Heron Bay Capital Management Invests $11.82 Million in Brown & Brown, Inc. $BRO

Heron Bay Capital Management purchased a new stake in Brown & Brown, Inc. (NYSE:BRO) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 184,321 shares of the financial services provider’s stock, valued at approximately $11,824,000. Brown & Brown comprises 1.1% of Heron Bay Capital Management’s portfolio, making the stock its 29th biggest position. Heron Bay Capital Management owned 0.06% of Brown & Brown at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Callan Family Office LLC bought a new position in Brown & Brown during the 2nd quarter worth approximately $1,218,000. Allworth Financial LP bought a new stake in Brown & Brown in the second quarter valued at approximately $213,000. B. Metzler seel. Sohn & Co. AG bought a new stake in Brown & Brown in the second quarter valued at approximately $796,000. TrinityBridge Ltd acquired a new stake in Brown & Brown in the second quarter worth $257,000. Finally, MJP Associates Inc. ADV acquired a new stake in Brown & Brown in the second quarter worth $420,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

Shares of BRO opened at $72.89 on Friday. The firm has a market cap of $24.39 billion, a P/E ratio of 22.99, a PEG ratio of 3.59 and a beta of 0.59. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $97.73. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. The firm’s 50 day moving average price is $67.66 and its two-hundred day moving average price is $65.79.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the company earned $1.03 EPS. The firm’s revenue was up 30.4% on a year-over-year basis. On average, analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s payout ratio is 20.82%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Barclays boosted their price target on shares of Brown & Brown from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods raised their price objective on Brown & Brown from $72.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Truist Financial set a $90.00 target price on Brown & Brown in a report on Wednesday, July 29th. The Goldman Sachs Group boosted their target price on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Finally, Citizens Jmp increased their price target on Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a report on Friday, July 10th. Four research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and a consensus target price of $76.80.

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.