Dakota Wealth Management Purchases Shares of 8,022 Brown & Brown, Inc. $BRO

Key Points

• Dakota Wealth Management acquired 8,022 shares of Brown & Brown, Inc. valued at approximately $889,000 in the second quarter, highlighting a notable institutional investment in the company.
• Wall Street analysts have mixed opinions on Brown & Brown, with a consensus rating of "Hold" and a target price of $112.08, while some firms have raised and lowered their price objectives in recent months.
• Brown & Brown reported earnings per share of $1.03 for the latest quarter, surpassing expectations and reflecting a 9.1% year-over-year revenue increase to $1.29 billion.

Dakota Wealth Management purchased a new stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 8,022 shares of the financial services provider's stock, valued at approximately $889,000.

A number of other institutional investors have also made changes to their positions in BRO. GTS Securities LLC acquired a new stake in shares of Brown & Brown during the fourth quarter valued at about $220,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Brown & Brown by 206.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 42,456 shares of the financial services provider's stock valued at $4,331,000 after purchasing an additional 28,603 shares during the period. 111 Capital purchased a new position in shares of Brown & Brown in the fourth quarter valued at approximately $208,000. Versant Capital Management Inc boosted its stake in shares of Brown & Brown by 77.2% in the first quarter. Versant Capital Management Inc now owns 732 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 319 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Brown & Brown by 13,974.9% in the first quarter. GAMMA Investing LLC now owns 1,112,758 shares of the financial services provider's stock valued at $138,427,000 after purchasing an additional 1,104,852 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BRO. Wall Street Zen raised shares of Brown & Brown from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 30th. Raymond James Financial reissued an "outperform" rating and issued a $120.00 price objective (down previously from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Keefe, Bruyette & Woods lowered their price objective on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday, July 31st. Finally, Citigroup began coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They issued a "buy" rating and a $112.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $112.08.

Brown & Brown Stock Up 1.3%

Shares of Brown & Brown stock opened at $93.85 on Friday. Brown & Brown, Inc. has a 52-week low of $89.99 and a 52-week high of $125.68. The company has a 50 day moving average of $95.15 and a 200 day moving average of $106.64. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $30.96 billion, a P/E ratio of 27.05, a P/E/G ratio of 2.12 and a beta of 0.81.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (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 company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the firm earned $0.93 earnings per share. The firm's quarterly revenue was up 9.1% on a year-over-year basis. As a group, research analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

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

Insider Activity at Brown & Brown

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of Brown & Brown stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the transaction, the director owned 5,000 shares of the company's stock, valued at $457,200. This represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul J. Krump acquired 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The shares were bought at an average price of $93.31 per share, with a total value of $249,884.18. Following the transaction, 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. 17.02% of the stock is currently owned by 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.

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