Brown & Brown, Inc. (NYSE:BRO – Get Free Report) saw a large increase in short interest in the month of August. As of August 15th, there was short interest totalling 2,050,000 shares, an increase of 9.0% from the July 31st total of 1,880,000 shares. Approximately 0.9% of the company’s stock are sold short. Based on an average daily volume of 1,120,000 shares, the days-to-cover ratio is currently 1.8 days.
Brown & Brown Price Performance
NYSE:BRO traded down $0.06 during trading hours on Friday, hitting $74.04. The company’s stock had a trading volume of 42,688 shares, compared to its average volume of 1,180,757. Brown & Brown has a 52-week low of $52.82 and a 52-week high of $74.57. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.78 and a current ratio of 2.78. The business’s 50-day moving average is $70.21 and its two-hundred day moving average is $63.90. The company has a market capitalization of $21.00 billion, a PE ratio of 28.72 and a beta of 0.76.
Brown & Brown (NYSE:BRO – Get Free Report) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.08. Brown & Brown had a net margin of 18.34% and a return on equity of 15.19%. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $997.51 million. During the same period in the prior year, the company earned $0.51 EPS. The firm’s revenue was up 24.9% on a year-over-year basis. As a group, research analysts anticipate that Brown & Brown will post 2.69 EPS for the current fiscal year.
Brown & Brown Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were issued a dividend of $0.115 per share. The ex-dividend date was Tuesday, August 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.62%. Brown & Brown’s dividend payout ratio (DPR) is presently 17.83%.
Wall Street Analyst Weigh In
Several equities analysts recently commented on BRO shares. StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a report on Tuesday. Truist Financial increased their price objective on Brown & Brown from $82.00 to $85.00 in a report on Wednesday, July 26th. Keefe, Bruyette & Woods cut Brown & Brown from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $73.00 to $76.00 in a research note on Tuesday, August 1st. Royal Bank of Canada increased their price target on shares of Brown & Brown from $72.00 to $77.00 in a research note on Wednesday, July 26th. Finally, Wells Fargo & Company boosted their price objective on shares of Brown & Brown from $62.00 to $70.00 in a research report on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $72.70.
Get Our Latest Analysis on Brown & Brown
Insiders Place Their Bets
In related news, Director Bronislaw Edmund Masojada acquired 4,000 shares of the stock in a transaction dated Wednesday, June 21st. The stock was acquired at an average cost of $65.78 per share, with a total value of $263,120.00. Following the completion of the transaction, the director now owns 4,000 shares in the company, valued at approximately $263,120. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 16.58% of the stock is owned by company insiders.
Institutional Trading of Brown & Brown
Hedge funds and other institutional investors have recently bought and sold shares of the company. Kentucky Retirement Systems grew its stake in shares of Brown & Brown by 0.8% during the 1st quarter. Kentucky Retirement Systems now owns 18,585 shares of the financial services provider’s stock valued at $1,067,000 after buying an additional 153 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Brown & Brown by 3.0% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,416 shares of the financial services provider’s stock worth $373,000 after buying an additional 156 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Brown & Brown by 3.3% in the 2nd quarter. Fifth Third Bancorp now owns 4,876 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 157 shares in the last quarter. Advisor Partners II LLC lifted its holdings in Brown & Brown by 1.3% during the 1st quarter. Advisor Partners II LLC now owns 11,845 shares of the financial services provider’s stock worth $680,000 after buying an additional 157 shares during the last quarter. Finally, Stephens Inc. AR boosted its holdings in Brown & Brown by 0.7% in the first quarter. Stephens Inc. AR now owns 25,801 shares of the financial services provider’s stock worth $1,481,000 after purchasing an additional 172 shares during the period. 70.33% of the stock is owned by hedge funds and other institutional investors.
Brown & Brown Company Profile
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.
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