Mitchell Capital Management Co. Purchases 13,534 Shares of Brown & Brown, Inc. $BRO

Key Points

• Mitchell Capital Management Co. increased its holdings in Brown & Brown, Inc. by 69.9% during the 2nd quarter, purchasing an additional 13,534 shares for a total of 32,906 shares valued at $3,417,000.
• Brown & Brown recently reported earnings of $1.03 per share, exceeding analyst estimates, with a revenue of $1.29 billion, representing a 9.1% year-over-year increase.
• Several brokerages have adjusted their price targets for Brown & Brown, with Keefe, Bruyette & Woods lowering their target from $104 to $87 and BMO Capital Markets setting a new target at $106, indicating mixed expectations from analysts.

Mitchell Capital Management Co. grew its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 69.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,906 shares of the financial services provider's stock after acquiring an additional 13,534 shares during the quarter. Mitchell Capital Management Co.'s holdings in Brown & Brown were worth $3,417,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bares Capital Management Inc. bought a new stake in shares of Brown & Brown during the first quarter valued at approximately $26,000. Optimum Investment Advisors bought a new stake in shares of Brown & Brown during the first quarter valued at approximately $31,000. SouthState Corp increased its holdings in shares of Brown & Brown by 188.6% during the first quarter. SouthState Corp now owns 254 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 166 shares in the last quarter. ST Germain D J Co. Inc. increased its holdings in Brown & Brown by 298.5% during the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider's stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Finally, Bruce G. Allen Investments LLC increased its holdings in Brown & Brown by 1,129.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider's stock worth $37,000 after purchasing an additional 305 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Insider Buying and Selling at Brown & Brown

In other news, Director Paul J. Krump bought 2,678 shares of the stock in a transaction on Friday, August 8th. The shares were purchased at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the purchase, the director directly owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.59% of the stock is currently owned by corporate insiders.

Brown & Brown Stock Performance

BRO stock opened at $96.01 on Monday. The firm has a market cap of $31.67 billion, a PE ratio of 27.67, a P/E/G ratio of 2.17 and a beta of 0.79. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The business has a 50 day moving average of $94.34 and a 200-day moving average of $104.76. Brown & Brown, Inc. has a 12-month low of $89.99 and a 12-month high of $125.68.

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, beating the consensus estimate of $0.99 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.Brown & Brown's quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 earnings per share. As a group, sell-side analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

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

Analysts Set New Price Targets

Several brokerages recently issued reports on BRO. Keefe, Bruyette & Woods cut their target price on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a research report on Thursday, July 31st. BMO Capital Markets decreased their price target on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. UBS Group decreased their price target on Brown & Brown from $120.00 to $106.00 and set a "neutral" rating for the company in a report on Wednesday, October 8th. Truist Financial set a $120.00 price target on Brown & Brown in a report on Wednesday, July 30th. Finally, Barclays decreased their price target on Brown & Brown from $108.00 to $102.00 and set an "equal weight" rating for the company in a report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target 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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