Kingsview Wealth Management LLC Makes New Investment in Brown & Brown, Inc. $BRO

Key Points

• Kingsview Wealth Management initiated a position in Brown & Brown by purchasing 83,360 shares valued at approximately $5.35 million. Institutional investors and hedge funds collectively own 71.01% of the company.
• Brown & Brown’s shares opened at $73.32, up 2.7%, despite the company narrowly missing quarterly expectations with EPS of $1.07 versus $1.08 forecast and revenue of $1.65 billion versus $1.71 billion expected. Revenue still grew 30.4% year over year.
• The company paid a quarterly dividend of $0.165 per share, equivalent to an annualized $0.66 dividend and a 0.9% yield. Analysts maintain a consensus “Hold” rating with a $76.80 price target.

Kingsview Wealth Management LLC bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 83,360 shares of the financial services provider's stock, valued at approximately $5,348,000.

Other large investors also recently made changes to their positions in the company. Union Bancaire Privee UBP SA purchased a new position in Brown & Brown during the first quarter valued at approximately $25,000. Basepoint Wealth LLC purchased a new stake in Brown & Brown in the 4th quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new position in shares of Brown & Brown during the 2nd quarter valued at $30,000. DV Equities LLC acquired a new position in shares of Brown & Brown in the fourth quarter worth $33,000. Finally, Allied Private Wealth LLC acquired a new position in shares of Brown & Brown in the second quarter worth $35,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Up 2.7%

Brown & Brown stock opened at $73.32 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $97.49. The firm has a fifty day moving average price of $69.05 and a two-hundred day moving average price of $65.80. The firm has a market cap of $24.53 billion, a price-to-earnings ratio of 23.13, a P/E/G ratio of 3.56 and a beta of 0.59.

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

Brown & Brown Announces Dividend

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

Wall Street Analysts Forecast Growth

BRO has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their price objective on Brown & Brown from $72.00 to $74.00 and gave the company a "market perform" rating in a research report on Wednesday, July 8th. Weiss Ratings raised Brown & Brown from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 19th. JPMorgan Chase & Co. raised their price target on Brown & Brown from $78.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. The Goldman Sachs Group lifted their price target on Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. Finally, Citizens Jmp boosted their price target on Brown & Brown from $70.00 to $78.00 and gave the company a "market outperform" rating in a research note on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $76.80.

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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