Point72 DIFC Ltd Acquires New Position in Brown & Brown, Inc. (NYSE:BRO)

Point72 DIFC Ltd bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,308 shares of the financial services provider’s stock, valued at approximately $117,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund boosted its stake in shares of Brown & Brown by 0.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock worth $1,819,000 after purchasing an additional 100 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Brown & Brown by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock valued at $2,243,000 after buying an additional 125 shares during the period. Copperwynd Financial LLC boosted its stake in shares of Brown & Brown by 4.8% in the second quarter. Copperwynd Financial LLC now owns 2,772 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 126 shares during the period. Studio Investment Management LLC grew its stake in shares of 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 valued at $574,000 after acquiring an additional 130 shares in the last quarter. Finally, Simplicity Wealth LLC raised its holdings in Brown & Brown by 5.6% in 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. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BRO. Argus assumed coverage on Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 price target on the stock. Raymond James lifted their price target on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Truist Financial upped their price target on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, UBS Group upped their price objective on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown has an average rating of “Moderate Buy” and an average target price of $101.67.

Brown & Brown Stock Up 1.4 %

Shares of BRO stock opened at $105.01 on Wednesday. Brown & Brown, Inc. has a one year low of $66.73 and a one year high of $106.02. 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 fifty day moving average price of $101.89 and a 200 day moving average price of $92.67. The stock has a market cap of $29.95 billion, a P/E ratio of 32.31, a price-to-earnings-growth ratio of 2.40 and a beta of 0.83.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results 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. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the business posted $0.68 earnings per share. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. Analysts predict that Brown & Brown, Inc. will post 3.68 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s dividend payout ratio is 16.00%.

Insider Buying and Selling at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now owns 88,445 shares in the company, valued at $8,872,802.40. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Brown & Brown 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.