MGO One Seven LLC Increases Stake in Brown & Brown, Inc. $BRO

Key Points

• MGO One Seven LLC increased its stake in Brown & Brown, Inc. by 88.0%, holding 32,629 shares valued at approximately $3.6 million as of the latest SEC filing.
• Brown & Brown reported earnings of $1.03 per share for the quarter, exceeding analysts' expectations, and its revenue increased by 9.1% year-over-year.
• The company declared a quarterly dividend of $0.15 per share, representing a 0.6% annual dividend yield and a payout ratio of 17.29%.

MGO One Seven LLC grew its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 88.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,629 shares of the financial services provider's stock after purchasing an additional 15,277 shares during the quarter. MGO One Seven LLC's holdings in Brown & Brown were worth $3,618,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. GW&K Investment Management LLC increased its holdings in shares of Brown & Brown by 104.4% during the 1st quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 214 shares in the last quarter. Fifth Third Bancorp increased its holdings in Brown & Brown by 7.1% in the first quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock valued at $847,000 after buying an additional 450 shares in the last quarter. Tandem Investment Advisors Inc. increased its holdings in Brown & Brown by 2.5% in the first quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock valued at $95,130,000 after buying an additional 18,677 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in Brown & Brown in the first quarter valued at $3,043,000. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Brown & Brown by 22.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 18,603 shares of the financial services provider's stock valued at $2,314,000 after purchasing an additional 3,351 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Brown & Brown stock opened at $94.50 on Tuesday. Brown & Brown, Inc. has a 52-week low of $89.99 and a 52-week high of $125.68. The firm has a market capitalization of $31.17 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 2.17 and a beta of 0.79. The company has a fifty day simple moving average of $94.37 and a 200-day simple moving average of $104.56. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the firm earned $0.93 earnings per share. The company's revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

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

Insider Buying and Selling

In related news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was acquired 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 directly owned 5,000 shares of the company's stock, valued at approximately $457,200. This trade represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Paul J. Krump purchased 2,678 shares of the company's stock in a transaction dated Friday, August 8th. The stock was bought at an average price 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 of the company's stock, valued at approximately $499,488.43. This represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.59% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Barclays cut their price target on Brown & Brown from $108.00 to $102.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods cut their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research report on Thursday, July 31st. Argus reissued a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Finally, BMO Capital Markets cut their price target on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $109.92.

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.

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