Cim LLC Acquires 11,059 Shares of Brown & Brown, Inc. $BRO

Cim LLC lifted its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 76.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 25,495 shares of the financial services provider’s stock after buying an additional 11,059 shares during the quarter. Cim LLC’s holdings in Brown & Brown were worth $3,172,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bares Capital Management Inc. bought a new position in shares of Brown & Brown during the 1st quarter valued at $26,000. Optimum Investment Advisors bought a new position in shares of Brown & Brown during the 1st quarter valued at $31,000. SouthState Corp grew its holdings in Brown & Brown by 188.6% in 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 last quarter. Sunbelt Securities Inc. grew its holdings in Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 256 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new stake in Brown & Brown in the 1st quarter worth $45,000. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Up 1.9%

Shares of NYSE BRO opened at $94.22 on Friday. Brown & Brown, Inc. has a 1 year low of $90.38 and a 1 year high of $125.68. The stock has a market cap of $31.08 billion, a P/E ratio of 27.15, a price-to-earnings-growth ratio of 2.10 and a beta of 0.81. The firm has a 50-day moving average of $98.29 and a 200 day moving average of $108.66. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72.

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

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 annualized dividend and a yield of 0.6%. Brown & Brown’s payout ratio is 17.29%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Argus reissued a “hold” rating on shares of Brown & Brown in a report on Thursday, July 31st. Wall Street Zen lowered shares of Brown & Brown from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Barclays cut their price target on shares of Brown & Brown from $111.00 to $108.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 29th. Morgan Stanley cut their price target on shares of Brown & Brown from $109.00 to $105.00 and set an “equal weight” rating on the stock in a report on Monday, August 18th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Brown & Brown from $104.00 to $87.00 and set an “underperform” rating for the company in a research report on Thursday, July 31st. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $112.64.

Insider Activity

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

Brown & Brown Company 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.