Brown & Brown, Inc. $BRO Shares Bought by Summit Financial LLC

Key Points

• Summit Financial LLC significantly increased its holdings in Brown & Brown, Inc. by 404.1% in Q1, bringing their total to 35,415 shares valued at approximately $4.41 million.
• Brown & Brown's recent quarterly earnings showed a beat with an EPS of $1.03, exceeding estimates, and a year-over-year revenue growth of 9.1%.
• The company declared a quarterly dividend of $0.15 per share, yielding 0.6%, with a payout ratio of 17.29% as reported in its latest filings.

Summit Financial LLC raised its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 404.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,415 shares of the financial services provider's stock after acquiring an additional 28,390 shares during the quarter. Summit Financial LLC's holdings in Brown & Brown were worth $4,406,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BRO. GAMMA Investing LLC lifted its holdings in Brown & Brown by 13,974.9% in the first quarter. GAMMA Investing LLC now owns 1,112,758 shares of the financial services provider's stock valued at $138,427,000 after acquiring an additional 1,104,852 shares during the period. Handelsbanken Fonder AB lifted its holdings in Brown & Brown by 172.5% in the first quarter. Handelsbanken Fonder AB now owns 1,314,434 shares of the financial services provider's stock valued at $163,516,000 after acquiring an additional 832,100 shares during the period. Balyasny Asset Management L.P. lifted its holdings in Brown & Brown by 9,262.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 687,095 shares of the financial services provider's stock valued at $70,097,000 after acquiring an additional 679,756 shares during the period. Nuveen LLC acquired a new stake in Brown & Brown in the first quarter valued at $72,895,000. Finally, Vanguard Group Inc. lifted its holdings in Brown & Brown by 1.9% in the first quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider's stock valued at $3,794,339,000 after acquiring an additional 560,980 shares during the period. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Down 0.4%

BRO opened at $96.3590 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The stock has a market capitalization of $31.78 billion, a price-to-earnings ratio of 27.77, a price-to-earnings-growth ratio of 2.20 and a beta of 0.78. The business has a 50-day moving average of $102.29 and a two-hundred day moving average of $110.14. Brown & Brown, Inc. has a 12 month low of $90.38 and a 12 month high of $125.68.

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 the consensus estimate of $0.99 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The firm's revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.93 EPS. On average, 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 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 0.6%. Brown & Brown's payout ratio is presently 17.29%.

Insider Transactions at Brown & Brown

In other news, Director Bronislaw Edmund Masojada bought 1,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was acquired 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 $457,200. This trade represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Paul J. Krump bought 2,678 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director directly owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their position. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BRO has been the subject of several research reports. Raymond James Financial reaffirmed an "outperform" rating and set a $120.00 price target (down previously from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Morgan Stanley cut their price target on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research note on Monday. Citigroup initiated coverage on Brown & Brown in a research note on Wednesday, August 13th. They set a "buy" rating and a $112.00 price target for the company. Wells Fargo & Company downgraded Brown & Brown from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $104.00 to $101.00 in a research note on Wednesday, August 13th. Finally, Truist Financial set a $120.00 price target on Brown & Brown in a research note on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $112.64.

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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