Janney Montgomery Scott LLC Has $10.35 Million Stock Position in Brown & Brown, Inc. $BRO

Key Points

• Janney Montgomery Scott LLC increased its stake in Brown & Brown by 22.3% in the first quarter, ending with 158,731 shares valued at about $10.35 million.
• Brown & Brown reported solid quarterly results, with earnings of $1.39 per share beating estimates and revenue of $1.90 billion slightly above forecasts; revenue also rose 35.4% year over year.
• Analyst sentiment is mixed: the stock currently carries an average “Hold” rating with a consensus price target of $78.25, while the company also pays a quarterly dividend yielding about 0.9%.

Janney Montgomery Scott LLC lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 22.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 158,731 shares of the financial services provider's stock after acquiring an additional 28,972 shares during the period. Janney Montgomery Scott LLC's holdings in Brown & Brown were worth $10,351,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Union Bancaire Privee UBP SA acquired a new position in Brown & Brown in the 1st quarter worth $25,000. Basepoint Wealth LLC bought a new stake in shares of Brown & Brown in the fourth quarter valued at about $27,000. Darwin Wealth Management LLC bought a new stake in shares of Brown & Brown in the second quarter valued at about $30,000. DV Equities LLC acquired a new position in shares of Brown & Brown during the fourth quarter worth about $33,000. Finally, Board of the Pension Protection Fund acquired a new position in shares of Brown & Brown during the fourth quarter worth about $40,000. 71.01% of the stock is owned by institutional investors.

Insider Buying and Selling at Brown & Brown

In other news, Director H Palmer Proctor, Jr. bought 2,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the acquisition, the director owned 47,621 shares in the company, valued at approximately $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 13.13% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Weiss Ratings lowered Brown & Brown from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, June 23rd. Mizuho reduced their price target on Brown & Brown from $85.00 to $84.00 and set an "outperform" rating for the company in a research report on Monday, April 13th. Citigroup assumed coverage on shares of Brown & Brown in a research note on Thursday, May 21st. They set a "market outperform" rating for the company. Raymond James Financial reiterated an "outperform" rating on shares of Brown & Brown in a report on Friday, June 26th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Brown & Brown from $91.00 to $85.00 and set a "neutral" rating on the stock in a research report on Thursday, April 9th. Five investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $78.25.

Brown & Brown Stock Performance

BRO opened at $69.87 on Friday. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $108.75. The firm has a market capitalization of $23.68 billion, a PE ratio of 22.47, a PEG ratio of 3.10 and a beta of 0.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current ratio of 1.64. The business's 50-day simple moving average is $59.66 and its 200 day simple moving average is $68.04.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The business's revenue was up 35.4% compared to the same quarter last year. During the same period last year, the company earned $1.29 earnings per share. As a group, sell-side analysts expect that Brown & Brown, Inc. will post 4.52 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were paid a $0.165 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. Brown & Brown's dividend payout ratio (DPR) is currently 21.22%.

Brown & Brown 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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