George Kaiser Family Foundation Invests $332,000 in Brown & Brown, Inc. $BRO

Key Points

• The George Kaiser Family Foundation has purchased a new stake in Brown & Brown, Inc., acquiring 2,666 shares valued at approximately $332,000 during the 1st quarter.
• Institutional investors own 71.01% of Brown & Brown's stock, with several firms increasing their holdings significantly in recent quarters.
• The company announced a quarterly dividend of $0.15 per share, with an annualized yield of 0.6%, to be paid on August 20th.

George Kaiser Family Foundation purchased a new position 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 (SEC). The institutional investor purchased 2,666 shares of the financial services provider's stock, valued at approximately $332,000. Brown & Brown accounts for about 0.0% of George Kaiser Family Foundation's investment portfolio, making the stock its 21st biggest position.

Other institutional investors have also recently made changes to their positions in the company. Optimum Investment Advisors bought a new position in shares of Brown & Brown in the first quarter worth $31,000. SouthState Corp increased its holdings in shares of 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 purchasing an additional 166 shares during the period. Johnson Financial Group Inc. increased its holdings in shares of Brown & Brown by 534.1% in the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after purchasing an additional 235 shares during the period. Sunbelt Securities Inc. increased its holdings in shares of Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after purchasing an additional 256 shares during the period. Finally, Zions Bancorporation National Association UT bought a new position in shares of Brown & Brown in the first quarter worth $45,000. Institutional investors own 71.01% of the company's stock.

Brown & Brown Trading Down 0.2%

NYSE BRO traded down $0.2320 during trading on Wednesday, hitting $96.6480. 2,573,715 shares of the company's stock traded hands, compared to its average volume of 2,582,763. The stock has a fifty day moving average of $102.66 and a two-hundred day moving average of $110.30. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. Brown & Brown, Inc. has a 12-month low of $90.38 and a 12-month high of $125.68. The firm has a market cap of $31.88 billion, a P/E ratio of 27.85, a PEG ratio of 2.16 and a beta of 0.78.

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

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.

Analysts Set New Price Targets

Several research firms have recently weighed in on BRO. Wall Street Zen cut shares of Brown & Brown from a "hold" rating to a "sell" rating in a report on Saturday. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research report on Wednesday, July 30th. Citigroup initiated coverage on shares of Brown & Brown in a research report on Wednesday, August 13th. They issued a "buy" rating and a $112.00 target price for the company. The Goldman Sachs Group lowered shares of Brown & Brown from a "buy" rating to a "neutral" rating and cut their target price for the stock from $126.00 to $119.00 in a research report on Tuesday, May 13th. Finally, Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and upped their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Brown & Brown has an average rating of "Hold" and a consensus price target of $112.64.

Insiders Place Their Bets

In other news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the 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 acquisition, the director directly owned 5,000 shares of the company's stock, valued at $457,200. This represents a 25.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul J. Krump purchased 2,678 shares of the 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 $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 15.59% of the company's stock.

About Brown & Brown

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.