Teza Capital Management LLC Invests $654,000 in Brown & Brown, Inc. $BRO

Key Points

• Teza Capital Management LLC acquired 5,261 shares of Brown & Brown, Inc. (NYSE:BRO) valued at approximately $654,000, marking a new investment in the financial services provider.
• Insider transactions reveal significant purchases, with Director Paul J. Krump increasing ownership by over 100% after buying 2,678 shares, and another director acquiring an additional 1,000 shares.
• Brown & Brown reported earnings of $1.03 per share for the last quarter, exceeding analysts' expectations, and declared a quarterly dividend of $0.15 per share.

Teza Capital Management LLC purchased a new position in Brown & Brown, Inc. (NYSE:BRO - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 5,261 shares of the financial services provider's stock, valued at approximately $654,000.

Other institutional investors also recently made changes to their positions in the company. Bares Capital Management Inc. acquired a new stake in Brown & Brown during the first quarter valued at approximately $26,000. Sunbelt Securities Inc. lifted its stake in Brown & Brown by 581.8% during the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 256 shares during the last quarter. Optimum Investment Advisors acquired a new stake in Brown & Brown during the first quarter valued at approximately $31,000. SouthState Corp lifted its stake in 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 purchasing an additional 166 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in Brown & Brown during the first quarter valued at approximately $45,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Brown & Brown

In other Brown & Brown news, Director Paul J. Krump purchased 2,678 shares of the company's stock in a transaction dated Friday, August 8th. The shares were bought at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the purchase, the director directly owned 5,353 shares in the company, valued at $499,488.43. This trade represents a 100.11% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed 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 acquired at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the purchase, the director owned 5,000 shares in the company, valued at $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Morgan Stanley cut their target price on shares of 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. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research note on Wednesday, July 30th. Argus reissued a "hold" rating on shares of Brown & Brown in a research note on Thursday, July 31st. Wall Street Zen lowered shares of Brown & Brown from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Finally, Raymond James Financial restated an "outperform" rating and set a $120.00 price target (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and an average target price of $112.64.

Brown & Brown Stock Down 0.7%

Brown & Brown stock traded down $0.63 during trading hours on Friday, hitting $93.61. The company had a trading volume of 1,463,640 shares, compared to its average volume of 2,233,684. The firm has a market capitalization of $30.88 billion, a P/E ratio of 26.98, a price-to-earnings-growth ratio of 2.14 and a beta of 0.81. 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's fifty day moving average is $98.00 and its 200-day moving average is $108.47. Brown & Brown, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data 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 for 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 company's revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.93 EPS. On average, research analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Dividend Announcement

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