Invst LLC Purchases New Stake in Brown & Brown, Inc. $BRO

Key Points

• Invst LLC acquired 22,274 shares of Brown & Brown worth approximately $1.43 million in the second quarter. Institutional investors own 71.01% of the company.
• Brown & Brown’s latest quarterly results slightly missed expectations, with EPS of $1.07 versus $1.08 expected and revenue of $1.65 billion versus $1.71 billion forecast, though revenue increased 30.4% year over year.
• Analysts have a consensus “Hold” rating and an average price target of $76.80, while the company maintains a quarterly dividend of $0.165 per share, representing a 0.9% yield.

Invst LLC acquired a new stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,274 shares of the financial services provider's stock, valued at approximately $1,429,000.

Several other large investors also recently modified their holdings of BRO. Union Bancaire Privee UBP SA bought a new position in Brown & Brown during the 1st quarter valued at approximately $25,000. Basepoint Wealth LLC bought a new stake in shares of Brown & Brown in the 4th quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new stake in shares of Brown & Brown in the 2nd quarter worth approximately $30,000. DV Equities LLC purchased a new position in shares of Brown & Brown during the fourth quarter valued at approximately $33,000. Finally, Allied Private Wealth LLC purchased a new position in shares of Brown & Brown during the second quarter valued at approximately $35,000. 71.01% of the stock is owned by institutional investors.

Brown & Brown Trading Down 1.7%

NYSE:BRO opened at $73.35 on Wednesday. The firm has a market capitalization of $24.54 billion, a P/E ratio of 23.14, a PEG ratio of 3.72 and a beta of 0.59. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $97.49. The company's 50-day simple moving average is $68.25 and its 200 day simple moving average is $65.76.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the business posted $1.03 EPS. Brown & Brown's revenue for the quarter was up 30.4% on a year-over-year basis. As a group, analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown's dividend payout ratio (DPR) is 20.82%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Citigroup lowered Brown & Brown from an "outperform" rating to a "neutral" rating and raised their price target for the stock from $70.00 to $79.00 in a research note on Wednesday, July 29th. Weiss Ratings raised shares of Brown & Brown from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 19th. Mizuho upped their price objective on shares of Brown & Brown from $81.00 to $86.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Truist Financial set a $90.00 target price on shares of Brown & Brown in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. increased their price target on shares of Brown & Brown from $78.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $76.80.

Brown & Brown Company Profile

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

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