Teacher Retirement System of Texas Acquires 36,571 Shares of Brown & Brown, Inc. (NYSE:BRO)

Teacher Retirement System of Texas grew its holdings in Brown & Brown, Inc. (NYSE:BROGet Rating) by 57.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 100,065 shares of the financial services provider’s stock after purchasing an additional 36,571 shares during the quarter. Teacher Retirement System of Texas’ holdings in Brown & Brown were worth $7,033,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in BRO. Aviva PLC lifted its position in Brown & Brown by 13.3% during the 4th quarter. Aviva PLC now owns 81,295 shares of the financial services provider’s stock worth $5,713,000 after buying an additional 9,571 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Brown & Brown by 0.5% during the fourth quarter. HighTower Advisors LLC now owns 36,040 shares of the financial services provider’s stock worth $2,532,000 after purchasing an additional 167 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Brown & Brown by 72.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 142,785 shares of the financial services provider’s stock valued at $10,035,000 after purchasing an additional 60,007 shares during the last quarter. JSF Financial LLC lifted its holdings in Brown & Brown by 10.3% during the 4th quarter. JSF Financial LLC now owns 6,306 shares of the financial services provider’s stock worth $443,000 after buying an additional 591 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Brown & Brown by 1.3% in the 4th quarter. Principal Financial Group Inc. now owns 8,130,991 shares of the financial services provider’s stock valued at $566,541,000 after buying an additional 102,269 shares during the period. Institutional investors own 72.29% of the company’s stock.

NYSE BRO opened at $57.90 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.04 and a current ratio of 3.80. The stock has a market cap of $16.34 billion, a price-to-earnings ratio of 27.06 and a beta of 0.81. The business has a 50 day simple moving average of $67.06 and a 200 day simple moving average of $66.44. Brown & Brown, Inc. has a 52-week low of $51.41 and a 52-week high of $74.00.

Brown & Brown (NYSE:BROGet Rating) last posted its quarterly earnings data on Monday, April 25th. The financial services provider reported $0.78 EPS for the quarter, beating the consensus estimate of $0.76 by $0.02. Brown & Brown had a net margin of 19.35% and a return on equity of 15.53%. During the same period in the previous year, the company posted $0.70 EPS. On average, analysts predict that Brown & Brown, Inc. will post 2.28 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 18th. Investors of record on Monday, May 9th will be issued a dividend of $0.102 per share. The ex-dividend date is Friday, May 6th. This represents a $0.41 dividend on an annualized basis and a dividend yield of 0.70%. Brown & Brown’s payout ratio is presently 19.16%.

In related news, Director Lawrence L. Gellerstedt III purchased 1,670 shares of the firm’s stock in a transaction on Tuesday, May 3rd. The stock was purchased at an average cost of $59.99 per share, for a total transaction of $100,183.30. Following the completion of the purchase, the director now directly owns 7,727 shares in the company, valued at $463,542.73. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Hugh M. Brown acquired 824 shares of the business’s stock in a transaction dated Thursday, May 5th. The stock was bought at an average cost of $59.66 per share, with a total value of $49,159.84. Following the acquisition, the director now owns 49,452 shares in the company, valued at approximately $2,950,306.32. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by company insiders.

Several brokerages have weighed in on BRO. Zacks Investment Research cut Brown & Brown from a “buy” rating to a “hold” rating and set a $67.00 price objective for the company. in a report on Thursday, January 27th. Morgan Stanley lifted their target price on shares of Brown & Brown from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, April 14th. StockNews.com began coverage on Brown & Brown in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Truist Financial lifted their price objective on Brown & Brown from $77.00 to $82.00 in a research note on Thursday, April 21st. Finally, Royal Bank of Canada increased their target price on Brown & Brown from $64.00 to $67.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 26th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $71.11.

About Brown & Brown (Get Rating)

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

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

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