Brown & Brown, Inc. $BRO Stock Holdings Increased by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board increased its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 419.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 75,328 shares of the financial services provider’s stock after buying an additional 60,828 shares during the period. New Mexico Educational Retirement Board’s holdings in Brown & Brown were worth $5,017,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. MassMutual Private Wealth & Trust FSB increased its stake in shares of Brown & Brown by 7,129.0% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 95,062 shares of the financial services provider’s stock worth $5,789,000 after purchasing an additional 93,747 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in Brown & Brown during the 3rd quarter worth approximately $2,547,000. Farther Finance Advisors LLC lifted its holdings in Brown & Brown by 1,424.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 40,583 shares of the financial services provider’s stock worth $2,734,000 after purchasing an additional 37,921 shares during the last quarter. Rathbones Group PLC boosted its stake in Brown & Brown by 17.7% in the 1st quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider’s stock valued at $75,267,000 after purchasing an additional 173,265 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Brown & Brown by 775.9% in the 3rd quarter. GAMMA Investing LLC now owns 67,997 shares of the financial services provider’s stock valued at $4,554,000 after purchasing an additional 60,234 shares during the period. Institutional investors own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

BRO has been the topic of several recent research reports. Keefe, Bruyette & Woods upgraded Brown & Brown from an “underperform” rating to an “outperform” rating and set a $77.00 price objective on the stock in a research report on Monday, October 12th. Citigroup reduced their target price on shares of Brown & Brown from $79.00 to $76.00 and set a “neutral” rating for the company in a research report on Wednesday, October 28th. Royal Bank Of Canada restated a “sector perform” rating on shares of Brown & Brown in a research note on Wednesday, July 29th. BMO Capital Markets lifted their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. Finally, Mizuho dropped their price objective on shares of Brown & Brown from $83.00 to $78.00 and set an “outperform” rating for the company in a research note on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and an average price target of $75.47.

Brown & Brown Trading Down 0.7%

Shares of NYSE:BRO opened at $71.35 on Thursday. The business’s 50 day simple moving average is $66.93 and its 200 day simple moving average is $66.56. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $82.57. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.96 and a quick ratio of 1.96. The company has a market capitalization of $23.67 billion, a P/E ratio of 22.58, a P/E/G ratio of 2.36 and a beta of 0.52.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, October 26th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.29% and a net margin of 17.63%. The firm had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the company posted $1.05 EPS. The business’s revenue was up 7.4% on a year-over-year basis. On average, research analysts anticipate that Brown & Brown, Inc. will post 4.44 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, November 4th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.1650. Brown & Brown’s payout ratio is currently 22.78%.

About Brown & Brown

Brown & Brown, Inc. is an insurance brokerage and risk management company that helps businesses, public entities and individuals assess and manage risk. Its services include arranging property and casualty insurance, employee benefits and personal insurance, as well as providing risk management and related services. The company serves clients through retail insurance operations, national insurance programs, wholesale brokerage and insurance-related services. It operates primarily in the United States and also serves clients in international markets.