State Board of Administration of Florida Retirement System reduced its position in Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 4.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 267,190 shares of the financial services provider’s stock after selling 13,400 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.09% of Brown & Brown worth $15,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp grew its position in shares of Brown & Brown by 0.5% during the third quarter. State Street Corp now owns 11,048,300 shares of the financial services provider’s stock valued at $668,201,000 after purchasing an additional 52,848 shares in the last quarter. Invesco Ltd. grew its position in Brown & Brown by 9.7% in the first quarter. Invesco Ltd. now owns 3,207,698 shares of the financial services provider’s stock worth $231,821,000 after acquiring an additional 284,786 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Brown & Brown by 658.3% in the second quarter. Goldman Sachs Group Inc. now owns 2,975,944 shares of the financial services provider’s stock worth $173,617,000 after acquiring an additional 2,583,481 shares in the last quarter. Fenimore Asset Management Inc. grew its position in Brown & Brown by 4.1% in the fourth quarter. Fenimore Asset Management Inc. now owns 2,710,285 shares of the financial services provider’s stock worth $154,405,000 after acquiring an additional 106,470 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in Brown & Brown by 0.9% in the fourth quarter. ProShare Advisors LLC now owns 2,619,969 shares of the financial services provider’s stock worth $149,260,000 after acquiring an additional 24,317 shares in the last quarter. 69.52% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms recently commented on BRO. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research report on Wednesday, April 26th. Keefe, Bruyette & Woods lifted their price target on Brown & Brown from $66.00 to $69.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 18th. Jefferies Financial Group dropped their price target on Brown & Brown from $69.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, April 10th. BMO Capital Markets assumed coverage on Brown & Brown in a research report on Thursday, January 19th. They set an “outperform” rating and a $67.00 target price for the company. Finally, Citigroup upgraded Brown & Brown from a “neutral” rating to a “buy” rating and boosted their target price for the company from $62.00 to $69.00 in a research report on Tuesday, April 18th. Five 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, Brown & Brown presently has an average rating of “Moderate Buy” and a consensus target price of $66.64.
Insider Activity
Brown & Brown Stock Performance
Brown & Brown stock opened at $65.31 on Monday. The company has a 50 day moving average price of $58.38 and a 200-day moving average price of $58.18. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.89 and a current ratio of 2.49. Brown & Brown, Inc. has a fifty-two week low of $52.82 and a fifty-two week high of $68.43. The company has a market capitalization of $18.52 billion, a PE ratio of 26.99 and a beta of 0.75.
Brown & Brown Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 17th. Stockholders of record on Monday, May 8th will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.70%. The ex-dividend date is Friday, May 5th. Brown & Brown’s dividend payout ratio is presently 19.01%.
About Brown & Brown
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.
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