Ferguson Wellman Capital Management Inc. Has $35.46 Million Stock Holdings in Brown & Brown, Inc. $BRO

Key Points

• Ferguson Wellman Capital Management Inc. increased its holdings in Brown & Brown, Inc. by 2.5%, acquiring an additional 7,715 shares, totaling 319,831 shares valued at approximately $35.46 million.
• Brown & Brown recently reported quarterly earnings of $1.03 per share, exceeding estimates, with a revenue of $1.29 billion, marking a year-over-year increase of 9.1%.
• The company announced a quarterly dividend of $0.15 per share, representing an annualized yield of 0.7%, with a payout ratio of 17.29%.

Ferguson Wellman Capital Management Inc. raised its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 2.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 319,831 shares of the financial services provider's stock after buying an additional 7,715 shares during the quarter. Ferguson Wellman Capital Management Inc. owned about 0.11% of Brown & Brown worth $35,460,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Brown & Brown by 107.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 59,350 shares of the financial services provider's stock worth $6,451,000 after buying an additional 30,714 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in shares of Brown & Brown by 3.9% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 91,000 shares of the financial services provider's stock valued at $10,089,000 after purchasing an additional 3,400 shares in the last quarter. HWG Holdings LP raised its stake in shares of Brown & Brown by 3.6% in the second quarter. HWG Holdings LP now owns 73,024 shares of the financial services provider's stock valued at $8,096,000 after purchasing an additional 2,520 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Brown & Brown by 4.9% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 31,570 shares of the financial services provider's stock valued at $3,500,000 after purchasing an additional 1,479 shares in the last quarter. Finally, Threadgill Financial LLC raised its stake in shares of Brown & Brown by 1.4% in the second quarter. Threadgill Financial LLC now owns 35,051 shares of the financial services provider's stock valued at $3,891,000 after purchasing an additional 488 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Brown & Brown news, Director Bronislaw Edmund Masojada bought 1,000 shares of the stock in a transaction dated 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 purchase, the director owned 5,000 shares in the company, valued at $457,200. This represents a 25.00% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul J. Krump bought 2,678 shares of the stock in a transaction dated Friday, August 8th. The stock was acquired at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director owned 5,353 shares of the company's stock, valued at $499,488.43. This represents a 100.11% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BRO shares. Raymond James Financial restated an "outperform" rating and issued a $120.00 target price (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Morgan Stanley cut their target price on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research note on Monday, August 18th. Keefe, Bruyette & Woods cut their target price on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday, July 31st. Citigroup started coverage on Brown & Brown in a research note on Wednesday, August 13th. They issued a "buy" rating and a $112.00 target price for the company. Finally, Truist Financial set a $120.00 target price on Brown & Brown in a research note on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $112.64.

Brown & Brown Price Performance

NYSE:BRO traded down $0.08 during trading hours on Friday, reaching $91.79. The company had a trading volume of 6,468,431 shares, compared to its average volume of 2,179,395. The stock has a 50-day moving average of $96.41 and a two-hundred day moving average of $107.61. Brown & Brown, Inc. has a one year low of $89.99 and a one year high of $125.68. The firm has a market capitalization of $30.27 billion, a PE ratio of 26.45, a PEG ratio of 2.08 and a beta of 0.81. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The firm had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same period in the prior year, the business posted $0.93 earnings per share. The business's revenue was up 9.1% compared to the same quarter last year. Analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were paid a $0.15 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.7%. Brown & Brown's dividend payout ratio (DPR) is 17.29%.

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.