Tidal Investments LLC Acquires 39,937 Shares of Brown & Brown, Inc. $BRO

Key Points

• Tidal Investments increased its Brown & Brown stake by 125.6% in the second quarter, acquiring 39,937 additional shares and bringing its holdings to 71,733 shares valued at approximately $4.6 million. Institutional investors collectively own 71.01% of the company.
• Analyst sentiment remains mostly neutral: four analysts rate the stock a Buy, 14 recommend Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $76.80.
• Brown & Brown’s latest quarterly results slightly missed expectations, reporting $1.07 EPS versus $1.08 expected and revenue of $1.65 billion versus $1.71 billion forecast, although revenue rose 30.4% year over year. The company also paid a quarterly dividend of $0.165 per share, representing a 1.0% yield.

Tidal Investments LLC boosted its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 125.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,733 shares of the financial services provider's stock after purchasing an additional 39,937 shares during the period. Tidal Investments LLC's holdings in Brown & Brown were worth $4,602,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. ICONIQ Capital LLC increased its position in shares of Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock valued at $234,000 after purchasing an additional 109 shares during the last quarter. Zacks Investment Management grew its position in Brown & Brown by 0.7% during the third quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock valued at $1,675,000 after buying an additional 125 shares during the period. Moors & Cabot Inc. grew its position in Brown & Brown by 2.1% during the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock valued at $638,000 after buying an additional 142 shares during the period. Crawford Investment Counsel Inc. grew its position in Brown & Brown by 0.6% during the fourth quarter. Crawford Investment Counsel Inc. now owns 28,750 shares of the financial services provider's stock valued at $2,291,000 after buying an additional 170 shares during the period. Finally, Equitable Trust Co. increased its holdings in Brown & Brown by 1.7% during the first quarter. Equitable Trust Co. now owns 10,901 shares of the financial services provider's stock worth $711,000 after buying an additional 182 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Analyst Upgrades and Downgrades

BRO has been the topic of several research reports. Wells Fargo & Company lowered their price objective on shares of Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 9th. Weiss Ratings raised shares of Brown & Brown from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 19th. Barclays raised their price target on shares of Brown & Brown from $72.00 to $76.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their price target on shares of Brown & Brown from $72.00 to $74.00 and gave the stock a "market perform" rating in a report on Wednesday, July 8th. Finally, UBS Group reiterated a "neutral" rating and issued a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $76.80.

Brown & Brown Stock Performance

NYSE:BRO opened at $66.28 on Monday. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $96.55. The firm has a market cap of $22.18 billion, a price-to-earnings ratio of 20.91, a PEG ratio of 2.03 and a beta of 0.58. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. The business's fifty day moving average is $70.20 and its 200 day moving average is $65.86.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. Brown & Brown's quarterly revenue was up 30.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.03 EPS. Research analysts predict that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown's payout ratio is presently 20.82%.

Brown & Brown Company Profile

Brown & Brown, Inc is an independent insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk by providing insurance products and related advisory services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialty insurance programs. Brown & Brown also operates wholesale brokerage and managing general agency businesses, which provide specialized coverage and market access to retail insurance agents and brokers.

Founded in 1939 by J.

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