Belpointe Asset Management LLC Buys 202 Shares of Brown & Brown, Inc. $BRO

Belpointe Asset Management LLC lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 5.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,055 shares of the financial services provider’s stock after acquiring an additional 202 shares during the period. Belpointe Asset Management LLC’s holdings in Brown & Brown were worth $450,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Parnassus Investments LLC bought a new position in shares of Brown & Brown during the 1st quarter worth approximately $899,139,000. Nuveen LLC acquired a new position in Brown & Brown during the first quarter worth $72,895,000. Vanguard Group Inc. grew its position in Brown & Brown by 1.9% in the first quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock valued at $3,794,339,000 after purchasing an additional 560,980 shares in the last quarter. Raymond James Financial Inc. grew its position in Brown & Brown by 66.0% in the first quarter. Raymond James Financial Inc. now owns 1,169,936 shares of the financial services provider’s stock valued at $145,540,000 after purchasing an additional 465,028 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Brown & Brown by 125.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 628,690 shares of the financial services provider’s stock valued at $78,209,000 after buying an additional 350,236 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BRO has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Bank of America upgraded Brown & Brown from a “neutral” rating to a “buy” rating and upped their target price for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Morgan Stanley decreased their price target on Brown & Brown from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday. BMO Capital Markets lowered their price target 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, Citigroup initiated coverage on Brown & Brown in a report on Wednesday, August 13th. They issued a “buy” rating and a $112.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $109.92.

Insider Buying and Selling

In other Brown & Brown news, Director Paul J. Krump bought 2,678 shares of the stock in a transaction dated Friday, August 8th. The shares were bought 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 owned 5,353 shares of the company’s stock, valued at $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average price of $91.44 per share, with a total value of $91,440.00. Following the completion of the transaction, the director owned 5,000 shares of the company’s stock, valued at $457,200. This represents a 25.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.02% of the company’s stock.

Brown & Brown Trading Down 0.5%

BRO stock opened at $95.51 on Friday. The stock has a market cap of $31.50 billion, a price-to-earnings ratio of 27.52, a price-to-earnings-growth ratio of 2.17 and a beta of 0.79. The company has a fifty day moving average price of $94.26 and a two-hundred day moving average price of $105.18. Brown & Brown, Inc. has a one year low of $89.99 and a one year high of $125.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. Brown & Brown’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 EPS. Equities analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

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

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.