California Public Employees Retirement System Trims Holdings in Brown & Brown, Inc. (NYSE:BRO)

California Public Employees Retirement System decreased its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,836,800 shares of the financial services provider’s stock after selling 18,269 shares during the quarter. California Public Employees Retirement System’s holdings in Brown & Brown were worth $97,608,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in BRO. LPL Financial LLC raised its position in Brown & Brown by 4.1% in the second quarter. LPL Financial LLC now owns 68,191 shares of the financial services provider’s stock valued at $3,624,000 after purchasing an additional 2,695 shares during the period. Franklin Resources Inc. raised its position in Brown & Brown by 8.2% in the second quarter. Franklin Resources Inc. now owns 71,668 shares of the financial services provider’s stock valued at $3,809,000 after purchasing an additional 5,423 shares during the period. Stifel Financial Corp raised its position in Brown & Brown by 1.1% in the second quarter. Stifel Financial Corp now owns 186,200 shares of the financial services provider’s stock valued at $9,895,000 after purchasing an additional 2,072 shares during the period. Bridgewater Associates LP raised its position in Brown & Brown by 28.4% in the second quarter. Bridgewater Associates LP now owns 116,815 shares of the financial services provider’s stock valued at $6,208,000 after purchasing an additional 25,830 shares during the period. Finally, Toronto Dominion Bank raised its position in Brown & Brown by 5.1% in the second quarter. Toronto Dominion Bank now owns 34,304 shares of the financial services provider’s stock valued at $1,823,000 after purchasing an additional 1,671 shares during the period. Hedge funds and other institutional investors own 70.56% of the company’s stock.

NYSE:BRO opened at $61.63 on Thursday. The stock has a 50-day simple moving average of $57.44 and a 200-day simple moving average of $53.77. The stock has a market cap of $17.36 billion, a P/E ratio of 30.82 and a beta of 0.70. Brown & Brown, Inc. has a 1 year low of $42.72 and a 1 year high of $61.71. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.95 and a current ratio of 0.95.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Sunday, July 25th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.09. Brown & Brown had a return on equity of 15.19% and a net margin of 19.95%. The business had revenue of $727.30 million during the quarter, compared to analysts’ expectations of $687.84 million. On average, equities research analysts predict that Brown & Brown, Inc. will post 2.08 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 18th. Stockholders of record on Wednesday, August 11th were issued a $0.0925 dividend. This represents a $0.37 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Tuesday, August 10th. Brown & Brown’s payout ratio is currently 22.16%.

BRO has been the topic of a number of research analyst reports. Morgan Stanley lifted their target price on Brown & Brown from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Monday, August 16th. Wolfe Research initiated coverage on Brown & Brown in a research note on Monday, August 16th. They issued a “peer perform” rating and a $61.00 price objective for the company. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $54.67.

In related news, Director H Palmer Proctor, Jr. acquired 2,000 shares of Brown & Brown stock in a transaction on Thursday, July 29th. The stock was purchased at an average cost of $54.98 per share, with a total value of $109,960.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Stephen M. Boyd sold 7,050 shares of the company’s stock in a transaction that occurred on Wednesday, August 25th. The shares were sold at an average price of $58.03, for a total value of $409,111.50. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by insiders.

Brown & Brown Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance programs 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.

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

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