25,345 Shares in Brown & Brown, Inc. $BRO Purchased by Maridea Wealth Management LLC

Key Points

• Maridea Wealth Management purchased 25,345 shares of Brown & Brown during the second quarter, valued at approximately $1.63 million. Institutional investors and hedge funds collectively own 71.01% of the company.
• Brown & Brown’s latest quarterly results slightly missed expectations, reporting EPS of $1.07 versus the $1.08 consensus and revenue of $1.65 billion versus $1.71 billion expected, despite 30.4% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.165 per share, or $0.66 annualized, representing a 0.9% yield. Wall Street maintains a consensus “Hold” rating with an average price target of $76.47.

Maridea Wealth Management LLC acquired a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 25,345 shares of the financial services provider's stock, valued at approximately $1,626,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. ICONIQ Capital LLC raised its holdings in shares of Brown & Brown by 5.4% during the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock valued at $234,000 after buying an additional 109 shares during the last quarter. Zacks Investment Management grew its holdings in Brown & Brown by 0.7% in the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock worth $1,675,000 after buying an additional 125 shares in the last quarter. Private Trust Co. NA increased its position in Brown & Brown by 13.1% in the 4th quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider's stock valued at $91,000 after acquiring an additional 133 shares during the period. Moors & Cabot Inc. increased its position in Brown & Brown by 2.1% in the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock valued at $638,000 after acquiring an additional 142 shares during the period. Finally, Independent Advisor Alliance raised its stake in Brown & Brown by 0.5% during the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider's stock valued at $2,694,000 after acquiring an additional 162 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $70.60 on Friday. The stock has a fifty day moving average price of $66.51 and a two-hundred day moving average price of $65.90. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. The firm has a market cap of $23.62 billion, a P/E ratio of 22.27, a PEG ratio of 3.52 and a beta of 0.59. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $98.30.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the business posted $1.03 earnings per share. The firm's revenue for the quarter was up 30.4% compared to the same quarter last year. Research analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 0.9%. Brown & Brown's dividend payout ratio (DPR) is currently 20.82%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BRO. Citigroup lowered Brown & Brown from an "outperform" rating to a "neutral" rating and boosted their price target for the stock from $70.00 to $79.00 in a research report on Wednesday, July 29th. BMO Capital Markets raised their price target on Brown & Brown from $73.00 to $74.00 and gave the company a "market perform" rating in a report on Wednesday, July 29th. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 29th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Brown & Brown in a report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Brown & Brown from $72.00 to $74.00 and gave the stock a "market perform" rating in a report on Wednesday, July 8th. Four research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Brown & Brown presently has a consensus rating of "Hold" and a consensus target price of $76.47.

Brown & Brown Profile

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

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