Inspire Investing LLC Has $320,000 Stake in Brown & Brown, Inc. $BRO

Key Points

• Inspire Investing LLC significantly reduced its holdings in Brown & Brown, Inc., lowering its stake by 77.9% and owning just 2,570 shares worth $320,000 at the end of the first quarter.
• Other institutional investors, including Capital Investment Advisors LLC and Fifth Third Bancorp, also modified their stakes, highlighting a trend of active investment management around Brown & Brown's stock.
• Brown & Brown recently reported quarterly earnings per share of $1.03, exceeding analysts' expectations and indicating a 9.1% annual revenue growth.

Inspire Investing LLC lowered its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 77.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,570 shares of the financial services provider's stock after selling 9,076 shares during the quarter. Inspire Investing LLC's holdings in Brown & Brown were worth $320,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Brown & Brown by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider's stock worth $3,794,339,000 after purchasing an additional 560,980 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Brown & Brown by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider's stock valued at $1,609,742,000 after purchasing an additional 38,078 shares during the period. Parnassus Investments LLC bought a new stake in shares of Brown & Brown in the 1st quarter valued at approximately $899,139,000. Invesco Ltd. grew its position in Brown & Brown by 8.3% during the 1st quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider's stock worth $512,545,000 after acquiring an additional 316,519 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Brown & Brown by 6.3% during the 1st quarter. Royal Bank of Canada now owns 3,063,741 shares of the financial services provider's stock worth $381,129,000 after acquiring an additional 181,315 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Trading Down 0.1%

Brown & Brown stock traded down $0.08 during mid-day trading on Friday, hitting $91.79. 6,468,431 shares of the company's stock were exchanged, compared to its average volume of 2,571,764. The firm has a market capitalization of $30.27 billion, a P/E ratio of 26.45, a PEG ratio of 2.08 and a beta of 0.81. Brown & Brown, Inc. has a fifty-two week low of $89.99 and a fifty-two week high of $125.68. 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 company's 50 day simple moving average is $96.71 and its 200-day simple moving average is $107.80.

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

Brown & Brown Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently commented on BRO shares. Citigroup began coverage on Brown & Brown in a research report on Wednesday, August 13th. They set a "buy" rating and a $112.00 price target on the stock. Truist Financial set a $120.00 price objective on Brown & Brown in a report on Wednesday, July 30th. Raymond James Financial reaffirmed an "outperform" rating and set a $120.00 price objective (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Morgan Stanley reduced their price objective on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating on the stock in a report on Monday, August 18th. Finally, Wall Street Zen downgraded Brown & Brown from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $112.64.

Insider Activity

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was bought at an average price 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 approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul J. Krump acquired 2,678 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director directly owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is owned by company insiders.

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.