Cvfg LLC Takes $1.01 Million Position in Brown & Brown, Inc. $BRO

Key Points

• Cvfg LLC initiated a new position in Brown & Brown during the first quarter, buying 15,494 shares valued at about $1.01 million.
• Brown & Brown reported better-than-expected quarterly results, with EPS of $1.39 versus $1.36 expected and revenue of $1.90 billion, up 35.4% year over year.
• The company continues to draw mixed Wall Street views: analysts currently rate the stock Hold on average, even as Brown & Brown pays a quarterly dividend of $0.165 for an annual yield of about 1.0%.

Cvfg LLC bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 15,494 shares of the financial services provider's stock, valued at approximately $1,010,000.

Other hedge funds have also recently modified their holdings of the company. Union Bancaire Privee UBP SA purchased a new position in shares of Brown & Brown in the first quarter valued at approximately $25,000. Basepoint Wealth LLC purchased a new position in shares of Brown & Brown in the fourth quarter worth about $27,000. Darwin Wealth Management LLC acquired a new position in Brown & Brown during the second quarter worth about $30,000. DV Equities LLC purchased a new stake in Brown & Brown during the 4th quarter valued at about $33,000. Finally, Board of the Pension Protection Fund purchased a new stake in Brown & Brown during the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Price Performance

Shares of BRO opened at $68.44 on Thursday. The company has a market cap of $23.20 billion, a P/E ratio of 22.01, a PEG ratio of 3.19 and a beta of 0.60. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $108.36. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. The firm's 50 day moving average price is $59.83 and its 200 day moving average price is $67.69.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The business's quarterly revenue was up 35.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 EPS. On average, research analysts forecast that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were given a $0.165 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. Brown & Brown's payout ratio is 21.22%.

Analysts Set New Price Targets

A number of research firms have weighed in on BRO. Keefe, Bruyette & Woods raised their target price on shares of Brown & Brown from $72.00 to $74.00 and gave the stock a "market perform" rating in a research note on Wednesday. Morgan Stanley cut Brown & Brown from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $60.00 to $55.00 in a report on Monday. Citigroup assumed coverage on Brown & Brown in a research report on Thursday, May 21st. They set a "market outperform" rating on the stock. Citizens Jmp started coverage on Brown & Brown in a report on Thursday, May 21st. They issued a "market outperform" rating and a $70.00 target price for the company. Finally, Weiss Ratings downgraded Brown & Brown from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Brown & Brown presently has an average rating of "Hold" and an average target price of $78.81.

Insiders Place Their Bets

In related news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was bought at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the purchase, the director directly owned 47,621 shares of the company's stock, valued at approximately $2,719,159.10. The trade was a 4.38% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 13.13% of the stock is currently owned by company insiders.

About Brown & Brown

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.