Federation des caisses Desjardins du Quebec Grows Holdings in Brown & Brown, Inc. $BRO

Key Points

• The Federation des caisses Desjardins du Quebec increased its holdings in Brown & Brown, Inc. by 57.4% in the first quarter, owning a total of 10,304 shares worth approximately $1.28 million as of the latest SEC filing.
• Brown & Brown reported a quarterly EPS of $1.03, surpassing analysts' expectations and marking a 9.1% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.15 per share, with an annualized yield of 0.6%, reflecting a 17.29% dividend payout ratio.

Federation des caisses Desjardins du Quebec grew its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 57.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 10,304 shares of the financial services provider's stock after acquiring an additional 3,756 shares during the period. Federation des caisses Desjardins du Quebec's holdings in Brown & Brown were worth $1,282,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BRO. Sunbelt Securities Inc. raised its stake in shares of 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 acquiring an additional 256 shares during the period. Optimum Investment Advisors purchased a new stake in Brown & Brown during the 1st quarter worth approximately $31,000. SouthState Corp increased its stake 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 buying an additional 166 shares during the period. Zions Bancorporation National Association UT purchased a new stake in Brown & Brown during the 1st quarter worth approximately $45,000. Finally, Garde Capital Inc. purchased a new stake in Brown & Brown during the 1st quarter worth approximately $46,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Trading Down 0.8%

Shares of NYSE:BRO opened at $94.72 on Monday. Brown & Brown, Inc. has a 52 week low of $90.38 and a 52 week high of $125.68. The company's 50 day moving average is $99.49 and its two-hundred day moving average is $109.12. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a market cap of $31.24 billion, a PE ratio of 27.30, a P/E/G ratio of 2.16 and a beta of 0.80.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the firm posted $0.93 EPS. The company's quarterly revenue was up 9.1% compared to the same quarter last year. Equities analysts predict 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. Investors of record on Wednesday, August 13th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is 17.29%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Brown & Brown from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Keefe, Bruyette & Woods cut their target price on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a research note on Thursday, July 31st. Citigroup assumed coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They set a "buy" rating and a $112.00 target price on the stock. Wells Fargo & Company downgraded shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $104.00 to $101.00 in a research note on Wednesday, August 13th. Finally, Morgan Stanley cut their target price on shares of Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Monday, August 18th. Seven 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.

Insiders Place Their Bets

In related news, Director Paul J. Krump bought 2,678 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 5,353 shares of the company's stock, valued at approximately $499,488.43. This represents a 100.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the company'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 transaction, the director directly owned 5,000 shares in the company, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 15.59% of the company's stock.

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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