Texas Permanent School Fund Corp Grows Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Posted by Defense World Staff on Jul 28th, 2023

Texas Permanent School Fund Corp grew its holdings in shares of Brown & Brown, Inc. (NYSE:BRO – Free Report) by 46.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 49,005 shares of the financial services provider’s stock after purchasing an additional 15,606 shares during the period. Texas Permanent School Fund Corp’s holdings in Brown & Brown were worth $2,814,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in BRO. Asset Dedication LLC bought a new stake in Brown & Brown in the 4th quarter worth approximately $29,000. Global Wealth Management Investment Advisory Inc. bought a new stake in Brown & Brown in the 1st quarter worth approximately $52,000. U.S. Capital Wealth Advisors LLC bought a new stake in Brown & Brown in the 4th quarter worth approximately $42,000. Atlas Capital Advisors LLC purchased a new position in shares of Brown & Brown during the 2nd quarter worth $52,000. Finally, CoreCap Advisors LLC purchased a new position in shares of Brown & Brown during the 4th quarter worth $55,000. 69.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Brown & Brown

In related news, Director Bronislaw Edmund Masojada bought 4,000 shares of the company’s stock in a transaction on Wednesday, June 21st. The shares were acquired at an average cost of $65.78 per share, for a total transaction of $263,120.00. Following the purchase, the director now directly owns 4,000 shares of the company’s stock, valued at $263,120. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 17.02% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Tuesday. Truist Financial lifted their price target on shares of Brown & Brown from $82.00 to $85.00 in a research note on Wednesday. Raymond James lifted their price target on shares of Brown & Brown from $70.00 to $76.00 and gave the stock an “outperform” rating in a research note on Wednesday. Royal Bank of Canada lifted their price target on shares of Brown & Brown from $72.00 to $77.00 in a research note on Wednesday. Finally, Jefferies Financial Group lowered their target price on shares of Brown & Brown from $69.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, April 10th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.80.

Brown & Brown Stock Performance

Brown & Brown stock opened at $70.55 on Friday. The company’s 50-day moving average price is $66.59 and its 200-day moving average price is $61.82. Brown & Brown, Inc. has a twelve month low of $52.82 and a twelve month high of $72.99. The company has a quick ratio of 2.49, a current ratio of 2.78 and a debt-to-equity ratio of 0.74. The company has a market cap of $20.01 billion, a PE ratio of 27.35 and a beta of 0.77.

Brown & Brown (NYSE:BRO – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, beating the consensus estimate of $0.60 by $0.08. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $997.51 million. Brown & Brown had a net margin of 18.34% and a return on equity of 15.19%. The firm’s revenue was up 24.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 EPS. On average, equities research analysts forecast that Brown & Brown, Inc. will post 2.63 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 16th. Investors of record on Wednesday, August 9th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $0.46 annualized dividend and a yield of 0.65%. Brown & Brown’s payout ratio is 17.83%.

Brown & Brown Company Profile

(Free Report)

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.