Maridea Wealth Management LLC Invests $1.10 Million in Brown & Brown, Inc. $BRO

Maridea Wealth Management LLC bought a new stake in Brown & Brown, Inc. (NYSE:BRO) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 12,537 shares of the financial services provider’s stock, valued at approximately $1,097,000.

Other large investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Brown & Brown by 38.3% in the 1st quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock valued at $4,132,000 after buying an additional 9,264 shares during the period. Focus Partners Wealth grew its holdings in Brown & Brown by 5.2% in the first quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock valued at $1,387,000 after purchasing an additional 547 shares during the period. Atria Wealth Solutions Inc. acquired a new position in Brown & Brown during the second quarter worth approximately $248,000. Harbour Investments Inc. increased its position in Brown & Brown by 1,215.2% during the second quarter. Harbour Investments Inc. now owns 1,210 shares of the financial services provider’s stock worth $134,000 after purchasing an additional 1,118 shares during the last quarter. Finally, Mutual of America Capital Management LLC raised its stake in Brown & Brown by 12.0% during the second quarter. Mutual of America Capital Management LLC now owns 42,192 shares of the financial services provider’s stock worth $4,678,000 after purchasing an additional 4,509 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $69.76 on Thursday. The business’s 50-day simple moving average is $76.85 and its 200 day simple moving average is $84.57. The company has a market cap of $23.75 billion, a P/E ratio of 21.80, a PEG ratio of 2.08 and a beta of 0.79. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.66 and a current ratio of 1.66. Brown & Brown, Inc. has a one year low of $65.68 and a one year high of $125.68.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, January 26th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.65 billion. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. Brown & Brown’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter last year, the company earned $0.86 earnings per share. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th were paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 annualized dividend and a yield of 0.9%. Brown & Brown’s payout ratio is 20.63%.

Analysts Set New Price Targets

A number of research firms have recently commented on BRO. UBS Group restated a “neutral” rating and set a $81.00 price objective (down from $90.00) on shares of Brown & Brown in a report on Thursday, January 29th. Truist Financial dropped their price target on Brown & Brown from $105.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, January 28th. Wolfe Research initiated coverage on Brown & Brown in a research note on Thursday, November 20th. They issued a “peer perform” rating on the stock. Mizuho dropped their target price on shares of Brown & Brown from $90.00 to $84.00 and set a “neutral” rating for the company in a research report on Wednesday, January 28th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Brown & Brown in a research report on Thursday, December 18th. They set a “neutral” rating and a $91.00 price target on the stock. Three analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $90.36.

Brown & Brown Company Profile

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.