Brown & Brown, Inc. (NYSE:BRO) Shares Bought by Prospector Partners LLC

Prospector Partners LLC boosted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.6% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 283,557 shares of the financial services provider’s stock after acquiring an additional 1,805 shares during the quarter. Brown & Brown comprises about 2.8% of Prospector Partners LLC’s portfolio, making the stock its 3rd largest position. Prospector Partners LLC owned about 0.10% of Brown & Brown worth $25,353,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BRO. Oregon Public Employees Retirement Fund boosted its holdings in Brown & Brown by 0.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock valued at $1,819,000 after purchasing an additional 100 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Brown & Brown by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock worth $2,243,000 after buying an additional 125 shares during the last quarter. Studio Investment Management LLC grew its holdings in Brown & Brown by 2.1% during the second quarter. Studio Investment Management LLC now owns 6,417 shares of the financial services provider’s stock worth $574,000 after acquiring an additional 130 shares during the period. Simplicity Wealth LLC raised its position in Brown & Brown by 5.6% during the second quarter. Simplicity Wealth LLC now owns 2,505 shares of the financial services provider’s stock valued at $224,000 after acquiring an additional 132 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its holdings in Brown & Brown by 2.4% in the second quarter. Sequoia Financial Advisors LLC now owns 6,856 shares of the financial services provider’s stock valued at $613,000 after acquiring an additional 163 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Buying and Selling at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction 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 transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. The disclosure for this sale can be found here. 17.02% of the stock is owned by insiders.

Brown & Brown Price Performance

NYSE:BRO opened at $101.01 on Friday. The stock has a 50 day moving average of $100.70 and a two-hundred day moving average of $91.88. Brown & Brown, Inc. has a 12 month low of $66.73 and a 12 month high of $106.02. The firm has a market cap of $28.81 billion, a P/E ratio of 31.08, a price-to-earnings-growth ratio of 2.42 and a beta of 0.83. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the company posted $0.68 earnings per share. The business’s revenue was up 12.5% on a year-over-year basis. On average, analysts expect that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a dividend of $0.13 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 annualized dividend and a yield of 0.51%. Brown & Brown’s dividend payout ratio is presently 16.00%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Barclays began coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price objective on the stock. UBS Group lifted their price objective on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Truist Financial upped their price objective on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Finally, Wells Fargo & Company raised Brown & Brown from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $94.00 to $112.00 in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $100.00.

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.