Brown & Brown, Inc. (NYSE:BRO) Director Purchases $91,440.00 in Stock

Key Points

• Director Purchases: Brown & Brown, Inc. Director Bronislaw Edmund Masojada bought 1,000 shares at $91.44 each, totaling $91,440, increasing his ownership by 25% to 5,000 shares.
• Quarterly Earnings Report: The company reported $1.03 earnings per share for the last quarter, exceeding analysts' expectations of $0.99, with a year-over-year revenue increase of 9.1%.
• Dividend Declaration: Brown & Brown declared a quarterly dividend of $0.15 per share, payable on August 20th, representing a 0.6% dividend yield.

Brown & Brown, Inc. (NYSE:BRO - Get Free Report) Director Bronislaw Edmund Masojada purchased 1,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the acquisition, the director directly owned 5,000 shares in the company, valued at $457,200. This trade represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Brown & Brown Stock Performance

Shares of NYSE:BRO traded up $0.80 on Thursday, reaching $92.60. 4,129,265 shares of the company's stock were exchanged, compared to its average volume of 2,568,773. The company has a fifty day moving average of $105.49 and a 200-day moving average of $110.92. Brown & Brown, Inc. has a twelve month low of $90.38 and a twelve month high of $125.68. The company has a market capitalization of $30.54 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 2.08 and a beta of 0.78. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the business posted $0.93 EPS. The business's revenue was up 9.1% compared to the same quarter last year. On average, research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.

Institutional Trading of Brown & Brown

Large investors have recently made changes to their positions in the company. Bank Pictet & Cie Europe AG bought a new position in Brown & Brown in the 4th quarter valued at approximately $907,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Brown & Brown by 395.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 34,197 shares of the financial services provider's stock valued at $3,489,000 after acquiring an additional 27,297 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Brown & Brown by 8.8% during the fourth quarter. Franklin Resources Inc. now owns 118,797 shares of the financial services provider's stock valued at $12,120,000 after acquiring an additional 9,631 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Brown & Brown by 2.0% during the fourth quarter. Federated Hermes Inc. now owns 96,426 shares of the financial services provider's stock valued at $9,837,000 after acquiring an additional 1,875 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Brown & Brown by 0.4% during the fourth quarter. Bank of Montreal Can now owns 379,140 shares of the financial services provider's stock valued at $38,680,000 after acquiring an additional 1,690 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BRO. Argus reaffirmed a "hold" rating on shares of Brown & Brown in a research note on Thursday, July 31st. Edward Jones began coverage on shares of Brown & Brown in a research note on Wednesday, April 16th. They issued a "buy" rating for the company. BMO Capital Markets reduced their target price on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods reduced their target price on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday, July 31st. Finally, Jefferies Financial Group upped their target price on shares of Brown & Brown from $105.00 to $109.00 and gave the stock a "hold" rating in a research note on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $114.69.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.

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