Teacher Retirement System of Texas boosted its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 185.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 289,342 shares of the financial services provider's stock after buying an additional 188,070 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.10% of Brown & Brown worth $29,519,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Studio Investment Management LLC grew its stake in Brown & Brown by 1.5% in the 3rd quarter. Studio Investment Management LLC now owns 6,513 shares of the financial services provider's stock valued at $675,000 after buying an additional 96 shares during the last quarter. Journey Strategic Wealth LLC grew its stake in Brown & Brown by 2.3% in the 4th quarter. Journey Strategic Wealth LLC now owns 4,486 shares of the financial services provider's stock valued at $458,000 after buying an additional 99 shares during the last quarter. CWA Asset Management Group LLC grew its stake in Brown & Brown by 3.7% in the 4th quarter. CWA Asset Management Group LLC now owns 2,916 shares of the financial services provider's stock valued at $297,000 after buying an additional 103 shares during the last quarter. Bleakley Financial Group LLC grew its stake in Brown & Brown by 3.4% in the 4th quarter. Bleakley Financial Group LLC now owns 3,162 shares of the financial services provider's stock valued at $323,000 after buying an additional 103 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in Brown & Brown by 2.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 4,664 shares of the financial services provider's stock valued at $476,000 after buying an additional 113 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
BRO has been the subject of a number of research reports. Morgan Stanley initiated coverage on shares of Brown & Brown in a report on Thursday, December 5th. They issued an "overweight" rating and a $134.00 price target for the company. Keefe, Bruyette & Woods reduced their price target on shares of Brown & Brown from $99.00 to $97.00 and set an "underperform" rating for the company in a report on Friday, January 10th. Bank of America increased their price target on shares of Brown & Brown from $116.00 to $117.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Wells Fargo & Company increased their price target on shares of Brown & Brown from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Finally, Royal Bank of Canada increased their price target on shares of Brown & Brown from $118.00 to $120.00 and gave the company an "outperform" rating in a report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $113.17.
Check Out Our Latest Research Report on BRO
Brown & Brown Price Performance
Shares of NYSE:BRO traded down $1.42 during midday trading on Friday, reaching $118.38. 3,021,998 shares of the company's stock were exchanged, compared to its average volume of 1,298,096. The company's 50 day simple moving average is $111.55 and its two-hundred day simple moving average is $107.69. The firm has a market capitalization of $33.85 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 2.93 and a beta of 0.86. Brown & Brown, Inc. has a 12 month low of $80.33 and a 12 month high of $121.25. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79.
Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.10. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. Equities research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.
Brown & Brown Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.51%. The ex-dividend date was Wednesday, February 5th. Brown & Brown's dividend payout ratio is currently 17.34%.
About Brown & Brown
(
Free Report)
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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