116,397 Shares in Brown & Brown, Inc. $BRO Bought by Courant Investment Management LLC

Courant Investment Management LLC acquired a new position in shares of Brown & Brown, Inc. (NYSE:BRO) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 116,397 shares of the financial services provider’s stock, valued at approximately $7,590,000. Brown & Brown accounts for 7.4% of Courant Investment Management LLC’s portfolio, making the stock its 7th largest position.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Basepoint Wealth LLC purchased a new stake in shares of Brown & Brown during the fourth quarter worth about $27,000. Darwin Wealth Management LLC purchased a new position in Brown & Brown in the 2nd quarter valued at about $30,000. DV Equities LLC purchased a new position in Brown & Brown in the 4th quarter valued at about $33,000. Board of the Pension Protection Fund acquired a new stake in Brown & Brown in the 4th quarter worth about $40,000. Finally, Maseco LLP acquired a new stake in Brown & Brown in the 4th quarter worth about $60,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

BRO stock opened at $60.56 on Wednesday. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $111.10. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. The firm has a market capitalization of $20.53 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 2.68 and a beta of 0.63. The business has a 50 day simple moving average of $60.11 and a 200-day simple moving average of $68.74.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The firm’s revenue was up 35.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 earnings per share. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Monday, May 11th. Brown & Brown’s payout ratio is currently 21.22%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BRO shares. Morgan Stanley decreased their target price on Brown & Brown from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 21st. UBS Group dropped their price target on Brown & Brown from $81.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, June 9th. Weiss Ratings reissued a “hold (c-)” rating on shares of Brown & Brown in a research note on Tuesday, June 9th. Royal Bank Of Canada decreased their price objective on Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 29th. Finally, Citizens Jmp began coverage on shares of Brown & Brown in a research note on Thursday, May 21st. They set a “market outperform” rating and a $70.00 target price on the stock. Five analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat.com, Brown & Brown has a consensus rating of “Hold” and an average price target of $78.44.

Insider Buying and Selling at Brown & Brown

In other news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average price of $57.10 per share, with a total value of $114,200.00. Following the completion of the acquisition, the director owned 47,621 shares of the company’s stock, valued at $2,719,159.10. This trade represents a 4.38% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 13.13% of the company’s stock.

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.