Prospector Partners LLC Acquires 1,805 Shares of Brown & Brown, Inc. (NYSE:BRO)

Prospector Partners LLC increased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 283,557 shares of the financial services provider’s stock after purchasing an additional 1,805 shares during the quarter. Brown & Brown accounts for approximately 2.8% of Prospector Partners LLC’s portfolio, making the stock its 3rd biggest position. Prospector Partners LLC’s holdings in Brown & Brown were worth $25,353,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund raised its stake in shares of Brown & Brown by 0.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock valued at $1,819,000 after acquiring an additional 100 shares during the period. State of Alaska Department of Revenue raised its position in Brown & Brown by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock valued at $2,243,000 after purchasing an additional 125 shares during the period. Studio Investment Management LLC lifted its stake in Brown & Brown by 2.1% during the second quarter. Studio Investment Management LLC now owns 6,417 shares of the financial services provider’s stock worth $574,000 after purchasing an additional 130 shares in the last quarter. Simplicity Wealth LLC boosted its position in shares of Brown & Brown by 5.6% during the second quarter. Simplicity Wealth LLC now owns 2,505 shares of the financial services provider’s stock worth $224,000 after buying an additional 132 shares during the period. Finally, Sequoia Financial Advisors LLC grew its stake in shares of Brown & Brown by 2.4% in the second quarter. Sequoia Financial Advisors LLC now owns 6,856 shares of the financial services provider’s stock valued at $613,000 after buying an additional 163 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Brown & Brown stock opened at $101.01 on Friday. The company has a fifty day simple moving average of $100.70 and a 200-day simple moving average of $91.88. The stock has a market cap of $28.81 billion, a P/E ratio of 31.08, a price-to-earnings-growth ratio of 2.42 and a beta of 0.83. Brown & Brown, Inc. has a 12-month low of $66.73 and a 12-month high of $106.02. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the firm posted $0.68 EPS. The company’s revenue was up 12.5% on a year-over-year basis. Equities analysts expect that Brown & Brown, Inc. will post 3.68 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were given a dividend of $0.13 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.51%. Brown & Brown’s dividend payout ratio (DPR) is presently 16.00%.

Insiders Place Their Bets

In other news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the transaction, the chief financial officer now owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Raymond James raised their target price on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Wells Fargo & Company raised shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $94.00 to $112.00 in a research note on Monday, August 12th. Keefe, Bruyette & Woods upped their target price on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research note on Friday, July 26th. Truist Financial raised their price target on shares of Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $100.00.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.