Brown & Brown, Inc. $BRO Shares Bought by HB Wealth Management LLC

HB Wealth Management LLC raised its holdings in Brown & Brown, Inc. (NYSE:BRO) by 4.1% in the 2nd quarter, HoldingsChannel reports. The fund owned 14,009 shares of the financial services provider’s stock after acquiring an additional 546 shares during the period. HB Wealth Management LLC’s holdings in Brown & Brown were worth $1,553,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Phillips Wealth Planners LLC raised its holdings in Brown & Brown by 3.4% in the 1st quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider’s stock valued at $316,000 after acquiring an additional 88 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in Brown & Brown by 26.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 96 shares during the last quarter. Gateway Investment Advisers LLC raised its holdings in Brown & Brown by 2.3% in the 1st quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider’s stock valued at $536,000 after acquiring an additional 97 shares during the last quarter. Graypoint LLC raised its holdings in Brown & Brown by 3.3% in the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider’s stock valued at $399,000 after acquiring an additional 103 shares during the last quarter. Finally, NorthRock Partners LLC raised its holdings in Brown & Brown by 4.2% in the 1st quarter. NorthRock Partners LLC now owns 2,530 shares of the financial services provider’s stock valued at $315,000 after acquiring an additional 103 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Brown & Brown news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the transaction, the director owned 5,000 shares in the company, valued at approximately $457,200. This trade represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul J. Krump purchased 2,678 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the transaction, the director owned 5,353 shares in the company, valued at $499,488.43. This trade represents a 100.11% increase in their position. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by corporate insiders.

Brown & Brown Stock Up 0.9%

Shares of Brown & Brown stock opened at $93.57 on Friday. The company has a fifty day moving average price of $94.38 and a 200 day moving average price of $106.02. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a twelve month low of $89.99 and a twelve month high of $125.68. The stock has a market cap of $30.86 billion, a price-to-earnings ratio of 26.96, a price-to-earnings-growth ratio of 2.10 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the company earned $0.93 EPS. The firm’s revenue was up 9.1% on a year-over-year basis. Equities research analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown’s dividend payout ratio is 17.29%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BRO shares. Morgan Stanley cut their price target on Brown & Brown from $109.00 to $105.00 and set an “equal weight” rating for the company in a report on Monday, August 18th. Wall Street Zen raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Raymond James Financial reissued an “outperform” rating and set a $120.00 price objective (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Barclays lowered their price objective on shares of Brown & Brown from $111.00 to $108.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 29th. Finally, Argus reissued a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $112.08.

Brown & Brown Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.