Strategies Wealth Advisors LLC Makes New Investment in Brown & Brown, Inc. $BRO

Key Points

• Strategies Wealth Advisors LLC acquired a new position in Brown & Brown, purchasing 2,694 shares valued at approximately $335,000 during the first quarter.
• Analysts have lowered their target prices for Brown & Brown, with Keefe, Bruyette & Woods reducing theirs from $104 to $87 and Goldman Sachs lowering it from $126 to $119, while the stock currently has a consensus rating of "Hold."
• Brown & Brown recently declared a quarterly dividend of $0.15 per share, translating to an annualized yield of 0.6% and a payout ratio of 17.29%.

Strategies Wealth Advisors LLC bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,694 shares of the financial services provider's stock, valued at approximately $335,000.

A number of other hedge funds have also recently bought and sold shares of the company. Capital Investment Advisors LLC bought a new stake in shares of Brown & Brown during the 1st quarter worth $1,929,000. GW&K Investment Management LLC raised its holdings in 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 worth $52,000 after buying an additional 214 shares during the period. Fifth Third Bancorp lifted its stake in Brown & Brown by 7.1% during 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. boosted its holdings in shares of 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 worth $95,130,000 after buying an additional 18,677 shares during the period. Finally, FORA Capital LLC acquired a new position in shares of Brown & Brown in the fourth quarter worth about $580,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Brown & Brown news, Director Paul J. Krump acquired 2,678 shares of the company's stock in a transaction on Friday, August 8th. The shares were purchased at an average price 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 of the company's stock, valued at approximately $499,488.43. This represents a 100.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the stock in a transaction 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 completion of the acquisition, the director owned 5,000 shares in the company, valued at approximately $457,200. This trade represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 15.59% of the company's stock.

Brown & Brown Stock Performance

BRO stock traded up $0.69 during mid-day trading on Wednesday, reaching $96.74. 681,092 shares of the stock traded hands, compared to its average volume of 2,571,327. The firm has a market capitalization of $31.91 billion, a PE ratio of 27.88, a P/E/G ratio of 2.20 and a beta of 0.78. The business has a 50-day moving average of $101.64 and a two-hundred day moving average of $109.94. Brown & Brown, Inc. has a 52 week low of $90.38 and a 52 week high of $125.68. 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 issued its earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.99 by $0.04. The firm had revenue of $1.29 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the business earned $0.93 earnings per share. As a group, equities analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were given a dividend of $0.15 per share. The ex-dividend date of this dividend 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 (DPR) is currently 17.29%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Truist Financial set a $120.00 price target on Brown & Brown in a research report on Wednesday, July 30th. Wall Street Zen downgraded Brown & Brown from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and raised their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Morgan Stanley dropped their price objective on shares of Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Monday, August 18th. Finally, Citigroup initiated coverage on shares of Brown & Brown in a report on Wednesday, August 13th. They set a "buy" rating and a $112.00 price target on the stock. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $112.64.

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.