Teacher Retirement System of Texas increased its stake in Brown & Brown Inc. (NYSE:BRO) by 12.2% during the second quarter, Holdings Channel reports. The institutional investor owned 16,536 shares of the company’s stock after buying an additional 1,804 shares during the period. Teacher Retirement System of Texas’ holdings in Brown & Brown were worth $620,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of BRO. Advisors Asset Management Inc. bought a new position in shares of Brown & Brown during the second quarter valued at approximately $112,000. Carnick & Kubik LLC bought a new position in shares of Brown & Brown during the first quarter valued at approximately $158,000. Stephens Inc. AR bought a new position in shares of Brown & Brown during the second quarter valued at approximately $202,000. Oakbrook Investments LLC bought a new position in shares of Brown & Brown during the second quarter valued at approximately $217,000. Finally, CIBC Asset Management Inc increased its position in shares of Brown & Brown by 0.4% in the second quarter. CIBC Asset Management Inc now owns 6,677 shares of the company’s stock valued at $250,000 after buying an additional 26 shares in the last quarter. Institutional investors and hedge funds own 72.81% of the company’s stock.
Shares of Brown & Brown Inc. (NYSE:BRO) traded up 1.15% during trading on Friday, reaching $37.71. The company’s stock had a trading volume of 675,962 shares. Brown & Brown Inc. has a 12-month low of $28.41 and a 12-month high of $38.11. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of 21.07 and a beta of 1.04. The company has a 50 day moving average of $37.18 and a 200-day moving average of $36.17.
Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 18th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. The firm earned $446.50 million during the quarter, compared to analyst estimates of $439.70 million. Brown & Brown had a return on equity of 11.68% and a net margin of 14.87%. During the same quarter in the prior year, the company posted $0.43 earnings per share. Analysts forecast that Brown & Brown Inc. will post $1.81 EPS for the current year.
Several brokerages have commented on BRO. BMO Capital Markets restated a “market perform” rating and issued a $37.00 target price (up previously from $34.00) on shares of Brown & Brown in a research note on Tuesday, July 12th. RBC Capital Markets reiterated a “sector perform” rating and set a $37.00 price target (up previously from $35.00) on shares of Brown & Brown in a research report on Wednesday, July 20th. Zacks Investment Research downgraded Brown & Brown from a “hold” rating to a “sell” rating in a research report on Tuesday, June 21st. Barclays PLC lifted their price target on Brown & Brown from $31.00 to $33.00 and gave the company an “underweight” rating in a research report on Friday. Finally, Compass Point lifted their price target on Brown & Brown from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, July 20th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $35.18.
In other news, EVP Robert W. Lloyd sold 2,971 shares of the company’s stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $37.32, for a total value of $110,877.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 17.49% of the stock is owned by insiders.
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 customers with non-investment insurance contracts, as well as other targeted, customized risk management products and services.
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