Janney Montgomery Scott LLC Has $13.40 Million Holdings in Brown & Brown, Inc. $BRO

Key Points

• Janney Montgomery Scott LLC significantly reduced its holdings in Brown & Brown, Inc. by 54.4% during the second quarter, leaving them with 120,869 shares worth approximately $13.40 million.
• In contrast, several other hedge funds increased their stakes in Brown & Brown, with SFM LLC raising its position by 353.0% during the same quarter.
• Brown & Brown reported earnings of $1.03 per share for the second quarter, exceeding analysts' expectations, and indicated a revenue increase of 9.1% year-over-year.

Janney Montgomery Scott LLC decreased its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 54.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 120,869 shares of the financial services provider's stock after selling 144,358 shares during the quarter. Janney Montgomery Scott LLC's holdings in Brown & Brown were worth $13,401,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. V Square Quantitative Management LLC raised its stake in shares of Brown & Brown by 38.9% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,776 shares of the financial services provider's stock valued at $419,000 after buying an additional 1,057 shares in the last quarter. SFM LLC raised its stake in shares of Brown & Brown by 353.0% in the 2nd quarter. SFM LLC now owns 8,141 shares of the financial services provider's stock valued at $903,000 after buying an additional 6,344 shares in the last quarter. ORG Partners LLC raised its stake in shares of Brown & Brown by 7.1% in the 2nd quarter. ORG Partners LLC now owns 1,995 shares of the financial services provider's stock valued at $218,000 after buying an additional 132 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Brown & Brown by 13.2% during the 2nd quarter. State of Alaska Department of Revenue now owns 31,483 shares of the financial services provider's stock worth $3,490,000 after purchasing an additional 3,680 shares in the last quarter. Finally, ST Germain D J Co. Inc. increased its position in shares of Brown & Brown by 298.5% during the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider's stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Performance

Shares of BRO stock opened at $95.03 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a 52 week low of $89.99 and a 52 week high of $125.68. The company has a market capitalization of $31.35 billion, a P/E ratio of 27.39, a price-to-earnings-growth ratio of 2.11 and a beta of 0.79. The company's 50 day moving average price is $94.21 and its two-hundred day moving average price is $105.85.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the company earned $0.93 earnings per share. The firm's revenue was up 9.1% compared to the same quarter last year. On average, analysts expect that Brown & Brown, Inc. will post 4.18 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, August 20th. Investors of record on Wednesday, August 13th were paid a $0.15 dividend. The ex-dividend date of this dividend was 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%.

Insider Buying and Selling at Brown & Brown

In other news, Director Paul J. Krump bought 2,678 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director owned 5,353 shares of the company's stock, valued at $499,488.43. This represents a 100.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the purchase, 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 disclosure for this purchase can be found here. 17.02% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on BRO shares. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research report on Wednesday, July 30th. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and increased their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Argus reissued a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Citigroup started coverage on shares of Brown & Brown in a report on Wednesday, August 13th. They set a "buy" rating and a $112.00 price objective on the stock. Finally, Wells Fargo & Company lowered shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $104.00 to $101.00 in a report on Wednesday, August 13th. Eight research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Brown & Brown has an average rating of "Hold" and an average target price of $112.08.

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.

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