Campbell & CO Investment Adviser LLC Takes Position in Brown & Brown, Inc. $BRO

Key Points

• Campbell & CO Investment Adviser LLC acquired 60,657 shares of Brown & Brown, Inc. valued at approximately $7.5 million, making it the fund's 6th largest position.
• Brown & Brown reported a quarterly earnings per share of $1.03, surpassing analysts' expectations, and had a net margin of 19.89% with revenue of $1.29 billion.
• The company recently declared a quarterly dividend of $0.15 per share, contributing to a total annualized dividend of $0.60 and a dividend yield of 0.6%.

Campbell & CO Investment Adviser LLC acquired a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 60,657 shares of the financial services provider's stock, valued at approximately $7,546,000. Brown & Brown accounts for about 0.6% of Campbell & CO Investment Adviser LLC's holdings, making the stock its 6th biggest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in BRO. Johnson Financial Group Inc. increased its stake in shares of Brown & Brown by 534.1% in the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after buying an additional 235 shares during the period. Sunbelt Securities Inc. increased its stake in shares of Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after buying an additional 256 shares during the period. Optimum Investment Advisors acquired a new position in shares of Brown & Brown in the first quarter valued at approximately $31,000. SouthState Corp boosted its holdings in Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 166 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new stake in Brown & Brown in the first quarter valued at approximately $45,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Keefe, Bruyette & Woods reduced their target price on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a report on Thursday, July 31st. The Goldman Sachs Group cut Brown & Brown from a "buy" rating to a "neutral" rating and reduced their target price for the company from $126.00 to $119.00 in a report on Tuesday, May 13th. Citigroup assumed coverage on Brown & Brown in a report on Wednesday, August 13th. They issued a "buy" rating and a $112.00 target price on the stock. Raymond James Financial reiterated an "outperform" rating and issued a $120.00 target price (down from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Finally, Morgan Stanley reduced their target price on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating on the stock in a report on Monday, August 18th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Brown & Brown has a consensus rating of "Hold" and a consensus price target of $112.64.

Insiders Place Their Bets

In related news, Director Paul J. Krump purchased 2,678 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $93.31 per share, with a total value of $249,884.18. Following the transaction, the director owned 5,353 shares of the company's stock, valued at $499,488.43. This represents a 100.11% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the transaction, the director directly owned 5,000 shares in the company, valued at $457,200. The trade was a 25.00% increase in their position. The disclosure for this purchase can be found here. 17.02% of the stock is owned by company insiders.

Brown & Brown Trading Up 0.1%

Shares of Brown & Brown stock traded up $0.11 on Wednesday, reaching $96.16. 2,119,996 shares of the company's stock were exchanged, compared to its average volume of 3,368,436. The company has a market capitalization of $31.72 billion, a P/E ratio of 27.71, a price-to-earnings-growth ratio of 2.18 and a beta of 0.78. Brown & Brown, Inc. has a 52 week low of $90.38 and a 52 week high of $125.68. The firm's 50-day moving average is $101.40 and its two-hundred day moving average is $109.84. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72.

Brown & Brown (NYSE:BRO - Get Free Report) last issued 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 return on equity of 15.10% and a net margin of 19.89%.The company had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the business earned $0.93 EPS. Brown & Brown's quarterly revenue was up 9.1% compared to the same quarter last year. Sell-side analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.

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.