Freedom Day Solutions LLC Invests $2.05 Million in Brown & Brown, Inc. $BRO

Key Points

• Freedom Day Solutions LLC has invested $2.05 million in Brown & Brown, Inc., acquiring 18,503 shares of the company in the second quarter.
• Several other institutional investors have also increased their stakes in Brown & Brown, with institutional ownership now at 71.01%.
• Analysts have varied opinions on the stock, resulting in a consensus rating of "Hold" and a price target of $109.92.

Freedom Day Solutions LLC bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 18,503 shares of the financial services provider's stock, valued at approximately $2,051,000.

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

Insider Buying and Selling

In other 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 price of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were purchased at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, 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 disclosure for this purchase can be found here. Insiders own 17.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BRO shares. Argus reissued a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Morgan Stanley cut their target price on shares of Brown & Brown from $105.00 to $100.00 and set an "equal weight" rating on the stock in a report on Tuesday. Raymond James Financial reissued an "outperform" rating and issued a $120.00 target price (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Wall Street Zen raised shares of Brown & Brown from a "sell" rating to a "hold" rating in a report on Saturday, September 20th. Finally, UBS Group cut their target price on shares of Brown & Brown from $120.00 to $106.00 and set a "neutral" rating on the stock in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $109.92.

Brown & Brown Stock Performance

BRO opened at $95.51 on Friday. The business's 50 day moving average is $94.26 and its 200-day moving average is $105.18. The stock has a market cap of $31.50 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 2.17 and a beta of 0.79. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a twelve month low of $89.99 and a twelve month high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last released 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. The company had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The business's revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 earnings per share. On average, analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders 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 dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's payout ratio 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.

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.