Point72 Hong Kong Ltd Invests $1.46 Million in Brown & Brown, Inc. (NYSE:BRO)

Point72 Hong Kong Ltd bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 16,363 shares of the financial services provider’s stock, valued at approximately $1,463,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund raised its stake in Brown & Brown by 0.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock valued at $1,819,000 after buying an additional 100 shares during the period. State of Alaska Department of Revenue raised its stake in Brown & Brown by 0.5% in the 1st 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 acquiring an additional 125 shares during the period. Studio Investment Management LLC lifted its holdings in Brown & Brown by 2.1% during the 2nd quarter. Studio Investment Management LLC now owns 6,417 shares of the financial services provider’s stock valued at $574,000 after purchasing an additional 130 shares during the last quarter. Simplicity Wealth LLC boosted its position in 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 purchasing an additional 132 shares during the period. Finally, Sequoia Financial Advisors LLC increased its holdings 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 purchasing an additional 163 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

BRO has been the subject of a number of research reports. Keefe, Bruyette & Woods raised 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. Wells Fargo & Company upgraded Brown & Brown from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $94.00 to $112.00 in a report on Monday, August 12th. Citigroup upped their target price on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Truist Financial lifted their price target on Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Moderate Buy” and an average target price of $101.67.

Brown & Brown Stock Performance

NYSE:BRO opened at $103.35 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. Brown & Brown, Inc. has a fifty-two week low of $66.73 and a fifty-two week high of $106.02. The company has a market cap of $29.48 billion, a price-to-earnings ratio of 31.80, a PEG ratio of 2.37 and a beta of 0.83. The stock has a fifty day moving average price of $101.28 and a 200-day moving average price of $92.25.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping 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 in the prior year, the company posted $0.68 earnings per share. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 3.68 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a yield of 0.50%. Brown & Brown’s dividend payout ratio (DPR) is 16.00%.

Insider Buying and Selling at Brown & Brown

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

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.