Thurston Springer Miller Herd & Titak Inc. Increases Holdings in Brown & Brown, Inc. $BRO

Key Points

• Thurston Springer Miller Herd & Titak Inc. increased its stake in Brown & Brown, Inc. by 12% during Q2, acquiring an additional 4,351 shares, bringing their total holdings to 40,678 shares worth approximately $4.51 million.
• Several analysts have revised their target prices for Brown & Brown, with estimates ranging from $87.00 to $120.00, while maintaining a mixed rating that includes seven "Buy" and seven "Hold" recommendations.
• Brown & Brown declared a quarterly dividend of $0.15 per share, reflecting an annualized yield of 0.6%, with a payout ratio of 17.29%.

Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 12.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,678 shares of the financial services provider's stock after purchasing an additional 4,351 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in Brown & Brown were worth $4,510,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bares Capital Management Inc. bought a new position in Brown & Brown during the 1st quarter worth approximately $26,000. Optimum Investment Advisors bought a new position in Brown & Brown during the 1st quarter worth approximately $31,000. SouthState Corp boosted its stake in Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after acquiring an additional 166 shares during the last quarter. Sunbelt Securities Inc. boosted its stake in Brown & Brown by 581.8% during the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after acquiring an additional 256 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in Brown & Brown during the 1st quarter worth approximately $45,000. Institutional investors own 71.01% of the company's stock.

Brown & Brown Trading Down 0.5%

NYSE:BRO traded down $0.45 on Friday, reaching $91.42. 620,774 shares of the stock traded hands, compared to its average volume of 2,538,972. The firm has a market capitalization of $30.15 billion, a price-to-earnings ratio of 26.35, a price-to-earnings-growth ratio of 2.08 and a beta of 0.81. The company's 50 day moving average is $96.71 and its 200-day moving average is $107.80. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a 1-year low of $89.99 and a 1-year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results 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. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The company's revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 EPS. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.

Insiders Place Their Bets

In other news, Director Paul J. Krump bought 2,678 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $93.31 per share, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the acquisition, the director owned 5,000 shares in the company, valued at $457,200. This represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is owned by company insiders.

Analyst Ratings Changes

BRO has been the topic of several research analyst reports. Citigroup began coverage on shares of Brown & Brown in a report on Wednesday, August 13th. They set a "buy" rating and a $112.00 target price on the stock. BMO Capital Markets decreased their target price on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods reduced their target price on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research report on Thursday, July 31st. Morgan Stanley reduced their target price on shares of Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. Finally, Wall Street Zen cut shares of Brown & Brown from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Seven 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 MarketBeat.com, Brown & Brown currently has a consensus rating of "Hold" and a consensus price target of $112.64.

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.