Cullinan Associates Inc. Invests $1.14 Million in Brown & Brown, Inc. (NYSE:BRO)

Cullinan Associates Inc. bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 13,000 shares of the financial services provider’s stock, valued at approximately $1,138,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Alaska Permanent Fund Corp acquired a new stake in Brown & Brown during the 1st quarter valued at approximately $36,000. Fortitude Family Office LLC bought a new position in Brown & Brown during the 4th quarter worth approximately $31,000. First PREMIER Bank acquired a new position in shares of Brown & Brown in the 1st quarter worth approximately $40,000. Park Place Capital Corp raised its position in shares of Brown & Brown by 166.5% during the 4th quarter. Park Place Capital Corp now owns 509 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 318 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Brown & Brown by 174.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 548 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 348 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Trading Up 0.6 %

Shares of BRO opened at $89.64 on Wednesday. The stock has a 50 day simple moving average of $88.27 and a 200-day simple moving average of $82.78. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.52. The stock has a market cap of $25.57 billion, a PE ratio of 27.58, a PEG ratio of 2.35 and a beta of 0.82. Brown & Brown, Inc. has a 1 year low of $66.53 and a 1 year high of $93.75.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.07. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the company posted $0.84 EPS. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, sell-side analysts predict that Brown & Brown, Inc. will post 3.61 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date was Friday, May 3rd. Brown & Brown’s dividend payout ratio (DPR) is 16.00%.

Insider Activity at Brown & Brown

In other news, EVP Julie Turpin sold 3,350 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $89.92, for a total value of $301,232.00. Following the transaction, the executive vice president now directly owns 23,597 shares in the company, valued at approximately $2,121,842.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.43% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BRO shares. Bank of America raised shares of Brown & Brown from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $91.00 to $101.00 in a research report on Wednesday, May 22nd. Truist Financial increased their price target on Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods boosted their price objective on Brown & Brown from $80.00 to $82.00 and gave the company an “underperform” rating in a research report on Friday, May 3rd. Wells Fargo & Company increased their target price on Brown & Brown from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 24th. Finally, Royal Bank of Canada boosted their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $89.40.

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.