Walleye Capital LLC Has $2.92 Million Holdings in Brown & Brown, Inc. $BRO

Key Points

• Walleye Capital LLC reduced its Brown & Brown stake by 35.4% in the first quarter, selling 24,586 shares and ending with 44,825 shares valued at about $2.92 million.
• Brown & Brown beat quarterly expectations, reporting EPS of $1.39 versus the $1.36 consensus and revenue of $1.90 billion, with revenue up 35.4% year over year.
• The company continues to pay a dividend and attract mixed analyst views, announcing a $0.165 quarterly dividend while analysts currently rate the stock a consensus “Hold” with a $78.62 price target.

Walleye Capital LLC lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 35.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,825 shares of the financial services provider's stock after selling 24,586 shares during the quarter. Walleye Capital LLC's holdings in Brown & Brown were worth $2,923,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Union Bancaire Privee UBP SA acquired a new position in Brown & Brown during the first quarter worth $25,000. Basepoint Wealth LLC acquired a new stake in shares of Brown & Brown in the 4th quarter valued at $27,000. Darwin Wealth Management LLC bought a new stake in shares of Brown & Brown in the 2nd quarter worth about $30,000. DV Equities LLC bought a new stake in shares of Brown & Brown in the 4th quarter worth about $33,000. Finally, Maseco LLP acquired a new stake in shares of Brown & Brown during the 4th quarter worth about $60,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Trading Up 0.5%

BRO opened at $65.75 on Friday. The firm has a 50 day simple moving average of $62.05 and a 200 day simple moving average of $66.74. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $104.25. The company has a market cap of $22.29 billion, a price-to-earnings ratio of 21.14, a price-to-earnings-growth ratio of 3.02 and a beta of 0.60. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The firm had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same period last year, the firm earned $1.29 earnings per share. The business's revenue for the quarter was up 35.4% on a year-over-year basis. On average, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.5 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th will be given a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, August 12th. Brown & Brown's dividend payout ratio (DPR) is currently 21.22%.

Insider Activity

In related news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average cost of $57.10 per share, with a total value of $114,200.00. Following the completion of the purchase, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 13.13% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BRO shares. Royal Bank Of Canada cut their price target on shares of Brown & Brown from $76.00 to $72.00 and set a "sector perform" rating for the company in a report on Wednesday, April 29th. Morgan Stanley cut shares of Brown & Brown from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $60.00 to $55.00 in a research note on Monday, July 6th. JPMorgan Chase & Co. cut their target price on shares of Brown & Brown from $81.00 to $78.00 and set a "neutral" rating for the company in a research note on Monday, July 13th. Keefe, Bruyette & Woods increased their price target on Brown & Brown from $72.00 to $74.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 8th. Finally, Barclays raised their price target on Brown & Brown from $72.00 to $76.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $78.62.

Brown & Brown Company Profile

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.