Keybank National Association OH Acquires 285,098 Shares of Brown & Brown, Inc. $BRO

Key Points

• Keybank National Association OH sharply increased its stake in Brown & Brown during the first quarter, buying 285,098 additional shares and boosting its holdings by 1,864.7% to 300,387 shares valued at about $19.6 million.
• Brown & Brown reported better-than-expected quarterly results, with EPS of $1.39 versus the $1.36 consensus and revenue of $1.90 billion, up 35.4% year over year.
• The company also paid a quarterly dividend of $0.165 per share, while analysts currently have a consensus rating of Hold with an average price target of $78.25.

Keybank National Association OH grew its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1,864.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 300,387 shares of the financial services provider's stock after buying an additional 285,098 shares during the period. Keybank National Association OH owned 0.09% of Brown & Brown worth $19,588,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Secured Retirement Advisors LLC bought a new stake in Brown & Brown in the 1st quarter valued at $672,000. Inspire Investing LLC boosted its position in Brown & Brown by 22.6% during the first quarter. Inspire Investing LLC now owns 5,040 shares of the financial services provider's stock worth $329,000 after purchasing an additional 929 shares during the period. Lansforsakringar Fondforvaltning AB publ boosted its position in Brown & Brown by 0.6% during the first quarter. Lansforsakringar Fondforvaltning AB publ now owns 89,091 shares of the financial services provider's stock worth $5,810,000 after purchasing an additional 520 shares during the period. Apollon Wealth Management LLC increased its holdings in shares of Brown & Brown by 67.4% in the first quarter. Apollon Wealth Management LLC now owns 5,208 shares of the financial services provider's stock valued at $340,000 after purchasing an additional 2,096 shares during the last quarter. Finally, Patton Fund Management Inc. increased its holdings in shares of Brown & Brown by 10.6% in the first quarter. Patton Fund Management Inc. now owns 3,123 shares of the financial services provider's stock valued at $204,000 after purchasing an additional 299 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Insider Activity at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. bought 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $57.10 per share, with a total value of $114,200.00. Following the completion of the acquisition, the director owned 47,621 shares of the company's stock, valued at $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 13.13% of the company's stock.

Brown & Brown Trading Down 0.2%

Shares of Brown & Brown stock opened at $69.87 on Friday. 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 firm has a 50-day moving average of $59.70 and a 200-day moving average of $68.05. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $108.75. The stock has a market cap of $23.68 billion, a PE ratio of 22.47, a PEG ratio of 3.22 and a beta of 0.60.

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

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 11th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, May 11th. Brown & Brown's dividend payout ratio is presently 21.22%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods cut their target price on shares of Brown & Brown from $74.00 to $72.00 and set a "market perform" rating for the company in a research note on Wednesday, April 29th. Citigroup began coverage on shares of Brown & Brown in a research note on Thursday, May 21st. They issued a "market outperform" rating on the stock. The Goldman Sachs Group increased their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a report on Wednesday. Citizens Jmp initiated coverage on shares of Brown & Brown in a research report on Thursday, May 21st. They set a "market outperform" rating and a $70.00 price objective for the company. Finally, Weiss Ratings cut Brown & Brown from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, June 23rd. Five equities research 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's stock. According to MarketBeat.com, Brown & Brown has a consensus rating of "Hold" and a consensus target price of $78.25.

Brown & Brown Company 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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