IPG Investment Advisors LLC Makes New Investment in Brown & Brown, Inc. (NYSE:BRO)

Key Points

• IPG Investment Advisors LLC acquired 11,228 shares of Brown & Brown, Inc. valued at approximately $1.4 million, indicating growing investor interest in the financial services provider.
• Various hedge funds, including Johnson Financial Group and Sunbelt Securities, have significantly increased their stakes in Brown & Brown, collectively controlling over 71% of the company's stock.
• Analysts have mixed ratings on Brown & Brown, with an average price target of $114.25, reflecting a range of opinions on the stock's future performance.

IPG Investment Advisors LLC purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 11,228 shares of the financial services provider's stock, valued at approximately $1,397,000.

A number of other large investors have also made changes to their positions in BRO. Johnson Financial Group Inc. boosted its stake in shares of Brown & Brown by 534.1% during the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after acquiring an additional 235 shares in the last quarter. Sunbelt Securities Inc. raised its position in shares of Brown & Brown by 581.8% during the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after buying an additional 256 shares during the period. Optimum Investment Advisors acquired a new stake in Brown & Brown in the 1st quarter valued at approximately $31,000. Garde Capital Inc. acquired a new stake in Brown & Brown in the 1st quarter valued at approximately $46,000. Finally, GW&K Investment Management LLC grew its stake in shares of Brown & Brown by 104.4% in the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock worth $52,000 after acquiring an additional 214 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on BRO. Argus restated a "hold" rating on shares of Brown & Brown in a research note on Thursday, July 31st. Jefferies Financial Group boosted their price target on shares of Brown & Brown from $105.00 to $109.00 and gave the stock a "hold" rating in a research note on Friday, April 11th. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research note on Wednesday, July 30th. Raymond James Financial reiterated an "outperform" rating and set a $120.00 target price (down previously from $125.00) on shares of Brown & Brown in a research note on Monday. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday, July 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, Brown & Brown has a consensus rating of "Hold" and an average target price of $114.69.

Brown & Brown Stock Performance

Shares of Brown & Brown stock traded up $0.15 on Wednesday, reaching $91.82. 3,344,155 shares of the stock were exchanged, compared to its average volume of 3,660,044. Brown & Brown, Inc. has a 1-year low of $90.38 and a 1-year high of $125.68. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The business has a fifty day moving average price of $105.87 and a two-hundred day moving average price of $111.05. The firm has a market capitalization of $30.29 billion, a PE ratio of 26.46, a PEG ratio of 2.08 and a beta of 0.78.

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

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be given a $0.15 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.7%. Brown & Brown's dividend payout ratio is currently 17.29%.

Brown & Brown Company 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.