, the chief financial officer now owns 88,445 shares in the company, valued at $8,872,802.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by company insiders.

Brown & Brown Stock Down 0.4 %

NYSE BRO opened at $104.17 on Friday. The business’s fifty day simple moving average is $104.20 and its 200-day simple moving average is $95.89. The company has a quick ratio of 2.35, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. The firm has a market cap of $29.79 billion, a PE ratio of 28.38, a P/E/G ratio of 2.41 and a beta of 0.82. Brown & Brown, Inc. has a 52 week low of $69.13 and a 52 week high of $107.67.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the firm earned $0.71 earnings per share. Brown & Brown’s quarterly revenue was up 11.0% compared to the same quarter last year. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 3.73 earnings per share for the current year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th will be issued a $0.15 dividend. The ex-dividend date is 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 yield of 0.58%. Brown & Brown’s dividend payout ratio is currently 14.17%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday. Raymond James raised their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Royal Bank of Canada boosted their price objective on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday. Jefferies Financial Group raised their target price on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company lifted their price target on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $106.50.

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.