Marks Group Wealth Management Inc Raises Position in Brown & Brown, Inc. $BRO

Marks Group Wealth Management Inc raised its holdings in Brown & Brown, Inc. (NYSE:BRO) by 0.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 87,901 shares of the financial services provider’s stock after buying an additional 790 shares during the period. Brown & Brown makes up approximately 0.9% of Marks Group Wealth Management Inc’s portfolio, making the stock its 24th largest position. Marks Group Wealth Management Inc’s holdings in Brown & Brown were worth $9,746,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BRO. NBC Securities Inc. lifted its position in shares of Brown & Brown by 115,600.0% during the 1st quarter. NBC Securities Inc. now owns 2,314 shares of the financial services provider’s stock worth $287,000 after purchasing an additional 2,312 shares during the last quarter. Merit Financial Group LLC lifted its position in shares of Brown & Brown by 29.7% during the 1st quarter. Merit Financial Group LLC now owns 2,585 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 592 shares during the last quarter. Impact Capital Partners LLC purchased a new stake in shares of Brown & Brown during the 1st quarter worth $238,000. Gateway Investment Advisers LLC lifted its position in shares of Brown & Brown by 2.3% during the 1st quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider’s stock worth $536,000 after purchasing an additional 97 shares during the last quarter. Finally, Orrstown Financial Services Inc. purchased a new stake in shares of Brown & Brown during the 1st quarter worth $203,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Bank of America raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Raymond James Financial reaffirmed an “outperform” rating and set a $120.00 price objective (down from $125.00) on shares of Brown & Brown in a research report on Monday, August 4th. BMO Capital Markets cut their price target on shares of Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 30th. Wells Fargo & Company lowered shares of Brown & Brown from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $104.00 to $101.00 in a research note on Wednesday, August 13th. Finally, Barclays cut their price target on shares of Brown & Brown from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 29th. Eight analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $112.08.

Insider Transactions at Brown & Brown

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

Brown & Brown Trading Up 1.7%

Shares of Brown & Brown stock opened at $95.03 on Monday. Brown & Brown, Inc. has a 52-week low of $89.99 and a 52-week high of $125.68. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The company’s 50-day simple moving average is $94.21 and its 200-day simple moving average is $105.66. The firm has a market cap of $31.35 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 2.15 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business’s revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.93 earnings per share. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

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

Brown & Brown Company Profile

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.