Logan Capital Management Inc. Grows Stake in Brown & Brown, Inc. $BRO

Logan Capital Management Inc. lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 105,700.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,928 shares of the financial services provider’s stock after purchasing an additional 16,912 shares during the period. Logan Capital Management Inc.’s holdings in Brown & Brown were worth $1,877,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Bares Capital Management Inc. purchased a new stake in shares of Brown & Brown during the first quarter worth about $26,000. Optimum Investment Advisors purchased a new stake in shares of Brown & Brown during the first quarter worth about $31,000. SouthState Corp increased its stake in shares of Brown & Brown by 188.6% during the first quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 166 shares in the last quarter. ST Germain D J Co. Inc. increased its stake in shares of Brown & Brown by 298.5% during the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Finally, Bruce G. Allen Investments LLC increased its stake in shares of Brown & Brown by 1,129.6% during the second quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 305 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

NYSE:BRO opened at $82.46 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The firm has a market capitalization of $27.20 billion, a price-to-earnings ratio of 24.69, a PEG ratio of 1.97 and a beta of 0.79. The company’s 50-day moving average is $93.15 and its two-hundred day moving average is $102.30. Brown & Brown, Inc. has a 1-year low of $81.39 and a 1-year high of $125.68.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.15. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 15.33%. Brown & Brown’s revenue was up 35.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 EPS. Analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be issued a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, November 5th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. Brown & Brown’s dividend payout ratio (DPR) is presently 17.29%.

Insider Activity

In other news, Director Bronislaw Edmund Masojada bought 1,000 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at $457,200. This trade represents a 25.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Paul J. Krump bought 2,678 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was purchased at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares in the company, valued at $499,488.43. The trade was a 100.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 15.59% of the company’s stock.

Analyst Ratings Changes

BRO has been the subject of a number of research reports. Raymond James Financial reissued an “outperform” rating and set a $120.00 target price (down previously from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. UBS Group dropped their price objective on shares of Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Wells Fargo & Company dropped their price objective on shares of Brown & Brown from $101.00 to $98.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Barclays dropped their price objective on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Finally, Bank of America raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and upped their price objective for the company from $126.00 to $130.00 in a research note on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $109.92.

Brown & Brown 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.