Millennium Management LLC Buys 22,039 Shares of Brown & Brown, Inc. $BRO

Key Points

• Millennium Management LLC increased its stake in Brown & Brown, Inc. by 3.5% in Q1, now holding 649,852 shares valued at approximately $80.8 million.
• Company insiders have also been active, with Director Bronislaw Edmund Masojada purchasing 1,000 shares and Director Paul J. Krump acquiring 2,678 shares, increasing their positions significantly.
• Brown & Brown reported a Q2 earnings per share of $1.03, exceeding estimates and indicating a 9.1% revenue increase year-over-year.

Millennium Management LLC boosted its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 3.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 649,852 shares of the financial services provider's stock after purchasing an additional 22,039 shares during the period. Millennium Management LLC owned about 0.23% of Brown & Brown worth $80,842,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Bares Capital Management Inc. acquired a new stake in Brown & Brown in the 1st quarter valued at about $26,000. Sunbelt Securities Inc. lifted its position in Brown & Brown by 581.8% during the fourth 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. Optimum Investment Advisors acquired a new stake in Brown & Brown during the first quarter worth approximately $31,000. SouthState Corp lifted its position in Brown & Brown by 188.6% during the first 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. Finally, Zions Bancorporation National Association UT acquired a new stake in Brown & Brown during the first quarter worth approximately $45,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BRO shares. Citigroup started coverage on shares of Brown & Brown in a research report on Wednesday, August 13th. They set a "buy" rating and a $112.00 price objective for the company. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 30th. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Wells Fargo & Company downgraded shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $104.00 to $101.00 in a research report on Wednesday, August 13th. Finally, Argus restated a "hold" rating on shares of Brown & Brown in a research report on Thursday, July 31st. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Brown & Brown currently has an average rating of "Hold" and an average target price of $112.64.

Insider Buying and Selling

In other news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares of the company's stock, valued at $457,200. The trade was a 25.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul J. Krump acquired 2,678 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the purchase, the director directly owned 5,353 shares of the company's stock, valued at $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company's stock.

Brown & Brown Stock Performance

Shares of BRO traded up $1.72 during mid-day trading on Thursday, hitting $94.22. 1,676,184 shares of the company's stock were exchanged, compared to its average volume of 2,544,224. Brown & Brown, Inc. has a 52 week low of $90.38 and a 52 week high of $125.68. The stock's 50-day simple moving average is $98.56 and its 200-day simple moving average is $108.78. The firm has a market cap of $31.08 billion, a price-to-earnings ratio of 27.15, a price-to-earnings-growth ratio of 2.13 and a beta of 0.81. 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 (NYSE:BRO - Get Free Report) last announced its earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The company had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the firm earned $0.93 earnings per share. The business's revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities research analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is 17.29%.

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.