SteelPeak Wealth LLC Invests $229,000 in Brown & Brown, Inc. (NYSE:BRO)

SteelPeak Wealth LLC bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,560 shares of the financial services provider’s stock, valued at approximately $229,000.

Other large investors have also added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System boosted its stake in Brown & Brown by 2.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock worth $23,390,000 after acquiring an additional 6,613 shares in the last quarter. Sei Investments Co. boosted its position in shares of Brown & Brown by 12.7% in the 1st quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock worth $24,169,000 after purchasing an additional 31,071 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Brown & Brown by 206.0% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 15,302 shares of the financial services provider’s stock worth $1,088,000 after buying an additional 10,301 shares during the last quarter. Russell Investments Group Ltd. increased its position in Brown & Brown by 55.4% during the 4th quarter. Russell Investments Group Ltd. now owns 358,929 shares of the financial services provider’s stock valued at $25,519,000 after buying an additional 127,903 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in Brown & Brown by 12.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after buying an additional 27,879 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the sale, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Julie Turpin sold 3,350 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $89.92, for a total value of $301,232.00. Following the sale, the executive vice president now owns 23,597 shares of the company’s stock, valued at $2,121,842.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the transaction, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BRO. Raymond James increased their target price on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Keefe, Bruyette & Woods raised their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. UBS Group upped their target price on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Citigroup increased their price target on shares of Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Wells Fargo & Company upgraded shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $94.00 to $112.00 in a report on Monday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and an average price target of $99.20.

Brown & Brown Stock Performance

Shares of BRO traded down $0.08 during trading hours on Thursday, hitting $101.22. The stock had a trading volume of 1,211,782 shares, compared to its average volume of 1,262,259. The firm has a market capitalization of $28.87 billion, a PE ratio of 31.15, a PEG ratio of 2.50 and a beta of 0.82. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. Brown & Brown, Inc. has a 12 month low of $66.73 and a 12 month high of $103.16. The stock has a fifty day moving average price of $94.06 and a 200 day moving average price of $87.78.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.68 EPS. Analysts anticipate that Brown & Brown, Inc. will post 3.67 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

About Brown & Brown

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.