Arizona State Retirement System Grows Holdings in Brown & Brown, Inc. (NYSE:BRO)

Posted by Defense World Staff on May 8th, 2023

Arizona State Retirement System lifted its holdings in Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 3.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 67,958 shares of the financial services provider’s stock after purchasing an additional 2,080 shares during the period. Arizona State Retirement System’s holdings in Brown & Brown were worth $3,872,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Retirement Systems of Alabama grew its position in shares of Brown & Brown by 0.3% in the 3rd quarter. Retirement Systems of Alabama now owns 77,868 shares of the financial services provider’s stock valued at $4,709,000 after buying an additional 200 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in Brown & Brown by 1.3% during the 4th quarter. Louisiana State Employees Retirement System now owns 15,200 shares of the financial services provider’s stock worth $866,000 after purchasing an additional 200 shares during the period. Raymond James Trust N.A. boosted its stake in Brown & Brown by 1.3% during the 3rd quarter. Raymond James Trust N.A. now owns 15,753 shares of the financial services provider’s stock worth $953,000 after purchasing an additional 206 shares during the period. Texas Permanent School Fund boosted its stake in Brown & Brown by 0.7% during the 4th quarter. Texas Permanent School Fund now owns 33,399 shares of the financial services provider’s stock worth $1,903,000 after purchasing an additional 228 shares during the period. Finally, Nomura Holdings Inc. boosted its stake in Brown & Brown by 1.3% during the 3rd quarter. Nomura Holdings Inc. now owns 18,275 shares of the financial services provider’s stock worth $1,105,000 after purchasing an additional 234 shares during the period. Institutional investors and hedge funds own 69.52% of the company’s stock.

Brown & Brown Trading Up 1.9 %

NYSE BRO opened at $65.31 on Monday. The company’s fifty day simple moving average is $58.38 and its 200-day simple moving average is $58.18. Brown & Brown, Inc. has a 52 week low of $52.82 and a 52 week high of $68.43. The company has a current ratio of 2.49, a quick ratio of 1.89 and a debt-to-equity ratio of 0.76. The stock has a market cap of $18.52 billion, a P/E ratio of 26.99 and a beta of 0.75.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 17th. Investors of record on Monday, May 8th will be paid a $0.115 dividend. The ex-dividend date of this dividend is Friday, May 5th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.70%. Brown & Brown’s dividend payout ratio (DPR) is presently 19.01%.

Insider Buying and Selling

In related news, Director Lawrence L. Gellerstedt III purchased 3,400 shares of the company’s stock in a transaction that occurred on Friday, February 10th. The stock was acquired at an average price of $57.92 per share, for a total transaction of $196,928.00. Following the completion of the purchase, the director now owns 16,284 shares in the company, valued at $943,169.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 17.02% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on BRO. Jefferies Financial Group reduced their target price on shares of Brown & Brown from $69.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, April 10th. Wells Fargo & Company reduced their target price on shares of Brown & Brown from $60.00 to $59.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 25th. BMO Capital Markets began coverage on shares of Brown & Brown in a research note on Thursday, January 19th. They issued an “outperform” rating and a $67.00 target price for the company. Citigroup upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and raised their target price for the stock from $62.00 to $69.00 in a research note on Tuesday, April 18th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Brown & Brown from $66.00 to $69.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 18th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $66.64.

About Brown & Brown

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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.