State of Alaska Department of Revenue Boosts Stock Position in Brown & Brown, Inc. (NYSE:BRO)

State of Alaska Department of Revenue lifted its stake in Brown & Brown, Inc. (NYSE:BRO) by 2.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,803 shares of the financial services provider’s stock after purchasing an additional 745 shares during the quarter. State of Alaska Department of Revenue’s holdings in Brown & Brown were worth $3,458,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital Investment Advisors LLC purchased a new stake in Brown & Brown in the 1st quarter valued at $1,929,000. Fifth Third Bancorp boosted its position in shares of Brown & Brown by 7.1% during the 1st quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider’s stock valued at $847,000 after acquiring an additional 450 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Brown & Brown by 395.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 34,197 shares of the financial services provider’s stock valued at $3,489,000 after purchasing an additional 27,297 shares during the period. National Bank of Canada FI increased its position in Brown & Brown by 56.8% during the fourth quarter. National Bank of Canada FI now owns 189,798 shares of the financial services provider’s stock worth $19,365,000 after purchasing an additional 68,745 shares during the last quarter. Finally, FORA Capital LLC acquired a new stake in Brown & Brown during the fourth quarter worth about $580,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Price Performance

BRO opened at $108.72 on Friday. The stock’s 50-day moving average price is $111.56 and its 200 day moving average price is $110.92. Brown & Brown, Inc. has a 12-month low of $88.31 and a 12-month high of $125.68. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. The firm has a market cap of $31.17 billion, a price-to-earnings ratio of 30.28, a PEG ratio of 2.38 and a beta of 0.84.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the company posted $1.14 EPS. Brown & Brown’s revenue was up 11.6% on a year-over-year basis. As a group, sell-side analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Monday, May 12th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.55%. The ex-dividend date was Monday, May 12th. Brown & Brown’s payout ratio is 16.71%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Edward Jones started coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They issued a “buy” rating on the stock. The Goldman Sachs Group cut Brown & Brown from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $126.00 to $119.00 in a report on Tuesday, May 13th. Keefe, Bruyette & Woods raised their target price on Brown & Brown from $100.00 to $102.00 and gave the stock an “underperform” rating in a research note on Friday, June 13th. Truist Financial reduced their target price on Brown & Brown from $138.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. Finally, Jefferies Financial Group increased their price target on Brown & Brown from $105.00 to $109.00 and gave the stock a “hold” rating in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $118.85.

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.