Arkadios Wealth Advisors Invests $866,000 in Brown & Brown, Inc. (NYSE:BRO)

Key Points

• Arkadios Wealth Advisors made a new investment of approximately $866,000 in Brown & Brown, Inc. by acquiring 6,962 shares during the first quarter.
• Brown & Brown reported a quarterly earnings per share (EPS) of $1.03, exceeding analysts' estimates of $0.99, with a net margin of 19.89% and year-over-year revenue growth of 9.1%.
• The company announced a quarterly dividend of $0.15 per share, to be paid on August 20th, which reflects an annual yield of 0.7% and a payout ratio of 17.29%.

Arkadios Wealth Advisors acquired a new stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,962 shares of the financial services provider's stock, valued at approximately $866,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capital Investment Advisors LLC bought a new position in Brown & Brown in the 1st quarter worth approximately $1,929,000. GW&K Investment Management LLC lifted its position in shares of Brown & Brown by 104.4% during the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock worth $52,000 after acquiring an additional 214 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of Brown & Brown by 7.1% in the first quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock worth $847,000 after acquiring an additional 450 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Brown & Brown by 395.6% in 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 purchasing an additional 27,297 shares in the last quarter. Finally, Tandem Investment Advisors Inc. grew its position in shares of Brown & Brown by 2.5% in the first quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock valued at $95,130,000 after purchasing an additional 18,677 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BRO. Jefferies Financial Group increased their price objective on Brown & Brown from $105.00 to $109.00 and gave the stock a "hold" rating in a report on Friday, April 11th. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 30th. Keefe, Bruyette & Woods reduced their price objective 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. BMO Capital Markets lowered their target price on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. Finally, Edward Jones initiated coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They issued a "buy" rating for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $114.69.

Brown & Brown Price Performance

NYSE:BRO traded down $0.97 during midday trading on Tuesday, hitting $91.73. The company had a trading volume of 3,319,158 shares, compared to its average volume of 3,661,423. The stock's fifty day moving average price is $105.87 and its 200-day moving average price is $111.05. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a 52-week low of $90.55 and a 52-week high of $125.68. The company has a market capitalization of $30.25 billion, a PE ratio of 26.43, a P/E/G ratio of 2.11 and a beta of 0.78.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating 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 firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. The business's quarterly revenue was up 9.1% compared to the same quarter last year. As a group, research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Wednesday, August 13th. Brown & Brown's dividend payout ratio 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.