Wallace Advisory Group LLC Purchases 176 Shares of Brown & Brown, Inc. (NYSE:BRO)

Wallace Advisory Group LLC increased its position in Brown & Brown, Inc. (NYSE:BRO) by 5.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,203 shares of the financial services provider’s stock after acquiring an additional 176 shares during the period. Wallace Advisory Group LLC’s holdings in Brown & Brown were worth $286,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Crewe Advisors LLC grew its stake 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 worth $27,000 after acquiring an additional 228 shares during the period. Headlands Technologies LLC bought a new stake in Brown & Brown in the 1st quarter worth approximately $32,000. Alaska Permanent Fund Corp purchased a new stake in Brown & Brown during the 1st quarter valued at $36,000. First PREMIER Bank bought a new position in shares of Brown & Brown during the 1st quarter valued at $40,000. Finally, Intelligent Financial Strategies purchased a new position in shares of Brown & Brown in the 1st quarter worth $45,000. 71.01% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Brown & Brown Price Performance

BRO stock opened at $103.60 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. The company’s fifty day moving average price is $101.68 and its 200-day moving average price is $92.54. Brown & Brown, Inc. has a one year low of $66.73 and a one year high of $106.02. The company has a market capitalization of $29.55 billion, a PE ratio of 31.88, a price-to-earnings-growth ratio of 2.40 and a beta of 0.83.

Brown & Brown (NYSE:BRO) last released 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. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The business’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 EPS. On average, equities analysts anticipate that Brown & Brown, Inc. will post 3.68 EPS for the current fiscal year.

Brown & Brown Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Truist Financial increased their target price on Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Royal Bank of Canada increased their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Wells Fargo & Company upgraded shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $94.00 to $112.00 in a research report on Monday, August 12th. Raymond James lifted their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Barclays initiated coverage on Brown & Brown in a research note on Wednesday, September 4th. They issued 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 given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $101.67.

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.