78,300 Shares in Brown & Brown, Inc. $BRO Bought by Element Capital Management LLC

Key Points

• Element Capital Management bought 78,300 Brown & Brown shares worth approximately $5.0 million during the second quarter. Institutional investors and hedge funds collectively own 71.01% of the company.
• Brown & Brown reported quarterly revenue of $1.65 billion, up 30.4% year over year, but earnings of $1.07 per share narrowly missed the $1.08 analyst consensus.
• The company paid a quarterly dividend of $0.165 per share, equal to a $0.66 annualized payout and a 0.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $76.80.

Element Capital Management LLC purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 78,300 shares of the financial services provider's stock, valued at approximately $5,023,000.

A number of other large investors have also recently added to or reduced their stakes in BRO. PFA Pension Forsikringsaktieselskab acquired a new stake in Brown & Brown in the 4th quarter valued at about $46,226,000. Vest Financial LLC increased its position in Brown & Brown by 3.7% during the fourth quarter. Vest Financial LLC now owns 552,994 shares of the financial services provider's stock worth $44,074,000 after buying an additional 19,503 shares during the last quarter. Rathbones Group PLC raised its stake in Brown & Brown by 17.7% in the first quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider's stock valued at $75,267,000 after buying an additional 173,265 shares during the period. Barr E S & Co. raised its stake in Brown & Brown by 19.0% in the fourth quarter. Barr E S & Co. now owns 362,669 shares of the financial services provider's stock valued at $28,905,000 after buying an additional 57,971 shares during the period. Finally, UBS Group AG lifted its position in shares of Brown & Brown by 31.8% in the fourth quarter. UBS Group AG now owns 1,972,258 shares of the financial services provider's stock valued at $157,189,000 after buying an additional 475,951 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $73.35 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The firm has a market cap of $24.54 billion, a price-to-earnings ratio of 23.14, a P/E/G ratio of 3.72 and a beta of 0.59. The stock's fifty day moving average price is $68.25 and its two-hundred day moving average price is $65.76. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $97.49.

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

Brown & Brown Dividend Announcement

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

Wall Street Analyst Weigh In

BRO has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on Brown & Brown from $72.00 to $74.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 8th. Truist Financial set a $90.00 price target on Brown & Brown in a report on Wednesday, July 29th. Wells Fargo & Company reduced their price objective on shares of Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating for the company in a research report on Thursday, July 9th. Morgan Stanley reiterated an "underweight" rating and issued a $60.00 price objective (up from $56.00) on shares of Brown & Brown in a report on Wednesday, August 19th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $76.80.

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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