Arizona State Retirement System lowered its stake in shares of Brown & Brown Inc. (NYSE:BRO) by 1.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,691 shares of the company’s stock after selling 700 shares during the period. Arizona State Retirement System’s holdings in Brown & Brown were worth $1,836,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Brown & Brown by 3.9% in the second quarter. Vanguard Group Inc. now owns 9,449,167 shares of the company’s stock worth $354,061,000 after buying an additional 354,704 shares in the last quarter. First Eagle Investment Management LLC raised its stake in Brown & Brown by 0.5% in the second quarter. First Eagle Investment Management LLC now owns 6,921,062 shares of the company’s stock worth $259,332,000 after buying an additional 32,600 shares in the last quarter. FMR LLC raised its stake in Brown & Brown by 2.0% in the second quarter. FMR LLC now owns 5,491,143 shares of the company’s stock worth $205,753,000 after buying an additional 107,098 shares in the last quarter. Wells Fargo & Company MN raised its stake in Brown & Brown by 5.3% in the third quarter. Wells Fargo & Company MN now owns 5,145,479 shares of the company’s stock worth $194,036,000 after buying an additional 259,651 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in Brown & Brown by 5.1% in the second quarter. BlackRock Fund Advisors now owns 4,104,836 shares of the company’s stock worth $153,808,000 after buying an additional 199,441 shares in the last quarter. 72.39% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

Shares of Brown & Brown Inc. (NYSE:BRO) traded up 0.93% during mid-day trading on Wednesday, reaching $43.35. 639,534 shares of the company’s stock were exchanged. Brown & Brown Inc. has a 52-week low of $28.41 and a 52-week high of $43.53. The stock has a market cap of $6.08 billion, a price-to-earnings ratio of 23.83 and a beta of 0.67. The stock’s 50-day moving average is $38.70 and its 200-day moving average is $37.21.

Brown & Brown (NYSE:BRO) last announced its earnings results on Thursday, October 20th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.49 by $0.03. The firm had revenue of $462.30 million for the quarter, compared to the consensus estimate of $455.56 million. Brown & Brown had a net margin of 14.84% and a return on equity of 11.80%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the company posted $0.47 EPS. On average, equities analysts expect that Brown & Brown Inc. will post $1.83 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 9th. Shareholders of record on Friday, October 28th were issued a dividend of $0.135 per share. This is an increase from Brown & Brown’s previous quarterly dividend of $0.12. This represents a $0.54 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Wednesday, October 26th. Brown & Brown’s dividend payout ratio (DPR) is 29.67%.

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Several research analysts have weighed in on BRO shares. Citigroup Inc. upped their price objective on shares of Brown & Brown from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, October 11th. Barclays PLC upped their price objective on shares of Brown & Brown from $31.00 to $33.00 and gave the company an “underweight” rating in a research note on Friday, September 30th. BMO Capital Markets lowered shares of Brown & Brown from a “market perform” rating to an “underperform” rating and dropped their price objective for the company from $39.00 to $37.00 in a research note on Friday, November 4th. Finally, Deutsche Bank AG lowered shares of Brown & Brown from a “buy” rating to a “hold” rating and set a $40.00 price objective on the stock. in a research note on Monday, October 24th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. Brown & Brown currently has a consensus rating of “Hold” and an average price target of $35.92.

In other Brown & Brown news, EVP Richard Freebourn sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $42.90, for a total transaction of $1,072,500.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert W. Lloyd sold 2,971 shares of the firm’s stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $37.32, for a total transaction of $110,877.72. The disclosure for this sale can be found here. Company insiders own 17.49% of the company’s stock.

Brown & Brown Company Profile

Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services in the property, casualty and employee benefits areas. It provides customers with non-investment insurance contracts, as well as other targeted, customized risk management products and services.

5 Day Chart for NYSE:BRO

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