Kelleher Financial Advisors Buys Shares of 18,680 Brown & Brown, Inc. $BRO

Key Points

• Kelleher Financial Advisors purchased 18,680 shares of Brown & Brown, valued at approximately $1.2 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown’s latest quarterly results slightly missed expectations, with earnings per share of $1.07 versus a $1.08 consensus estimate and revenue of $1.65 billion versus $1.71 billion expected; revenue nevertheless rose 30.4% year over year.
• The company declared a quarterly dividend of $0.165 per share, equivalent to an annualized $0.66 payout and a 0.9% yield. Analysts’ consensus rating is “Hold,” with an average price target of $76.47.

Kelleher Financial Advisors purchased a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 18,680 shares of the financial services provider's stock, valued at approximately $1,198,000.

A number of other institutional investors also recently modified their holdings of BRO. ICONIQ Capital LLC lifted its position in shares of Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock worth $234,000 after buying an additional 109 shares during the last quarter. Zacks Investment Management grew its position in Brown & Brown by 0.7% in the third quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock valued at $1,675,000 after acquiring an additional 125 shares during the last quarter. Private Trust Co. NA grew its position in Brown & Brown by 13.1% in the fourth quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider's stock valued at $91,000 after acquiring an additional 133 shares during the last quarter. Moors & Cabot Inc. raised its stake in Brown & Brown by 2.1% during the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock worth $638,000 after acquiring an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance raised its stake in Brown & Brown by 0.5% during the fourth quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider's stock worth $2,694,000 after acquiring an additional 162 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 $70.60 on Friday. The business's 50-day moving average price is $66.51 and its 200-day moving average price is $65.90. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $98.30. The firm has a market capitalization of $23.62 billion, a price-to-earnings ratio of 22.27, a PEG ratio of 3.52 and a beta of 0.59. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58.

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

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be given a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 0.9%. Brown & Brown's dividend payout ratio (DPR) is currently 20.82%.

Analyst Ratings Changes

BRO has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of Brown & Brown from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd. Raymond James Financial reiterated an "outperform" rating on shares of Brown & Brown in a research report on Friday, June 26th. Keefe, Bruyette & Woods increased their price objective on shares of Brown & Brown from $72.00 to $74.00 and gave the company a "market perform" rating in a research note on Wednesday, July 8th. Truist Financial set a $90.00 target price on shares of Brown & Brown in a research report on Wednesday, July 29th. Finally, UBS Group restated a "neutral" rating and issued a $73.00 target price (up from $65.00) on shares of Brown & Brown in a research report on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Brown & Brown presently has an average rating of "Hold" and an average price target of $76.47.

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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