Allianz Asset Management GmbH Boosts Stock Position in Brown & Brown, Inc. $BRO

Key Points

• Allianz Asset Management GmbH increased its stake in Brown & Brown, Inc. by 1.9%, holding a total of 291,886 shares valued at approximately $32.36 million as of its latest SEC filing.
• Brown & Brown reported a quarterly EPS of $1.03, exceeding analysts' estimates, with revenues of $1.29 billion, marking a year-over-year increase of 9.1%.
• Corporate insiders have been actively purchasing shares, with notable transactions including Director Paul J. Krump acquiring 2,678 shares, which increased his holdings by over 100%.

Allianz Asset Management GmbH lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 291,886 shares of the financial services provider's stock after purchasing an additional 5,434 shares during the period. Allianz Asset Management GmbH owned 0.10% of Brown & Brown worth $32,361,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BRO. GAMMA Investing LLC boosted its holdings in shares of Brown & Brown by 13.1% during the first quarter. GAMMA Investing LLC now owns 8,945 shares of the financial services provider's stock worth $1,113,000 after purchasing an additional 1,039 shares during the period. Ritholtz Wealth Management bought a new position in Brown & Brown in the first quarter worth about $255,000. CWA Asset Management Group LLC raised its stake in Brown & Brown by 13.4% in the first quarter. CWA Asset Management Group LLC now owns 3,307 shares of the financial services provider's stock worth $411,000 after buying an additional 391 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Brown & Brown by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 27,803 shares of the financial services provider's stock worth $3,458,000 after buying an additional 745 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Brown & Brown by 11.7% in the first quarter. Blue Trust Inc. now owns 1,002 shares of the financial services provider's stock worth $125,000 after buying an additional 105 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Paul J. Krump purchased 2,678 shares of the business's stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, the director owned 5,000 shares of the company's stock, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 17.02% of the company's stock.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $87.79 on Friday. Brown & Brown, Inc. has a fifty-two week low of $87.26 and a fifty-two week high of $125.68. The company has a 50 day simple moving average of $94.26 and a two-hundred day simple moving average of $103.77. The company has a market capitalization of $28.96 billion, a price-to-earnings ratio of 25.30, a P/E/G ratio of 1.98 and a beta of 0.79. 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 posted its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating 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 analysts' expectations of $1.28 billion. During the same quarter in the prior year, the company posted $0.93 earnings per share. The business's revenue for the quarter was up 9.1% on a year-over-year basis. Analysts expect 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 was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.7%. Brown & Brown's dividend payout ratio is presently 17.29%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BRO. Morgan Stanley decreased their price target on shares of Brown & Brown from $105.00 to $100.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 7th. Wall Street Zen raised shares of Brown & Brown from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. Barclays decreased their price target on shares of Brown & Brown from $108.00 to $102.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 8th. Citigroup started coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They issued a "buy" rating and a $112.00 price target for the company. Finally, Weiss Ratings downgraded shares of Brown & Brown from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $109.92.

Brown & Brown Company Profile

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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