Teachers Retirement System of The State of Kentucky Has $965,000 Stake in Brown & Brown, Inc. (BRO)

Teachers Retirement System of The State of Kentucky trimmed its stake in Brown & Brown, Inc. (NYSE:BRO) by 7.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,410 shares of the financial services provider’s stock after selling 1,800 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Brown & Brown were worth $965,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Prudential Financial Inc. raised its holdings in shares of Brown & Brown by 28.0% in the first quarter. Prudential Financial Inc. now owns 173,322 shares of the financial services provider’s stock worth $7,231,000 after acquiring an additional 37,890 shares during the last quarter. Comerica Bank raised its holdings in shares of Brown & Brown by 0.9% in the second quarter. Comerica Bank now owns 90,104 shares of the financial services provider’s stock worth $3,987,000 after acquiring an additional 772 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Brown & Brown by 5.9% in the second quarter. Russell Investments Group Ltd. now owns 83,762 shares of the financial services provider’s stock worth $3,607,000 after acquiring an additional 4,652 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of Brown & Brown by 5.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 467,704 shares of the financial services provider’s stock worth $20,145,000 after acquiring an additional 26,188 shares during the last quarter. Finally, Mosaic Family Wealth LLC raised its holdings in shares of Brown & Brown by 5.9% in the second quarter. Mosaic Family Wealth LLC now owns 4,208 shares of the financial services provider’s stock worth $181,000 after acquiring an additional 235 shares during the last quarter. 72.18% of the stock is owned by institutional investors.

A number of equities analysts have recently weighed in on BRO shares. BidaskClub cut Brown & Brown from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Wells Fargo & Company reiterated a “hold” rating on shares of Brown & Brown in a research note on Tuesday, August 15th. Citigroup Inc. upped their target price on Brown & Brown from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 13th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $43.00 target price on shares of Brown & Brown in a research note on Friday, August 18th. Finally, Zacks Investment Research lowered Brown & Brown from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $43.43.

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Shares of Brown & Brown, Inc. (BRO) opened at 48.94 on Wednesday. The firm’s 50-day moving average price is $46.79 and its 200 day moving average price is $44.06. The firm has a market capitalization of $6.85 billion, a price-to-earnings ratio of 26.17 and a beta of 0.79. Brown & Brown, Inc. has a 52 week low of $36.05 and a 52 week high of $49.13.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 17th. The financial services provider reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The business had revenue of $466.30 million for the quarter, compared to analyst estimates of $465.48 million. Brown & Brown had a return on equity of 11.10% and a net margin of 14.52%. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 earnings per share. On average, analysts anticipate that Brown & Brown, Inc. will post $1.85 EPS for the current year.

In related news, EVP Anthony T. Strianese sold 10,000 shares of Brown & Brown stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $44.59, for a total transaction of $445,900.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 16.98% of the stock is owned by company insiders.

About Brown & Brown

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 its customers with non-investment insurance contracts, as well as other customized risk management products and services.

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

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