Kentucky Retirement Systems Insurance Trust Fund Decreases Holdings in Brown & Brown, Inc. (NYSE:BRO)

Kentucky Retirement Systems Insurance Trust Fund lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 7.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 7,795 shares of the financial services provider’s stock after selling 620 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Brown & Brown were worth $682,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in Brown & Brown during the first quarter worth about $32,000. Alaska Permanent Fund Corp bought a new stake in shares of Brown & Brown in the first quarter valued at approximately $36,000. First PREMIER Bank bought a new stake in shares of Brown & Brown in the first quarter valued at approximately $40,000. Park Place Capital Corp raised its position in shares of Brown & Brown by 166.5% in the fourth quarter. Park Place Capital Corp now owns 509 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 318 shares during the period. Finally, Intelligent Financial Strategies bought a new stake in shares of Brown & Brown in the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insiders Place Their Bets

In other Brown & Brown news, EVP Julie Turpin sold 3,350 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $89.92, for a total value of $301,232.00. Following the completion of the transaction, the executive vice president now owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 17.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. UBS Group boosted their price target on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Royal Bank of Canada boosted their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Wednesday. Truist Financial boosted their price target on shares of Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday. Keefe, Bruyette & Woods boosted their price target on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research report on Friday. Finally, Wells Fargo & Company upped their target price on shares of Brown & Brown from $88.00 to $94.00 and gave the stock an “equal weight” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $97.40.

Brown & Brown Price Performance

Brown & Brown stock traded up $1.74 during midday trading on Friday, reaching $99.17. 960,217 shares of the stock were exchanged, compared to its average volume of 1,109,496. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.97 and a current ratio of 2.35. Brown & Brown, Inc. has a 52 week low of $66.73 and a 52 week high of $99.26. The firm has a market cap of $28.29 billion, a PE ratio of 30.51, a PEG ratio of 2.47 and a beta of 0.82. The company’s fifty day moving average is $91.28 and its 200-day moving average is $85.63.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the company earned $0.68 EPS. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 3.67 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a yield of 0.52%. Brown & Brown’s dividend payout ratio is presently 16.00%.

About Brown & Brown

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.