US Bancorp DE Trims Holdings in Brown & Brown, Inc. $BRO

Key Points

• US Bancorp DE reduced its holdings in Brown & Brown, Inc. by 3.3%, now owning 89,969 shares valued at approximately $9.98 million.
• In recent transactions, corporate insiders increased their ownership in the company, with Director Paul J. Krump acquiring over 2,678 shares which represented a 100.11% increase in his ownership.
• Brown & Brown reported $1.03 earnings per share (EPS) for the last quarter, surpassing analyst expectations, and the company announced a quarterly dividend of $0.15 per share.

US Bancorp DE cut its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 3.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,969 shares of the financial services provider's stock after selling 3,088 shares during the quarter. US Bancorp DE's holdings in Brown & Brown were worth $9,975,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bares Capital Management Inc. purchased a new stake in shares of Brown & Brown in the 1st quarter worth about $26,000. ST Germain D J Co. Inc. grew its position in shares of Brown & Brown by 298.5% in the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider's stock worth $30,000 after buying an additional 200 shares during the period. Optimum Investment Advisors purchased a new stake in shares of Brown & Brown in the 1st quarter worth about $31,000. SouthState Corp grew its position in shares of Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after buying an additional 166 shares during the period. Finally, Bruce G. Allen Investments LLC grew its position in shares of Brown & Brown by 1,129.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider's stock worth $37,000 after buying an additional 305 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Brown & Brown

In other Brown & Brown news, Director Paul J. Krump acquired 2,678 shares of the stock in a transaction dated 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 purchase, the director directly owned 5,353 shares of the company's stock, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of the stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the purchase, the director directly 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. 17.02% of the stock is owned by corporate insiders.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $96.01 on Friday. The firm's 50-day moving average price is $94.34 and its 200-day moving average price is $104.89. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a market cap of $31.67 billion, a PE ratio of 27.67, a PEG ratio of 2.17 and a beta of 0.79. Brown & Brown, Inc. has a 52-week low of $89.99 and a 52-week high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.04. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 EPS. As a group, analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Brown & Brown from $105.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 7th. UBS Group cut their price objective on shares of Brown & Brown from $120.00 to $106.00 and set a "neutral" rating on the stock in a research report on Wednesday. Wells Fargo & Company cut their price objective on shares of Brown & Brown from $101.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Wall Street Zen raised shares of Brown & Brown from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Finally, Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, eight have given 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 $109.92.

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.

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