Brown & Brown, Inc. $BRO Shares Acquired by Quantum Capital Management LLC NJ

Key Points

• Quantum Capital Management LLC NJ increased its stake in Brown & Brown by 148.2% in the fourth quarter, buying 388,059 additional shares and bringing its total to 649,855 shares worth about $51.8 million.
• Brown & Brown’s latest earnings beat expectations, with quarterly EPS of $1.39 versus the $1.36 consensus and revenue of $1.90 billion, up 35.4% year over year. Analysts currently expect full-year EPS of 4.51.
• Wall Street remains cautious overall: the stock has a consensus rating of “Hold” and an average price target of $78.44, even as some analysts maintained buy-oriented ratings. The company also paid a quarterly dividend of $0.165 per share, yielding about 1.1% annualized.

Quantum Capital Management LLC NJ boosted its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 148.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 649,855 shares of the financial services provider's stock after purchasing an additional 388,059 shares during the period. Brown & Brown comprises 6.0% of Quantum Capital Management LLC NJ's holdings, making the stock its 7th largest position. Quantum Capital Management LLC NJ owned about 0.19% of Brown & Brown worth $51,793,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of BRO. AQR Capital Management LLC lifted its stake in Brown & Brown by 38.3% in the 1st quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider's stock valued at $4,132,000 after purchasing an additional 9,264 shares during the last quarter. Focus Partners Wealth lifted its stake in Brown & Brown by 5.2% in the 1st quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider's stock valued at $1,387,000 after purchasing an additional 547 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Brown & Brown by 1,824.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider's stock valued at $5,888,000 after purchasing an additional 50,344 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Brown & Brown by 27.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider's stock valued at $116,000 after purchasing an additional 223 shares during the last quarter. Finally, Cary Street Partners Financial LLC lifted its stake in Brown & Brown by 60.9% in the 2nd quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider's stock valued at $103,000 after purchasing an additional 353 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. bought 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $57.10 per share, with a total value of $114,200.00. Following the completion of the acquisition, the director owned 47,621 shares of the company's stock, valued at $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 13.13% of the company's stock.

Wall Street Analysts Forecast Growth

BRO has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their target price on shares of Brown & Brown from $91.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, April 9th. Mizuho cut their target price on shares of Brown & Brown from $85.00 to $84.00 and set an "outperform" rating for the company in a research note on Monday, April 13th. Royal Bank Of Canada lowered their price target on shares of Brown & Brown from $76.00 to $72.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 29th. Bank of America lowered their price target on shares of Brown & Brown from $90.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 14th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Brown & Brown in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $78.44.

Brown & Brown Stock Up 0.0%

Brown & Brown stock opened at $59.96 on Friday. The stock has a market cap of $20.32 billion, a P/E ratio of 19.28, a P/E/G ratio of 2.76 and a beta of 0.63. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $111.10. The company's 50-day moving average price is $61.11 and its two-hundred day moving average price is $69.85.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The business's revenue was up 35.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.29 EPS. As a group, analysts expect that Brown & Brown, Inc. will post 4.51 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.66 annualized dividend and a dividend yield of 1.1%. Brown & Brown's dividend payout ratio (DPR) is currently 21.22%.

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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