Mangrove Partners IM LLC Takes $1 Million Position in Brown & Brown, Inc. $BRO

Mangrove Partners IM LLC bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 12,556 shares of the financial services provider’s stock, valued at approximately $1,001,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Basepoint Wealth LLC bought a new position in shares of Brown & Brown during the 4th quarter valued at approximately $27,000. Darwin Wealth Management LLC bought a new position in shares of Brown & Brown during the 2nd quarter valued at approximately $30,000. Board of the Pension Protection Fund purchased a new stake in Brown & Brown during the 4th quarter valued at $40,000. Maseco LLP purchased a new stake in Brown & Brown during the 4th quarter valued at $60,000. Finally, eCIO Inc. purchased a new stake in Brown & Brown during the 4th quarter valued at $67,000. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Performance

BRO stock opened at $59.66 on Wednesday. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. The business’s fifty day simple moving average is $60.85 and its two-hundred day simple moving average is $69.49. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $111.10. The firm has a market cap of $20.22 billion, a price-to-earnings ratio of 19.18, a PEG ratio of 2.73 and a beta of 0.63.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the firm posted $1.29 earnings per share. The business’s revenue was up 35.4% compared to the same quarter last year. Analysts predict that Brown & Brown, Inc. will post 4.51 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 11th were paid a $0.165 dividend. The ex-dividend date was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a yield of 1.1%. Brown & Brown’s dividend payout ratio (DPR) is presently 21.22%.

Insiders Place Their Bets

In other Brown & Brown news, Director H Palmer Proctor, Jr. bought 2,000 shares of Brown & Brown stock in a transaction on Tuesday, May 5th. The shares were acquired at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the purchase, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 13.13% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently weighed in on BRO. Citizens Jmp began coverage on Brown & Brown in a report on Thursday, May 21st. They set a “market outperform” rating and a $70.00 price target on the stock. Truist Financial decreased their price target on Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Wells Fargo & Company decreased their price target on Brown & Brown from $72.00 to $69.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 29th. Keefe, Bruyette & Woods decreased their price target on Brown & Brown from $74.00 to $72.00 and set a “market perform” rating on the stock in a report on Wednesday, April 29th. Finally, Citigroup began coverage on Brown & Brown in a report on Thursday, May 21st. They set a “market outperform” rating on the stock. Five research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average price target of $78.44.

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.