Maridea Wealth Management LLC Buys New Shares in Brown & Brown, Inc. $BRO

Maridea Wealth Management LLC bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO) in the second quarter, Holdings Channel reports. The fund bought 25,345 shares of the financial services provider’s stock, valued at approximately $1,626,000.

A number of other large investors have also recently added to or reduced their stakes in BRO. ICONIQ Capital LLC grew its position in Brown & Brown by 5.4% in the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after buying an additional 109 shares during the last quarter. Zacks Investment Management lifted its position in shares of Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock valued at $1,675,000 after acquiring an additional 125 shares during the last quarter. Private Trust Co. NA lifted its position in shares of Brown & Brown by 13.1% during the 4th quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 133 shares during the last quarter. Moors & Cabot Inc. boosted its stake in shares of Brown & Brown by 2.1% during the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance boosted its stake in shares of Brown & Brown by 0.5% during the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock worth $2,694,000 after acquiring an additional 162 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BRO has been the topic of a number of recent research reports. BMO Capital Markets lifted their target price on Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Barclays increased their price target on Brown & Brown from $72.00 to $76.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Citizens Jmp boosted their price objective on Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a report on Friday, July 10th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Brown & Brown from $72.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Four equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $76.47.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $70.60 on Friday. The company’s fifty day moving average is $66.51 and its two-hundred day moving average is $65.90. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $98.30. The company has a market cap of $23.62 billion, a P/E ratio of 22.27, a price-to-earnings-growth ratio of 3.52 and a beta of 0.59.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. Brown & Brown’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.03 EPS. Equities analysts expect that Brown & Brown, Inc. will post 4.5 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, August 12th. Brown & Brown’s payout ratio is presently 20.82%.

About Brown & Brown

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.