Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “BRO.”

On February 20, 2020, there were 281,552,678 shares of our common stock outstanding, held by approximately 1,390 shareholders of record.

Sales of Unregistered Securities

We did not sell any unregistered securities during 2019.

Issuer Purchases of Equity Securities

Under the authorization from the Company’s Board of Directors, shares may be purchased from time to time, at the Company’s discretion and subject to the availability of stock, market conditions, the trading price of the stock, alternative uses for capital, the Company’s financial performance and other potential factors. These purchases may be carried out through open market purchases, block trades, accelerated share repurchase plans of up to $100.0 million each (unless otherwise approved by the Board of Directors), negotiated private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Exchange Act.

During 2019, the Company repurchased 1,654,513 shares at an average price per share of $35.46 for a total cost of $58.7 million. At December 31, 2019, the remaining amount authorized by our Board of Directors for share repurchases was $461.3 million. Under the authorized repurchase programs, the Company has repurchased a total of approximately 15.5 million shares for an aggregate cost of approximately $536.2 million between 2014 and 2019.

The following table presents information with respect to our purchases of our common stock during the three months ended December 31, 2019.

Period		Average price paid per share			Approximate dollar value of shares that may yet be purchased under the plans or programs
October 1, 2019 to October 31, 2019	814,173	$	35.59	812,933	$	461,282,789
November 1, 2019 to November 30, 2019	1,160		37.88	—		461,282,789
December 1, 2019 to December 31, 2019	1,113		38.62	—		461,282,789
Total	816,446	$	35.59	812,933	$	461,282,789

(1)	Of the shares reported in this column, 812,933 shares were purchased in open market transactions. All other shares reported in this column are attributable to shares withheld for taxes in connection with the vesting of restricted shares awarded under our Performance Stock Plan and 2010 Stock Incentive Plan.

Performance Graph

The following graph is a comparison of five-year cumulative total shareholder returns for our common stock as compared with the cumulative total shareholder return for the NYSE Composite Index, and a group of peer insurance broker and agency companies (Aon plc, Arthur J. Gallagher & Co, Marsh & McLennan Companies, and Willis Towers Watson Public Limited Company). The returns of each company have been weighted according to such companies’ respective stock market capitalizations as of December 31, 2014 for the purposes of arriving at a peer group average. The total return calculations are based upon an assumed $100 investment on December 31, 2014, with all dividends reinvested.


Brown & Brown, Inc.	100.00	117.76	162.40	175.68	206.91	285.13
NYSE Composite	100.00	96.03	107.62	127.96	116.72	146.76
Peer Group	100.00	104.96	121.53	147.49	162.17	221.50

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