XTX Topco Ltd Makes New Investment in Brown & Brown, Inc. (NYSE:BRO)

XTX Topco Ltd purchased a new position in Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,603 shares of the financial services provider’s stock, valued at approximately $1,037,000.

Other hedge funds have also added to or reduced their stakes in the company. Crewe Advisors LLC lifted its stake in Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 228 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Brown & Brown during the first quarter valued at about $32,000. Alaska Permanent Fund Corp bought a new position in shares of Brown & Brown during the first quarter valued at about $36,000. First PREMIER Bank bought a new position in shares of Brown & Brown during the first quarter valued at about $40,000. Finally, Intelligent Financial Strategies 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.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Raymond James upped their price objective 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 increased 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. Royal Bank of Canada increased their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. UBS Group increased their price target on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Finally, StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.00.

Insider Activity

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

Brown & Brown Price Performance

Shares of BRO opened at $101.01 on Friday. The firm’s 50-day simple moving average is $100.70 and its two-hundred day simple moving average is $91.88. Brown & Brown, Inc. has a fifty-two week low of $66.73 and a fifty-two week high of $106.02. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. The stock has a market cap of $28.81 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 2.42 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 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the company posted $0.68 earnings per share. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. Analysts anticipate that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

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

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.