Voya Investment Management LLC Acquires 37,240 Shares of Brown & Brown, Inc. $BRO

Key Points

• Voya Investment Management LLC increased its stake in Brown & Brown, Inc. by 22.3%, acquiring an additional 37,240 shares and bringing their total ownership to approximately 204,438 shares valued at $25.4 million.
• Brown & Brown recently reported $1.03 earnings per share for the last quarter, exceeding analysts' expectations, with a revenue of $1.29 billion, reflecting a 9.1% year-over-year increase.
• The company declared a quarterly dividend of $0.15 per share, equivalent to an annualized payment of $0.60 and a dividend yield of 0.6%, with a payout ratio currently at 17.29%.

Voya Investment Management LLC boosted its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 22.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 204,438 shares of the financial services provider's stock after purchasing an additional 37,240 shares during the period. Voya Investment Management LLC owned approximately 0.07% of Brown & Brown worth $25,432,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Bares Capital Management Inc. bought a new position in shares of Brown & Brown during the first quarter valued at about $26,000. Sunbelt Securities Inc. raised its stake in shares of 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 acquiring an additional 256 shares during the last quarter. Optimum Investment Advisors bought a new position in shares of Brown & Brown during the first quarter valued at about $31,000. SouthState Corp raised its stake in shares of 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 acquiring an additional 166 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in shares of Brown & Brown during the first quarter valued at about $45,000. 71.01% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at $457,200. This 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 hyperlink. Also, Director Paul J. Krump purchased 2,678 shares of the business's 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 acquisition, the director owned 5,353 shares of the company's stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 17.02% of the company's stock.

Brown & Brown Price Performance

Shares of BRO opened at $93.61 on Monday. The stock has a market cap of $30.88 billion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 2.13 and a beta of 0.81. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $125.68. The firm's 50-day simple moving average is $98.00 and its two-hundred day simple moving average is $108.41.

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

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were issued a dividend of $0.15 per share. The ex-dividend date 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 is presently 17.29%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BRO. Morgan Stanley lowered their price objective 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. Wall Street Zen downgraded shares of Brown & Brown from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. BMO Capital Markets reduced their price target on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and boosted their price target for the company from $126.00 to $130.00 in a research report on Wednesday, July 30th. Finally, Barclays reduced their price target on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. 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 MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target 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.

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