MBB Public Markets I LLC Acquires New Stake in Brown & Brown, Inc. $BRO

Key Points

• MBB Public Markets I LLC has acquired a new stake of 2,634 shares in Brown & Brown, Inc. valued at approximately $328,000.
• Insider transactions include Director Bronislaw Edmund Masojada purchasing 1,000 shares and Director Paul J. Krump acquiring 2,678 shares, indicating significant increases in their ownership positions.
• Analysts have mixed ratings on Brown & Brown with target prices generally decreasing, with Barclays setting a new target price at $108.00 and ratings varying from "Buy" to "Sell".

MBB Public Markets I LLC acquired a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,634 shares of the financial services provider's stock, valued at approximately $328,000.

Several other hedge funds have also recently added to or reduced their stakes in BRO. Bares Capital Management Inc. acquired a new stake in shares of Brown & Brown in the 1st quarter worth $26,000. Sunbelt Securities Inc. increased its stake in shares of Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after acquiring an additional 256 shares during the last quarter. Optimum Investment Advisors acquired a new stake in shares of Brown & Brown in the 1st quarter worth $31,000. SouthState Corp increased its stake in shares of Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after acquiring an additional 166 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of Brown & Brown in the 1st quarter worth $45,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Brown & Brown

In other news, Director Bronislaw Edmund Masojada bought 1,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, the director directly owned 5,000 shares of the company's stock, valued at $457,200. The trade was a 25.00% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul J. Krump bought 2,678 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares in the company, valued at $499,488.43. This trade represents a 100.11% 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.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays cut their target price on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Wells Fargo & Company downgraded Brown & Brown from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $104.00 to $101.00 in a research note on Wednesday, August 13th. Morgan Stanley cut their target price on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research note on Monday, August 18th. Raymond James Financial reaffirmed an "outperform" rating and issued a $120.00 target price (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Finally, Truist Financial set a $120.00 price target on Brown & Brown in a report on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $112.64.

Brown & Brown Stock Performance

NYSE BRO opened at $95.34 on Tuesday. The stock has a market cap of $31.45 billion, a PE ratio of 27.48, a P/E/G ratio of 2.16 and a beta of 0.81. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a twelve month low of $90.38 and a twelve month high of $125.68. The stock has a fifty day simple moving average of $99.18 and a 200-day simple moving average of $109.01.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period in the prior year, the business posted $0.93 EPS. The company's revenue was up 9.1% compared to the same quarter last year. Equities analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

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

Brown & Brown Company 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.

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.