Access Investment Management LLC Makes New Investment in Brown & Brown, Inc. $BRO

Access Investment Management LLC bought a new position in Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,000 shares of the financial services provider’s stock, valued at approximately $1,109,000.

Several other institutional investors have also made changes to their positions in the company. Bares Capital Management Inc. purchased a new position in Brown & Brown during the 1st quarter worth approximately $26,000. ST Germain D J Co. Inc. grew its holdings in shares of Brown & Brown by 298.5% during the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after buying an additional 200 shares in the last quarter. Optimum Investment Advisors acquired a new position in Brown & Brown during the first quarter valued at $31,000. SouthState Corp boosted its position in Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 166 shares during the period. Finally, Motco acquired a new position in shares of Brown & Brown in the 2nd quarter valued at about $32,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

NYSE BRO opened at $79.81 on Monday. The firm has a market cap of $27.25 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 1.70 and a beta of 0.79. Brown & Brown, Inc. has a 1-year low of $79.30 and a 1-year high of $125.68. The company has a current ratio of 2.10, a quick ratio of 6.72 and a debt-to-equity ratio of 0.62. The company has a 50 day moving average of $92.16 and a 200-day moving average of $101.35.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The firm’s revenue was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 earnings per share. On average, equities analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 12th. Investors of record on Wednesday, November 5th will be issued a dividend of $0.165 per share. The ex-dividend date is Wednesday, November 5th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 0.8%. Brown & Brown’s dividend payout ratio is currently 19.76%.

Insider Activity

In related news, Director Bronislaw Edmund Masojada bought 1,000 shares of Brown & Brown stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average price of $91.44 per share, with a total value of $91,440.00. Following the acquisition, the director owned 5,000 shares of the company’s stock, valued at approximately $457,200. This represents a 25.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 17.02% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BRO shares. Argus reiterated a “hold” rating on shares of Brown & Brown in a research report on Thursday, July 31st. Barclays dropped their target price on Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. Bank of America raised Brown & Brown from a “neutral” rating to a “buy” rating and boosted their price target for the company from $126.00 to $130.00 in a research note on Wednesday, July 30th. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research note on Monday. Finally, Weiss Ratings cut shares of Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $108.38.

About Brown & Brown

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.