Moran Wealth Management LLC Raises Holdings in Brown & Brown, Inc. $BRO

Moran Wealth Management LLC increased its position in Brown & Brown, Inc. (NYSE:BRO) by 1.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 113,137 shares of the financial services provider’s stock after buying an additional 1,820 shares during the quarter. Moran Wealth Management LLC’s holdings in Brown & Brown were worth $12,543,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Brown & Brown by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock worth $3,794,339,000 after buying an additional 560,980 shares during the period. Principal Financial Group Inc. raised its position in shares of Brown & Brown by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider’s stock worth $1,609,742,000 after buying an additional 38,078 shares during the period. Parnassus Investments LLC purchased a new position in shares of Brown & Brown in the 1st quarter worth $899,139,000. Invesco Ltd. raised its position in Brown & Brown by 8.3% in the first quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider’s stock valued at $512,545,000 after purchasing an additional 316,519 shares during the period. Finally, Royal Bank of Canada raised its position in Brown & Brown by 6.3% in the first quarter. Royal Bank of Canada now owns 3,063,741 shares of the financial services provider’s stock valued at $381,129,000 after purchasing an additional 181,315 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Down 1.5%

Shares of Brown & Brown stock opened at $94.50 on Tuesday. The business has a 50-day moving average of $94.37 and a 200-day moving average of $104.56. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The company has a market capitalization of $31.17 billion, a PE ratio of 27.23, a P/E/G ratio of 2.17 and a beta of 0.79. Brown & Brown, Inc. has a 1-year low of $89.99 and a 1-year high of $125.68.

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

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown’s dividend payout ratio (DPR) is currently 17.29%.

Analyst Upgrades and Downgrades

Several research firms have commented on BRO. Raymond James Financial reissued an “outperform” rating and issued a $120.00 price objective (down from $125.00) on shares of Brown & Brown in a research report on Monday, August 4th. Morgan Stanley cut their price objective on Brown & Brown from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 7th. Barclays cut their price objective 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. BMO Capital Markets cut their price objective on Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 30th. Finally, Wall Street Zen raised Brown & Brown from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $109.92.

Insider Activity

In other news, Director Paul J. Krump acquired 2,678 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was purchased 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 directly owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of the 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 completion of the acquisition, the director owned 5,000 shares of the company’s stock, valued at $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.59% of the stock is owned by company insiders.

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.