California Public Employees Retirement System Decreases Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

California Public Employees Retirement System trimmed its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,500,437 shares of the financial services provider’s stock after selling 15,848 shares during the quarter. California Public Employees Retirement System’s holdings in Brown & Brown were worth $106,696,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Wedge Capital Management L L P NC lifted its position in shares of Brown & Brown by 26.8% during the fourth quarter. Wedge Capital Management L L P NC now owns 89,992 shares of the financial services provider’s stock valued at $6,399,000 after buying an additional 19,021 shares during the last quarter. Brendel Financial Advisors LLC purchased a new position in shares of Brown & Brown in the 4th quarter valued at approximately $3,311,000. CWM LLC raised its position in shares of Brown & Brown by 11.6% in the 4th quarter. CWM LLC now owns 5,428 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 564 shares during the last quarter. Carmel Capital Partners LLC raised its position in shares of Brown & Brown by 65.4% in the 4th quarter. Carmel Capital Partners LLC now owns 3,162 shares of the financial services provider’s stock valued at $225,000 after purchasing an additional 1,250 shares during the last quarter. Finally, abrdn plc raised its position in shares of Brown & Brown by 91.0% in the 4th quarter. abrdn plc now owns 119,874 shares of the financial services provider’s stock valued at $8,524,000 after purchasing an additional 57,119 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total value of $12,406,005.08. Following the transaction, the chairman now owns 37,460,605 shares in the company, valued at approximately $3,220,113,605.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 16.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BRO shares. Keefe, Bruyette & Woods increased their price objective on shares of Brown & Brown from $75.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, April 10th. The Goldman Sachs Group upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and cut their price target for the stock from $84.00 to $83.00 in a report on Monday, January 8th. Royal Bank of Canada increased their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a report on Sunday, March 17th. Finally, Citigroup increased their price target on shares of Brown & Brown from $89.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $86.80.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $82.93 on Wednesday. The stock has a market capitalization of $23.66 billion, a price-to-earnings ratio of 25.52, a PEG ratio of 2.48 and a beta of 0.78. Brown & Brown, Inc. has a 12 month low of $60.00 and a 12 month high of $87.99. The firm’s 50 day simple moving average is $84.26 and its 200-day simple moving average is $76.90. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.95 and a quick ratio of 1.95.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Brown & Brown had a net margin of 21.09% and a return on equity of 16.82%. The business’s revenue was up 12.7% on a year-over-year basis. During the same quarter last year, the company earned $0.84 EPS. Analysts expect that Brown & Brown, Inc. will post 3.55 EPS for the current year.

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.