WealthPlan Investment Management LLC Acquires 7,917 Shares of Brown & Brown, Inc. $BRO

WealthPlan Investment Management LLC boosted its holdings in Brown & Brown, Inc. (NYSE:BRO) by 8.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 100,908 shares of the financial services provider’s stock after acquiring an additional 7,917 shares during the period. WealthPlan Investment Management LLC’s holdings in Brown & Brown were worth $11,188,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in BRO. Bares Capital Management Inc. bought a new stake in Brown & Brown in the 1st quarter valued at $26,000. ST Germain D J Co. Inc. increased its position in Brown & Brown by 298.5% during the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $30,000 after buying an additional 200 shares during the period. Optimum Investment Advisors bought a new position in Brown & Brown during the 1st quarter worth $31,000. SouthState Corp increased 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 buying an additional 166 shares during the period. Finally, Bruce G. Allen Investments LLC increased its position in Brown & Brown by 1,129.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock worth $37,000 after buying an additional 305 shares during the period. Institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on BRO shares. UBS Group lowered their price objective on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. Wall Street Zen upgraded Brown & Brown from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. BMO Capital Markets lowered 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. Bank of America upgraded Brown & Brown from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Finally, Citigroup started coverage on Brown & Brown in a research report on Wednesday, August 13th. They set a “buy” rating and a $112.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $109.92.

Brown & Brown Stock Down 0.8%

Shares of NYSE BRO opened at $94.00 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a 52 week low of $89.99 and a 52 week high of $125.68. The stock has a market capitalization of $31.00 billion, a P/E ratio of 27.09, a PEG ratio of 2.13 and a beta of 0.79. The stock’s fifty day moving average is $94.48 and its 200 day moving average is $104.42.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter last year, the business earned $0.93 earnings per share. Brown & Brown’s revenue was up 9.1% on a year-over-year basis. Sell-side 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 disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were paid 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 dividend payout ratio (DPR) is 17.29%.

Insider Activity

In other Brown & Brown news, Director Paul J. Krump acquired 2,678 shares of Brown & Brown 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 purchase, the director directly owned 5,353 shares of the company’s stock, valued at $499,488.43. This represents a 100.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of Brown & Brown stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares of the company’s stock, valued at $457,200. This represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company’s stock.

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.