Corton Capital Inc. Takes Position in Brown & Brown, Inc. $BRO

Corton Capital Inc. acquired a new position in Brown & Brown, Inc. (NYSE:BRO) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,337 shares of the financial services provider’s stock, valued at approximately $259,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Mutual Advisors LLC boosted its stake in shares of Brown & Brown by 19.1% during the 1st quarter. Mutual Advisors LLC now owns 4,190 shares of the financial services provider’s stock worth $480,000 after buying an additional 673 shares during the last quarter. Truist Financial Corp raised its holdings in Brown & Brown by 0.4% during the first quarter. Truist Financial Corp now owns 280,297 shares of the financial services provider’s stock worth $34,869,000 after acquiring an additional 1,163 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in Brown & Brown by 8.1% during the first quarter. Concurrent Investment Advisors LLC now owns 9,945 shares of the financial services provider’s stock worth $1,237,000 after acquiring an additional 746 shares in the last quarter. Penserra Capital Management LLC boosted its position in Brown & Brown by 1,107.5% during the first quarter. Penserra Capital Management LLC now owns 20,842 shares of the financial services provider’s stock valued at $2,591,000 after purchasing an additional 19,116 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in Brown & Brown by 45.7% in the first quarter. Hexagon Capital Partners LLC now owns 453 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 142 shares in the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Down 2.4%

BRO stock opened at $77.85 on Tuesday. Brown & Brown, Inc. has a one year low of $76.96 and a one year high of $125.68. The stock has a market cap of $26.58 billion, a price-to-earnings ratio of 23.31, a price-to-earnings-growth ratio of 1.70 and a beta of 0.79. The company has a fifty day moving average price of $91.78 and a two-hundred day moving average price of $101.07. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 6.72.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data 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 13.64%. The company’s revenue was up 35.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. Equities analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.8%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, November 5th. Brown & Brown’s dividend payout ratio (DPR) is 19.76%.

Insider Buying and Selling

In other news, Director Bronislaw Edmund Masojada purchased 1,000 shares of Brown & Brown stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the purchase, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of the stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the transaction, the director directly owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 17.02% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Morgan Stanley dropped their price objective on Brown & Brown from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. Weiss Ratings downgraded shares of Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. UBS Group cut their price target 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. Citigroup downgraded shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday. Finally, Truist Financial lowered their price objective on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $105.85.

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.