Peak Financial Advisors LLC Takes $2.48 Million Position in Brown & Brown, Inc. $BRO

Key Points

• Peak Financial Advisors LLC acquired approximately $2.48 million worth of shares in Brown & Brown, Inc., purchasing 22,400 shares during the second quarter, making it the firm's 25th largest holding.
• Brown & Brown recently reported earnings of $1.03 per share for Q2, exceeding analysts' expectations, with a revenue increase of 9.1% year-over-year.
• The company declared a quarterly dividend of $0.15 per share, translating to a 0.6% dividend yield, with a payout ratio of 17.29%.

Peak Financial Advisors LLC purchased a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 22,400 shares of the financial services provider's stock, valued at approximately $2,483,000. Brown & Brown makes up 1.3% of Peak Financial Advisors LLC's holdings, making the stock its 25th largest holding.

A number of other institutional investors have also modified their holdings of the company. Phillips Wealth Planners LLC boosted its holdings in shares of Brown & Brown by 3.4% in the 1st quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider's stock valued at $316,000 after buying an additional 88 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Brown & Brown by 26.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider's stock valued at $56,000 after buying an additional 96 shares in the last quarter. Gateway Investment Advisers LLC boosted its holdings in shares of Brown & Brown by 2.3% in the 1st quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider's stock valued at $536,000 after buying an additional 97 shares in the last quarter. Graypoint LLC boosted its holdings in shares of Brown & Brown by 3.3% in the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider's stock valued at $399,000 after buying an additional 103 shares in the last quarter. Finally, NorthRock Partners LLC boosted its stake in Brown & Brown by 4.2% in the 1st quarter. NorthRock Partners LLC now owns 2,530 shares of the financial services provider's stock worth $315,000 after purchasing an additional 103 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BRO. Barclays lowered their target price on shares of 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. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $126.00 to $130.00 in a research note on Wednesday, July 30th. Citigroup initiated coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They set a "buy" rating and a $112.00 price objective for the company. Raymond James Financial restated an "outperform" rating and set a $120.00 price objective (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday, July 31st. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and an average target price of $112.64.

Brown & Brown Price Performance

NYSE:BRO opened at $93.61 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The firm has a market cap of $30.88 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 2.14 and a beta of 0.81. The company has a 50 day moving average price of $98.00 and a 200-day moving average price of $108.47. Brown & Brown, Inc. has a 1-year low of $90.38 and a 1-year high of $125.68.

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

Brown & Brown Dividend Announcement

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

Insider Buying and Selling at Brown & Brown

In related news, Director Paul J. Krump purchased 2,678 shares of the business's stock in a transaction that occurred on 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 acquisition, the director owned 5,353 shares in the company, valued at $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average cost of $91.44 per share, with a total value of $91,440.00. Following the acquisition, the director owned 5,000 shares in the company, valued at $457,200. This represents a 25.00% increase in their position. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by insiders.

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.

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