Jump Financial LLC Acquires 87,379 Shares of Brown & Brown, Inc. $BRO

Key Points

• Jump Financial LLC increased its position in Brown & Brown, Inc. by 737.8% during the 1st quarter, acquiring an additional 87,379 shares to hold a total of 99,222 shares valued at approximately $12.34 million.
• Brown & Brown recently reported earnings of $1.03 per share for the quarter, exceeding analyst estimates and marking a 9.1% increase in revenue compared to the same period last year.
• The company declared a quarterly dividend of $0.15 per share, yielding 0.6%, with a payout ratio of 17.29% as of the last disclosure.

Jump Financial LLC lifted its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 737.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 99,222 shares of the financial services provider's stock after buying an additional 87,379 shares during the period. Jump Financial LLC's holdings in Brown & Brown were worth $12,343,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Johnson Financial Group Inc. lifted its stake in shares of Brown & Brown by 534.1% in the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after buying an additional 235 shares during the period. Sunbelt Securities Inc. raised its position in Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after purchasing an additional 256 shares in the last quarter. Optimum Investment Advisors acquired a new position in Brown & Brown in the first quarter worth about $31,000. SouthState Corp raised its position in Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after purchasing an additional 166 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in Brown & Brown in the first quarter worth about $45,000. Institutional investors own 71.01% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Truist Financial set a $120.00 price target on shares of Brown & Brown in a research report on Wednesday, July 30th. Argus reaffirmed a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Wells Fargo & Company lowered shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $104.00 to $101.00 in a report on Wednesday, August 13th. Morgan Stanley dropped their price objective on shares of Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a report on Monday, August 18th. Finally, 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 for the company. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $112.64.

Insiders Place Their Bets

In other news, Director Paul J. Krump purchased 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the transaction, the director directly owned 5,353 shares in the company, valued at $499,488.43. This trade represents a 100.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of Brown & Brown stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the transaction, the director owned 5,000 shares of the company's stock, valued at approximately $457,200. This represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company's stock.

Brown & Brown Trading Up 0.1%

BRO stock traded up $0.11 during midday trading on Thursday, reaching $96.21. The company's stock had a trading volume of 1,548,399 shares, compared to its average volume of 2,574,025. Brown & Brown, Inc. has a 52 week low of $90.38 and a 52 week high of $125.68. The stock has a market cap of $31.73 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 2.18 and a beta of 0.78. 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 business's 50-day simple moving average is $101.40 and its 200-day simple moving average is $109.84.

Brown & Brown (NYSE:BRO - Get Free Report) last announced 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 firm had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the firm earned $0.93 earnings per share. The business's revenue for the quarter was up 9.1% on a year-over-year basis. As a group, sell-side analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.

Brown & Brown 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.