Brown & Brown, Inc. (NYSE:BRO) Shares Bought by Portside Wealth Group LLC

Portside Wealth Group LLC lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 26.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,441 shares of the financial services provider’s stock after buying an additional 1,543 shares during the period. Portside Wealth Group LLC’s holdings in Brown & Brown were worth $665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in BRO. Headlands Technologies LLC acquired a new stake in Brown & Brown during the first quarter worth $32,000. Alaska Permanent Fund Corp acquired a new stake in shares of Brown & Brown during the 1st quarter worth about $36,000. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Brown & Brown by 174.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 548 shares of the financial services provider’s stock valued at $39,000 after buying an additional 348 shares during the period. First PREMIER Bank acquired a new position in Brown & Brown in the first quarter valued at about $40,000. Finally, Intelligent Financial Strategies purchased a new position in Brown & Brown during the first quarter worth about $45,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BRO. Raymond James boosted their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Truist Financial upped their price target on Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Royal Bank of Canada boosted their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. UBS Group increased their target price on Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Finally, Bank of America raised Brown & Brown from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $91.00 to $101.00 in a research report on Wednesday, May 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.20.

Brown & Brown Stock Up 0.7 %

Shares of Brown & Brown stock traded up $0.68 during trading on Friday, hitting $101.87. 1,458,427 shares of the stock were exchanged, compared to its average volume of 1,263,499. Brown & Brown, Inc. has a 12-month low of $66.73 and a 12-month high of $103.16. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. The stock has a market cap of $29.06 billion, a price-to-earnings ratio of 31.34, a price-to-earnings-growth ratio of 2.50 and a beta of 0.82. The firm’s 50-day moving average price is $94.53 and its 200 day moving average price is $88.04.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.05. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.68 EPS. As a group, analysts forecast that Brown & Brown, Inc. will post 3.67 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 14th. Shareholders of record on Wednesday, August 7th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is 16.00%.

Insiders Place Their Bets

In other news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Julie Turpin sold 3,350 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $89.92, for a total transaction of $301,232.00. Following the sale, the executive vice president now owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by corporate insiders.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.