Key Points
- Director H. Palmer Proctor, Jr. purchased 2,000 shares of Brown & Brown on May 5 at $57.10 for a $114,200 transaction, raising his holdings to 47,621 shares (a 4.38% increase) per an SEC filing.
- Brown & Brown beat Q1 estimates with $1.39 EPS versus $1.36 expected and revenue rose 35.4% year‑over‑year to $1.90 billion; the company also declared a quarterly dividend of $0.165 per share ($0.66 annualized, 1.2% yield).
- Shares are recently down about 1.5% and trading near the one‑year low (~$56.64); analysts have an average "Hold" rating with a consensus target of $80.73, and institutional investors own roughly 71% of the stock.
Brown & Brown, Inc. (NYSE:BRO - Get Free Report) Director H Palmer Proctor, Jr. purchased 2,000 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the transaction, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. The trade was a 4.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website.
Brown & Brown Stock Down 1.5%
Shares of NYSE BRO opened at $56.64 on Thursday. Brown & Brown, Inc. has a one year low of $56.54 and a one year high of $113.83. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. The business's fifty day moving average price is $67.10 and its 200-day moving average price is $74.43. The stock has a market capitalization of $19.20 billion, a PE ratio of 18.21, a P/E/G ratio of 2.65 and a beta of 0.66.
Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.03. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The firm had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter in the prior year, the firm earned $1.29 EPS. The business's revenue for the quarter was up 35.4% compared to the same quarter last year. On average, equities research analysts anticipate that Brown & Brown, Inc. will post 4.51 EPS for the current year.
Brown & Brown Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, May 11th. Brown & Brown's dividend payout ratio is currently 21.22%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on BRO. Bank of America dropped their price target on Brown & Brown from $90.00 to $88.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 14th. Keefe, Bruyette & Woods decreased their price objective on Brown & Brown from $74.00 to $72.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 29th. UBS Group reiterated a "neutral" rating and set a $81.00 price objective (down from $90.00) on shares of Brown & Brown in a research note on Thursday, January 29th. Truist Financial decreased their price objective on Brown & Brown from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Finally, Wells Fargo & Company decreased their price objective on Brown & Brown from $72.00 to $69.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 29th. Four analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $80.73.
Read Our Latest Research Report on BRO
Institutional Trading of Brown & Brown
A number of hedge funds and other institutional investors have recently made changes to their positions in BRO. Assetmark Inc. increased its stake in Brown & Brown by 192.0% in the 1st quarter. Assetmark Inc. now owns 2,628 shares of the financial services provider's stock worth $171,000 after acquiring an additional 1,728 shares during the last quarter. Aware Super Pty Ltd as trustee of Aware Super bought a new position in Brown & Brown in the 1st quarter worth about $477,000. Marks Group Wealth Management Inc increased its stake in Brown & Brown by 7.9% in the 1st quarter. Marks Group Wealth Management Inc now owns 86,972 shares of the financial services provider's stock worth $5,671,000 after acquiring an additional 6,371 shares during the last quarter. Peninsula Asset Management Inc. increased its stake in Brown & Brown by 24.9% in the 1st quarter. Peninsula Asset Management Inc. now owns 18,165 shares of the financial services provider's stock worth $1,185,000 after acquiring an additional 3,620 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its stake in Brown & Brown by 0.8% in the 1st quarter. Sanctuary Advisors LLC now owns 159,480 shares of the financial services provider's stock worth $10,400,000 after acquiring an additional 1,230 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.
About Brown & Brown
(
Get Free Report)
Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.
Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.
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