Ewing Morris & Co. Investment Partners Ltd. Makes New Investment in Brown & Brown, Inc. $BRO

Key Points

• Ewing Morris & Co. Investment Partners Ltd. acquired a new position in Brown & Brown, Inc., purchasing 8,932 shares valued at approximately $1.11 million.
• Brown & Brown reported a $1.03 EPS for the latest quarter, exceeding analysts' expectations of $0.99, along with a revenue of $1.29 billion, a 9.1% increase year-over-year.
• The firm declared a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 0.6% and a payout ratio of 17.29%.

Ewing Morris & Co. Investment Partners Ltd. purchased a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,932 shares of the financial services provider's stock, valued at approximately $1,111,000.

Several other institutional investors have also bought and sold shares of the stock. Optimum Investment Advisors bought a new stake in Brown & Brown in the first quarter valued at about $31,000. SouthState Corp boosted its position in Brown & Brown by 188.6% during the first quarter. SouthState Corp now owns 254 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 166 shares during the last quarter. Sunbelt Securities Inc. boosted its position in Brown & Brown by 581.8% during the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 256 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in Brown & Brown during the first quarter valued at approximately $45,000. Finally, Garde Capital Inc. acquired a new position in Brown & Brown during the first quarter valued at approximately $46,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Price Performance

Shares of BRO traded up $0.22 during midday trading on Thursday, hitting $95.51. The company's stock had a trading volume of 1,431,436 shares, compared to its average volume of 2,555,536. Brown & Brown, Inc. has a one year low of $90.38 and a one year high of $125.68. The company's fifty day simple moving average is $100.07 and its two-hundred day simple moving average is $109.38. 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 stock has a market capitalization of $31.50 billion, a price-to-earnings ratio of 27.52, a price-to-earnings-growth ratio of 2.21 and a beta of 0.81.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.Brown & Brown's quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS. As a group, equities analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 annualized dividend and a yield of 0.6%. Brown & Brown's payout ratio is presently 17.29%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BRO. Morgan Stanley reduced their price target on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. Citigroup started coverage on Brown & Brown in a research report on Wednesday, August 13th. They issued a "buy" rating and a $112.00 price objective for the company. Keefe, Bruyette & Woods cut their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research report on Thursday, July 31st. Truist Financial set a $120.00 target price on Brown & Brown in a research note on Wednesday, July 30th. Finally, BMO Capital Markets lowered their target price on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $112.64.

Insider Activity

In related news, Director Paul J. Krump bought 2,678 shares of the business's stock in a transaction on Friday, August 8th. The shares were purchased 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were 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 approximately $457,200. This trade represents a 25.00% increase in their position. The disclosure for this purchase can be found here. 15.59% 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.