Secured Retirement Advisors LLC Makes New $672,000 Investment in Brown & Brown, Inc. $BRO

Secured Retirement Advisors LLC acquired a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 10,302 shares of the financial services provider’s stock, valued at approximately $672,000.

Several other hedge funds have also recently modified their holdings of BRO. Inspire Investing LLC boosted its position in shares of Brown & Brown by 22.6% during the first quarter. Inspire Investing LLC now owns 5,040 shares of the financial services provider’s stock worth $329,000 after acquiring an additional 929 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ grew its stake in Brown & Brown by 0.6% during the first quarter. Lansforsakringar Fondforvaltning AB publ now owns 89,091 shares of the financial services provider’s stock valued at $5,810,000 after acquiring an additional 520 shares in the last quarter. Apollon Wealth Management LLC increased its holdings in Brown & Brown by 67.4% in the 1st quarter. Apollon Wealth Management LLC now owns 5,208 shares of the financial services provider’s stock valued at $340,000 after acquiring an additional 2,096 shares during the last quarter. Patton Fund Management Inc. increased its holdings in Brown & Brown by 10.6% in the 1st quarter. Patton Fund Management Inc. now owns 3,123 shares of the financial services provider’s stock valued at $204,000 after acquiring an additional 299 shares during the last quarter. Finally, Red Door Wealth Management LLC lifted its stake in Brown & Brown by 13.2% in the 1st quarter. Red Door Wealth Management LLC now owns 3,393 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 396 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

BRO has been the subject of several research reports. Truist Financial dropped their price objective on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Raymond James Financial reaffirmed an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. JPMorgan Chase & Co. dropped their price target on Brown & Brown from $91.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Citizens Jmp started coverage on Brown & Brown in a report on Thursday, May 21st. They set a “market outperform” rating and a $70.00 price target for the company. Finally, The Goldman Sachs Group raised their price target on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday. Five equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $78.25.

Brown & Brown Price Performance

BRO stock opened at $67.31 on Thursday. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $108.79. The firm has a market capitalization of $22.81 billion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 2.95 and a beta of 0.60. The company has a fifty day simple moving average of $59.65 and a two-hundred day simple moving average of $68.12. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last posted 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 net margin of 17.94% and a return on equity of 12.94%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the firm posted $1.29 EPS. The business’s quarterly revenue was up 35.4% on a year-over-year basis. Analysts anticipate that Brown & Brown, Inc. will post 4.52 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 11th were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Monday, May 11th. Brown & Brown’s payout ratio is presently 21.22%.

Insider Transactions at Brown & Brown

In related news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were acquired at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 13.13% of the stock is currently owned by company insiders.

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.