Clarkston Capital Partners LLC Has $118.27 Million Stock Holdings in Brown & Brown, Inc. $BRO

Key Points

• Clarkston Capital Partners LLC increased its holdings in Brown & Brown, Inc. to $118.27 million, making up about 2.3% of its portfolio, with the stock now being its 16th largest position.
• Analysts have given mixed ratings on Brown & Brown, with Goldman Sachs lowering their rating from "buy" to "neutral" and setting a price target of $119.00, while Bank of America upgraded the stock to "buy" with a target of $130.00.
• Brown & Brown reported a 9.1% year-over-year revenue increase, reaching $1.29 billion, and declared a quarterly dividend of $0.15 per share, reflecting a 0.6% yield.

Clarkston Capital Partners LLC boosted its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 950,710 shares of the financial services provider's stock after buying an additional 2,730 shares during the quarter. Brown & Brown makes up about 2.3% of Clarkston Capital Partners LLC's portfolio, making the stock its 16th biggest position. Clarkston Capital Partners LLC owned about 0.33% of Brown & Brown worth $118,268,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BRO. Johnson Financial Group Inc. raised its position in Brown & Brown by 534.1% in the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after buying an additional 235 shares during the last quarter. Sunbelt Securities Inc. raised its position in Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after buying an additional 256 shares during the last quarter. Optimum Investment Advisors acquired a new stake in Brown & Brown in the 1st quarter valued at approximately $31,000. SouthState Corp raised its position in Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock valued at $32,000 after buying an additional 166 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Brown & Brown during the 1st quarter worth approximately $45,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. The Goldman Sachs Group lowered Brown & Brown from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $126.00 to $119.00 in a research report on Tuesday, May 13th. Truist Financial set a $120.00 price target on Brown & Brown in a research report on Wednesday, July 30th. BMO Capital Markets lowered their price target on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. Barclays lowered their price target on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Finally, Bank of America raised Brown & Brown from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and an average price target of $112.64.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $96.6480 on Thursday. 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 12 month low of $90.38 and a 12 month high of $125.68. The stock has a 50 day moving average of $102.50 and a 200-day moving average of $110.21. The company has a market capitalization of $31.88 billion, a P/E ratio of 27.85, a P/E/G ratio of 2.20 and a beta of 0.78.

Brown & Brown (NYSE:BRO - Get Free Report) last issued 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. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 EPS. As a group, equities research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

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

Insider Buying and Selling at Brown & Brown

In other news, Director Paul J. Krump purchased 2,678 shares of Brown & Brown stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the purchase, the director directly owned 5,353 shares of the company's stock, valued at $499,488.43. This trade represents a 100.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of Brown & Brown stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average price 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 in the company, valued at $457,200. This trade represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.02% of the company's stock.

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.

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