Element Capital Management LLC Acquires Shares of 78,300 Brown & Brown, Inc. $BRO

Element Capital Management LLC bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 78,300 shares of the financial services provider’s stock, valued at approximately $5,023,000.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its position in Brown & Brown by 38.3% during the first quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock worth $4,132,000 after purchasing an additional 9,264 shares during the period. Focus Partners Wealth grew its stake in Brown & Brown by 5.2% during the first quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock worth $1,387,000 after buying an additional 547 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Brown & Brown by 1,824.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider’s stock valued at $5,888,000 after buying an additional 50,344 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Brown & Brown by 27.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider’s stock valued at $116,000 after buying an additional 223 shares during the period. Finally, Cary Street Partners Financial LLC raised its position in shares of Brown & Brown by 60.9% in the 2nd quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider’s stock valued at $103,000 after buying an additional 353 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Down 1.7%

Shares of NYSE BRO opened at $73.35 on Wednesday. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The company has a market cap of $24.54 billion, a price-to-earnings ratio of 23.14, a PEG ratio of 3.72 and a beta of 0.59. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $97.49. The stock has a 50-day moving average price of $68.25 and a two-hundred day moving average price of $65.76.

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

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is currently 20.82%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Morgan Stanley reaffirmed an “underweight” rating and set a $60.00 price target (up from $56.00) on shares of Brown & Brown in a report on Wednesday, August 19th. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 29th. BMO Capital Markets boosted their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Wells Fargo & Company lowered their price objective on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating for the company in a research report on Thursday, July 9th. Finally, Keefe, Bruyette & Woods upped their target price on Brown & Brown from $72.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Four analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $76.80.

Brown & Brown Company Profile

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.