California State Teachers Retirement System Sells 11,978 Shares of Brown & Brown, Inc. $BRO

California State Teachers Retirement System trimmed its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 336,695 shares of the financial services provider’s stock after selling 11,978 shares during the quarter. California State Teachers Retirement System’s holdings in Brown & Brown were worth $21,956,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Union Bancaire Privee UBP SA purchased a new stake in shares of Brown & Brown in the first quarter valued at $25,000. Basepoint Wealth LLC bought a new stake in shares of Brown & Brown in the 4th quarter worth about $27,000. Darwin Wealth Management LLC purchased a new position in shares of Brown & Brown during the 2nd quarter worth about $30,000. DV Equities LLC purchased a new position in shares of Brown & Brown during the 4th quarter worth about $33,000. Finally, Maseco LLP bought a new position in Brown & Brown during the 4th quarter valued at about $60,000. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BRO. JPMorgan Chase & Co. reduced their price objective on shares of Brown & Brown from $81.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, July 13th. The Goldman Sachs Group upped their target price on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Brown & Brown in a report on Wednesday. Citigroup cut Brown & Brown from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $70.00 to $79.00 in a report on Wednesday. Finally, Citizens Jmp upped their price objective on Brown & Brown from $70.00 to $78.00 and gave the company a “market outperform” rating in a research report on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus target price of $79.06.

Brown & Brown Price Performance

Brown & Brown stock opened at $70.50 on Friday. The stock has a market cap of $23.59 billion, a price-to-earnings ratio of 22.24, a price-to-earnings-growth ratio of 3.52 and a beta of 0.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 1.64. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $98.30. The firm has a 50-day moving average of $63.65 and a two-hundred day moving average of $66.46.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period last year, the business posted $1.03 earnings per share. The business’s revenue was up 30.4% compared to the same quarter last year. On average, research analysts forecast that Brown & Brown, Inc. will post 4.49 earnings per share for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th will be issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, August 12th. Brown & Brown’s dividend payout ratio (DPR) is presently 20.82%.

Insider Buying and Selling

In other news, Director H Palmer Proctor, Jr. bought 2,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average cost of $57.10 per share, with a total value of $114,200.00. Following the transaction, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 13.13% of the stock is owned by insiders.

About Brown & Brown

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.