New Mexico Educational Retirement Board Purchases New Holdings in Brown & Brown, Inc. (NYSE:BRO)
New Mexico Educational Retirement Board acquired a new position in Brown & Brown, Inc. (NYSE:BRO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 28,676 shares of the financial services provider’s stock, valued at approximately $1,476,000.
Several other large investors have also modified their holdings of BRO. Parametric Portfolio Associates LLC grew its stake in shares of Brown & Brown by 3.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 88,423 shares of the financial services provider’s stock worth $3,808,000 after buying an additional 2,756 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of Brown & Brown in the 2nd quarter worth $9,076,000. The Manufacturers Life Insurance Company boosted its stake in shares of Brown & Brown by 1.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 169,543 shares of the financial services provider’s stock worth $7,302,000 after purchasing an additional 3,200 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Brown & Brown during the 2nd quarter worth about $590,000. Finally, Nomura Holdings Inc. purchased a new position in shares of Brown & Brown during the 2nd quarter worth about $382,000. 72.22% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently commented on BRO. Zacks Investment Research cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Langen Mcalenn reaffirmed a “buy” rating on shares of Brown & Brown in a research note on Tuesday, January 16th. Wells Fargo & Co reaffirmed a “hold” rating and set a $52.00 price target on shares of Brown & Brown in a research note on Monday, January 22nd. Royal Bank of Canada reaffirmed a “hold” rating and set a $53.00 price target on shares of Brown & Brown in a research note on Wednesday, January 24th. Finally, SunTrust Banks raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Wednesday, December 6th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $48.63.
Brown & Brown’s stock is going to split on the morning of Thursday, March 29th. The 2-1 split was announced on Monday, February 26th. The newly created shares will be payable to shareholders after the market closes on Wednesday, March 28th.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, January 22nd. The financial services provider reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. Brown & Brown had a net margin of 21.24% and a return on equity of 11.19%. The company had revenue of $474.30 million during the quarter, compared to analyst estimates of $449.89 million. During the same quarter last year, the business posted $0.41 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. equities analysts predict that Brown & Brown, Inc. will post 2.39 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Friday, February 2nd were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $0.60 dividend on an annualized basis and a yield of 1.14%. Brown & Brown’s payout ratio is 21.43%.
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Brown & Brown 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.
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