Benjamin Edwards Inc. Purchases 35,948 Shares of Brown & Brown, Inc. $BRO

Key Points

• Benjamin Edwards Inc. increased its Brown & Brown position by 60.3% in the second quarter, adding 35,948 shares to hold 95,538 shares valued at approximately $6.1 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown reported quarterly revenue of $1.65 billion, up 30.4% year over year, but missed analyst estimates for both revenue and earnings per share. The company posted $1.07 EPS versus the $1.08 consensus estimate.
• The insurer declared a quarterly dividend of $0.165, equivalent to $0.66 annually and a 0.9% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $76.80.

Benjamin Edwards Inc. grew its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 60.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 95,538 shares of the financial services provider's stock after buying an additional 35,948 shares during the quarter. Benjamin Edwards Inc.'s holdings in Brown & Brown were worth $6,129,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Union Bancaire Privee UBP SA bought a new stake in Brown & Brown during the first quarter worth $25,000. Basepoint Wealth LLC purchased a new position in Brown & Brown in the fourth quarter worth $27,000. Darwin Wealth Management LLC bought a new position in Brown & Brown in the 2nd quarter valued at $30,000. DV Equities LLC bought a new position in Brown & Brown in the 4th quarter valued at $33,000. Finally, Allied Private Wealth LLC purchased a new stake in shares of Brown & Brown during the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Performance

NYSE BRO opened at $73.32 on Monday. The firm has a market cap of $24.53 billion, a P/E ratio of 23.13, a price-to-earnings-growth ratio of 3.65 and a beta of 0.59. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The company's 50 day moving average is $69.05 and its 200-day moving average is $65.78. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $97.49.

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

Brown & Brown Dividend Announcement

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

Analyst Ratings Changes

BRO has been the topic of a number of research analyst reports. Truist Financial set a $90.00 price target on shares of Brown & Brown in a report on Wednesday, July 29th. Jefferies Financial Group restated a "hold" rating on shares of Brown & Brown in a report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price objective on shares of Brown & Brown from $78.00 to $80.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. Mizuho boosted their target price on shares of Brown & Brown from $81.00 to $86.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Finally, Citizens Jmp increased their target price on shares of Brown & Brown from $70.00 to $78.00 and gave the company a "market outperform" rating in a research report on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Brown & Brown currently has a consensus rating of "Hold" and an average target price of $76.80.

About Brown & Brown

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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