Envestnet Portfolio Solutions Inc. Has $1.59 Million Stock Holdings in Brown & Brown, Inc. $BRO

Key Points

• Envestnet Portfolio Solutions Inc. increased its holdings in Brown & Brown, Inc. by 63.7%, owning 14,350 shares valued at approximately $1.59 million at the end of the most recent quarter.
• Brown & Brown reported earnings of $1.03 per share, exceeding analysts' expectations, and a revenue of $1.29 billion, marking a 9.1% increase compared to the same quarter last year.
• The company declared a quarterly dividend of $0.15 per share, resulting in an annualized yield of 0.7% and a payout ratio of 17.29%.

Envestnet Portfolio Solutions Inc. increased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 63.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,350 shares of the financial services provider's stock after buying an additional 5,584 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Brown & Brown were worth $1,591,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Bares Capital Management Inc. bought a new position in Brown & Brown during the 1st quarter worth approximately $26,000. ST Germain D J Co. Inc. raised its holdings in Brown & Brown by 298.5% during the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider's stock worth $30,000 after purchasing an additional 200 shares during the last quarter. Optimum Investment Advisors bought a new position in Brown & Brown during the 1st quarter worth approximately $31,000. SouthState Corp raised its holdings in Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after purchasing an additional 166 shares during the last quarter. Finally, Bruce G. Allen Investments LLC raised its holdings in Brown & Brown by 1,129.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider's stock worth $37,000 after purchasing an additional 305 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Brown & Brown Price Performance

BRO opened at $87.79 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The company has a market capitalization of $28.96 billion, a price-to-earnings ratio of 25.30, a P/E/G ratio of 1.97 and a beta of 0.79. The firm's fifty day moving average price is $94.26 and its two-hundred day moving average price is $103.92. Brown & Brown, Inc. has a 1 year low of $87.26 and a 1 year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business'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 firm earned $0.93 EPS. As a group, analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's payout ratio is currently 17.29%.

Analyst Ratings Changes

Several research analysts have issued reports on BRO shares. Morgan Stanley lowered their price target on shares of Brown & Brown from $105.00 to $100.00 and set an "equal weight" rating for the company in a report on Tuesday, October 7th. Wells Fargo & Company lowered their price objective on shares of Brown & Brown from $101.00 to $98.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 8th. Raymond James Financial reiterated 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. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of Brown & Brown from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $109.92.

Insiders Place Their Bets

In related news, Director Paul J. Krump purchased 2,678 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director owned 5,353 shares of the company's stock, valued at $499,488.43. This represents a 100.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at $457,200. The trade was a 25.00% increase in their position. The disclosure for this purchase can be found here. 17.02% of the stock is 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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