George Kaiser Family Foundation Purchases New Holdings in Brown & Brown, Inc. (NYSE:BRO)

George Kaiser Family Foundation purchased a new stake in Brown & Brown, Inc. (NYSE:BRO) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,666 shares of the financial services provider’s stock, valued at approximately $332,000. Brown & Brown accounts for about 0.0% of George Kaiser Family Foundation’s portfolio, making the stock its 21st largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Optimum Investment Advisors acquired a new position in Brown & Brown during the 1st quarter worth approximately $31,000. SouthState Corp increased its position in Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 166 shares during the period. Johnson Financial Group Inc. increased its position in Brown & Brown by 534.1% during the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 235 shares during the period. Sunbelt Securities Inc. increased its position in Brown & Brown by 581.8% during the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 256 shares during the period. Finally, Zions Bancorporation National Association UT acquired a new position in Brown & Brown during the 1st quarter worth approximately $45,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Buying and Selling

In related news, Director Paul J. Krump bought 2,678 shares of Brown & Brown stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the purchase, the director owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of Brown & Brown stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the purchase, the director owned 5,000 shares in the company, valued at $457,200. This represents a 25.00% increase in their position. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Barclays dropped their target price on Brown & Brown from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 29th. Truist Financial set a $120.00 target price on Brown & Brown in a research report on Wednesday, July 30th. Argus reiterated a “hold” rating on shares of Brown & Brown in a research report on Thursday, July 31st. Keefe, Bruyette & Woods lowered their price target on Brown & Brown from $104.00 to $87.00 and set an “underperform” rating on the stock in a report on Thursday, July 31st. Finally, The Goldman Sachs Group cut Brown & Brown from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, Brown & Brown presently has an average rating of “Hold” and a consensus target price of $112.93.

Brown & Brown Price Performance

BRO stock opened at $95.35 on Friday. Brown & Brown, Inc. has a 1 year low of $90.38 and a 1 year high of $125.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. The stock’s 50 day moving average price is $103.09 and its 200 day moving average price is $110.43. The firm has a market cap of $31.45 billion, a P/E ratio of 27.48, a PEG ratio of 2.17 and a beta of 0.78.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the company earned $0.93 EPS. Brown & Brown’s revenue was up 9.1% on a year-over-year basis. On average, sell-side analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. Brown & Brown’s dividend payout ratio is presently 17.29%.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.