Brown & Brown, Inc. (NYSE:BRO) Shares Acquired by TAP Consulting LLC

TAP Consulting LLC grew its holdings in Brown & Brown, Inc. (NYSE:BRO) by 9.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,776 shares of the financial services provider’s stock after buying an additional 2,004 shares during the period. TAP Consulting LLC’s holdings in Brown & Brown were worth $2,126,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of BRO. Crewe Advisors LLC raised its position in shares of Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after buying an additional 228 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Brown & Brown in the first quarter valued at about $32,000. Alaska Permanent Fund Corp acquired a new stake in shares of Brown & Brown in the first quarter valued at about $36,000. First PREMIER Bank acquired a new stake in Brown & Brown during the first quarter worth about $40,000. Finally, Intelligent Financial Strategies acquired a new stake in Brown & Brown during the first quarter worth about $45,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Brown & Brown Trading Down 0.7 %

BRO stock traded down $0.69 during mid-day trading on Friday, hitting $103.94. 1,035,733 shares of the company were exchanged, compared to its average volume of 1,233,436. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $29.65 billion, a P/E ratio of 31.98, a PEG ratio of 2.44 and a beta of 0.83. The business has a fifty day simple moving average of $98.33 and a 200-day simple moving average of $90.58. Brown & Brown, Inc. has a 12-month low of $66.73 and a 12-month high of $106.02.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm posted $0.68 earnings per share. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, equities research analysts predict that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BRO. Royal Bank of Canada raised their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Wells Fargo & Company upgraded shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $94.00 to $112.00 in a research report on Monday, August 12th. Bank of America upgraded shares of Brown & Brown from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $91.00 to $101.00 in a research report on Wednesday, May 22nd. Finally, Barclays initiated coverage on shares of Brown & Brown in a research report on Wednesday. They set an “equal weight” rating and a $108.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Brown & Brown currently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

About Brown & Brown

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.