Kelleher Financial Advisors Acquires New Stake in Brown & Brown, Inc. $BRO

Kelleher Financial Advisors bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 18,680 shares of the financial services provider’s stock, valued at approximately $1,198,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Union Bancaire Privee UBP SA bought a new stake in shares of Brown & Brown in the 1st quarter valued at about $25,000. Basepoint Wealth LLC bought a new position in shares of Brown & Brown during the fourth quarter worth about $27,000. Darwin Wealth Management LLC bought a new position in shares of Brown & Brown during the second quarter worth about $30,000. DV Equities LLC acquired a new position in shares of Brown & Brown in the fourth quarter worth approximately $33,000. Finally, Allied Private Wealth LLC acquired a new position in shares of Brown & Brown in the second quarter worth approximately $35,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Price Performance

Shares of BRO opened at $70.60 on Friday. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $98.30. The business’s fifty day moving average is $66.51 and its 200 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. The stock has a market cap of $23.62 billion, a P/E ratio of 22.27, a P/E/G ratio of 3.52 and a beta of 0.59.

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

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, August 12th. Brown & Brown’s dividend payout ratio (DPR) is 20.82%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on BRO shares. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research report on Friday, June 26th. Citigroup downgraded shares of Brown & Brown from an “outperform” rating to a “neutral” rating and boosted their price target for the stock from $70.00 to $79.00 in a research report on Wednesday, July 29th. Barclays boosted their price target on shares of Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Weiss Ratings cut shares of Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd. Finally, Truist Financial set a $90.00 target price on shares of Brown & Brown in a research note on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $76.47.

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.