Retirement Systems of Alabama boosted its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 148,280 shares of the financial services provider’s stock after buying an additional 88 shares during the period. Retirement Systems of Alabama’s holdings in Brown & Brown were worth $6,386,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc increased its stake in Brown & Brown by 9.8% in the second quarter. IFP Advisors Inc now owns 2,823 shares of the financial services provider’s stock valued at $122,000 after buying an additional 251 shares during the last quarter. Glen Harbor Capital Management LLC increased its stake in Brown & Brown by 2.3% in the first quarter. Glen Harbor Capital Management LLC now owns 3,632 shares of the financial services provider’s stock valued at $152,000 after buying an additional 80 shares during the last quarter. Mosaic Family Wealth LLC increased its stake in Brown & Brown by 3.0% in the first quarter. Mosaic Family Wealth LLC now owns 3,973 shares of the financial services provider’s stock valued at $166,000 after buying an additional 115 shares during the last quarter. Pzena Investment Management LLC purchased a new stake in Brown & Brown during the first quarter valued at $206,000. Finally, Tyers Asset Management LLC increased its stake in Brown & Brown by 2.3% in the first quarter. Tyers Asset Management LLC now owns 4,994 shares of the financial services provider’s stock valued at $208,000 after buying an additional 110 shares during the last quarter. 72.58% of the stock is owned by institutional investors and hedge funds.

Shares of Brown & Brown, Inc. (BRO) opened at 44.15 on Wednesday. The stock has a market capitalization of $6.18 billion, a P/E ratio of 23.61 and a beta of 0.78. Brown & Brown, Inc. has a 1-year low of $36.04 and a 1-year high of $45.77. The firm’s 50-day moving average price is $43.68 and its 200 day moving average price is $43.07.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 17th. The financial services provider reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. Brown & Brown had a return on equity of 11.10% and a net margin of 14.52%. The company had revenue of $466.30 million during the quarter, compared to the consensus estimate of $465.48 million. During the same period in the previous year, the firm posted $0.47 earnings per share. Brown & Brown’s quarterly revenue was up 4.4% compared to the same quarter last year. Analysts expect that Brown & Brown, Inc. will post $1.84 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 9th will be paid a $0.135 dividend. The ex-dividend date of this dividend is Monday, August 7th. This represents a $0.54 dividend on an annualized basis and a yield of 1.22%. Brown & Brown’s payout ratio is currently 29.03%.

ILLEGAL ACTIVITY NOTICE: “Retirement Systems of Alabama Raises Position in Brown & Brown, Inc. (BRO)” was published by Watch List News and is the sole property of of Watch List News. If you are accessing this piece of content on another domain, it was illegally stolen and reposted in violation of U.S. and international copyright laws. The original version of this piece of content can be viewed at https://www.watchlistnews.com/retirement-systems-of-alabama-raises-position-in-brown-brown-inc-bro/1493421.html.

BRO has been the subject of several research reports. Wells Fargo & Company reissued a “hold” rating on shares of Brown & Brown in a report on Tuesday. BidaskClub raised Brown & Brown from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Royal Bank Of Canada reissued a “hold” rating and issued a $44.00 target price on shares of Brown & Brown in a report on Tuesday, June 13th. SunTrust Banks, Inc. reissued a “hold” rating and issued a $46.00 target price (up from $44.00) on shares of Brown & Brown in a report on Friday, May 19th. Finally, Zacks Investment Research raised Brown & Brown from a “sell” rating to a “hold” rating in a report on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. Brown & Brown has an average rating of “Hold” and a consensus target price of $43.50.

In other Brown & Brown news, EVP Anthony T. Strianese sold 18,870 shares of Brown & Brown stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $44.49, for a total value of $839,526.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 16.98% of the company’s stock.

Brown & Brown Company Profile

Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO).

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

Receive News & Ratings for Brown & Brown Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brown & Brown Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.