CHB Investment Group LLC Purchases 3,458 Shares of Brown & Brown, Inc. $BRO

Key Points

• CHB Investment Group LLC increased its stake in Brown & Brown, Inc. by 11.8%, owning a total of 32,818 shares, valued at approximately $3.6 million.
• The company recently announced a quarterly dividend of $0.15 per share, reflecting an annualized dividend yield of 0.7%.
• Brown & Brown reported a 9.1% year-over-year increase in revenue, with an EPS of $1.03, exceeding analysts' expectations of $0.99.

CHB Investment Group LLC increased its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 11.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,818 shares of the financial services provider's stock after purchasing an additional 3,458 shares during the period. Brown & Brown accounts for 1.9% of CHB Investment Group LLC's portfolio, making the stock its 21st largest holding. CHB Investment Group LLC's holdings in Brown & Brown were worth $3,639,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Maseco LLP purchased a new position in Brown & Brown during the second quarter valued at $109,000. Fifth Third Bancorp grew its stake in Brown & Brown by 16.1% during the second quarter. Fifth Third Bancorp now owns 7,900 shares of the financial services provider's stock valued at $876,000 after acquiring an additional 1,093 shares in the last quarter. Forte Capital LLC ADV grew its stake in Brown & Brown by 1.2% during the second quarter. Forte Capital LLC ADV now owns 70,802 shares of the financial services provider's stock valued at $7,850,000 after acquiring an additional 812 shares in the last quarter. Revisor Wealth Management LLC grew its stake in Brown & Brown by 7.1% during the second quarter. Revisor Wealth Management LLC now owns 4,507 shares of the financial services provider's stock valued at $489,000 after acquiring an additional 299 shares in the last quarter. Finally, Financial Enhancement Group LLC grew its stake in Brown & Brown by 6.6% during the second quarter. Financial Enhancement Group LLC now owns 7,574 shares of the financial services provider's stock valued at $809,000 after acquiring an additional 469 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on BRO shares. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research note on Wednesday, July 30th. Raymond James Financial reaffirmed an "outperform" rating and set a $120.00 target price (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Barclays cut their target price on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. BMO Capital Markets cut 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. Finally, Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $126.00 to $130.00 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 assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $112.08.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $92.14 on Wednesday. Brown & Brown, Inc. has a 52 week low of $89.99 and a 52 week high of $125.68. The stock has a market capitalization of $30.39 billion, a P/E ratio of 26.55, a PEG ratio of 2.09 and a beta of 0.80. The firm has a fifty day simple moving average of $95.82 and a two-hundred day simple moving average of $107.16. 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 issued its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the company posted $0.93 EPS. The business's revenue was up 9.1% on a year-over-year basis. On average, analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal 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 $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is 17.29%.

Insider Activity

In other news, Director Bronislaw Edmund Masojada bought 1,000 shares of the stock in a transaction dated 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 acquisition, the director owned 5,000 shares of the company's stock, valued at $457,200. The trade was a 25.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul J. Krump bought 2,678 shares of the stock in a transaction dated Friday, August 8th. The stock was 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. The trade was a 100.11% increase in their position. The disclosure for this purchase can be found here. 15.59% of the stock is currently owned by company insiders.

Brown & Brown 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.

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.