Retirement Systems of Alabama Trims Holdings in Brown & Brown, Inc. (NYSE:BRO)

Retirement Systems of Alabama trimmed its position in Brown & Brown, Inc. (NYSE:BRO) by 0.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,387 shares of the financial services provider’s stock after selling 217 shares during the quarter. Retirement Systems of Alabama’s holdings in Brown & Brown were worth $5,243,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Mogy Joel R Investment Counsel Inc. raised its stake in shares of Brown & Brown by 324.3% in the fourth quarter. Mogy Joel R Investment Counsel Inc. now owns 19,285 shares of the financial services provider’s stock worth $1,967,000 after purchasing an additional 14,740 shares during the last quarter. Sanctuary Advisors LLC raised its position in Brown & Brown by 4.4% during the third quarter. Sanctuary Advisors LLC now owns 161,569 shares of the financial services provider’s stock valued at $18,104,000 after acquiring an additional 6,805 shares in the last quarter. Quantbot Technologies LP purchased a new position in Brown & Brown during the third quarter valued at approximately $9,832,000. Charles Schwab Investment Management Inc. raised its position in Brown & Brown by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock valued at $136,302,000 after acquiring an additional 17,934 shares in the last quarter. Finally, Peak Financial Advisors LLC purchased a new position in Brown & Brown during the fourth quarter valued at approximately $3,037,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $108.90 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.73. The business’s 50 day moving average price is $104.60 and its 200-day moving average price is $104.82. The firm has a market capitalization of $31.14 billion, a PE ratio of 31.47, a P/E/G ratio of 2.84 and a beta of 0.86. Brown & Brown, Inc. has a 1 year low of $80.33 and a 1 year high of $114.15.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. As a group, equities research analysts expect that Brown & Brown, Inc. will post 4.15 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 12th. Stockholders of record on Wednesday, February 5th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Wednesday, February 5th. Brown & Brown’s dividend payout ratio (DPR) is presently 17.34%.

Analysts Set New Price Targets

Several brokerages recently weighed in on BRO. Royal Bank of Canada lifted their price target on Brown & Brown from $118.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. Morgan Stanley started coverage on Brown & Brown in a research report on Thursday, December 5th. They set an “overweight” rating and a $134.00 price target for the company. Keefe, Bruyette & Woods cut their price objective on Brown & Brown from $99.00 to $97.00 and set an “underperform” rating for the company in a research report on Friday, January 10th. Truist Financial boosted their price objective on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their price objective on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $113.17.

Brown & Brown Company Profile

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.