Brown & Brown, Inc. (NYSE:BRO – Get Free Report) was the recipient of a significant increase in short interest in June. As of June 30th, there was short interest totalling 2,430,000 shares, an increase of 11.0% from the June 15th total of 2,190,000 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average daily trading volume, of 1,310,000 shares, the short-interest ratio is currently 1.9 days.
Insider Transactions at Brown & Brown
In other news, Director Bronislaw Edmund Masojada bought 4,000 shares of the company’s stock in a transaction dated Wednesday, June 21st. The shares were purchased at an average price of $65.78 per share, for a total transaction of $263,120.00. Following the completion of the purchase, the director now owns 4,000 shares in the company, valued at approximately $263,120. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 16.58% of the company’s stock.
Hedge Funds Weigh In On Brown & Brown
Institutional investors have recently bought and sold shares of the business. Clear Street Markets LLC lifted its position in Brown & Brown by 93.7% during the first quarter. Clear Street Markets LLC now owns 461 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 223 shares during the last quarter. Asset Dedication LLC bought a new position in Brown & Brown during the fourth quarter valued at $29,000. PSI Advisors LLC bought a new position in Brown & Brown during the second quarter valued at $36,000. Global Retirement Partners LLC lifted its position in Brown & Brown by 1,427.8% during the second quarter. Global Retirement Partners LLC now owns 550 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 514 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC bought a new stake in shares of Brown & Brown in the 4th quarter worth about $42,000. Institutional investors own 69.90% of the company’s stock.
Brown & Brown Price Performance
BRO traded up $0.16 during trading on Friday, hitting $71.20. 1,661,347 shares of the company traded hands, compared to its average volume of 1,223,739. The company has a market cap of $20.19 billion, a PE ratio of 29.51 and a beta of 0.77. The stock’s 50-day simple moving average is $66.04 and its two-hundred day simple moving average is $61.34. Brown & Brown has a 1 year low of $52.82 and a 1 year high of $71.57. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.76.
Brown & Brown (NYSE:BRO – Get Free Report) last posted its earnings results on Monday, April 24th. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Brown & Brown had a net margin of 18.15% and a return on equity of 14.80%. As a group, sell-side analysts anticipate that Brown & Brown will post 2.51 earnings per share for the current fiscal year.
Brown & Brown Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 16th. Investors of record on Wednesday, August 9th will be paid a dividend of $0.115 per share. The ex-dividend date is Tuesday, August 8th. This represents a $0.46 annualized dividend and a yield of 0.65%. Brown & Brown’s payout ratio is 19.01%.
Analysts Set New Price Targets
A number of brokerages recently weighed in on BRO. Keefe, Bruyette & Woods increased their price objective on shares of Brown & Brown from $66.00 to $69.00 and gave the company an “outperform” rating in a research report on Tuesday, April 18th. Truist Financial increased their price target on shares of Brown & Brown from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Wednesday. Citigroup upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and increased their price target for the stock from $62.00 to $69.00 in a research report on Tuesday, April 18th. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, June 23rd. Finally, Jefferies Financial Group decreased their price target on shares of Brown & Brown from $69.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, April 10th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.30.
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.
Further Reading
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