Triangle Securities Wealth Management Takes $317,000 Position in Brown & Brown, Inc. $BRO

Key Points

• Triangle Securities Wealth Management acquired a new stake of 2,861 shares in Brown & Brown, Inc. valued at approximately $317,000 during the second quarter.
• Brown & Brown's latest quarterly earnings showed an EPS of $1.03, exceeding analysts' estimates of $0.99, and a revenue increase of 9.1% year-over-year.
• The company also announced a quarterly dividend of $0.15 per share, which represents an annualized dividend yield of 0.7%.

Triangle Securities Wealth Management bought a new position in Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 2,861 shares of the financial services provider's stock, valued at approximately $317,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BRO. Vanguard Group Inc. boosted its stake in shares of Brown & Brown by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider's stock worth $3,794,339,000 after buying an additional 560,980 shares during the last quarter. Principal Financial Group Inc. increased its stake in Brown & Brown by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider's stock worth $1,609,742,000 after acquiring an additional 38,078 shares during the last quarter. Parnassus Investments LLC purchased a new position in shares of Brown & Brown in the first quarter valued at $899,139,000. Invesco Ltd. raised its stake in Brown & Brown by 8.3% during the first quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider's stock valued at $512,545,000 after purchasing an additional 316,519 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Brown & Brown by 6.3% in the 1st quarter. Royal Bank of Canada now owns 3,063,741 shares of the financial services provider's stock worth $381,129,000 after buying an additional 181,315 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Argus reiterated a "hold" rating on shares of Brown & Brown in a research report on Thursday, July 31st. Morgan Stanley reduced their target price on 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. Wall Street Zen upgraded shares of Brown & Brown from a "sell" rating to a "hold" rating in a report on Saturday. Wells Fargo & Company downgraded shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $104.00 to $101.00 in a research note on Wednesday, August 13th. Finally, Citigroup started coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They set a "buy" rating and a $112.00 price target for the company. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $112.64.

Insider Transactions at Brown & Brown

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

Brown & Brown Stock Up 0.8%

Shares of BRO stock traded up $0.75 during trading hours on Monday, reaching $92.48. 1,496,368 shares of the company's stock were exchanged, compared to its average volume of 2,565,426. Brown & Brown, Inc. has a 1 year low of $89.99 and a 1 year high of $125.68. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The stock has a market cap of $30.50 billion, a PE ratio of 26.62, a PEG ratio of 2.07 and a beta of 0.80. The stock's fifty day moving average price is $96.41 and its two-hundred day moving average price is $107.45.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter last year, the company earned $0.93 EPS. The business's revenue was up 9.1% on a year-over-year basis. Research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were issued 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 (DPR) is 17.29%.

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.