Hartford Investment Management Co. Grows Position in Brown & Brown, Inc. (NYSE:BRO)

Posted by Defense World Staff on Aug 19th, 2023

Hartford Investment Management Co. raised its position in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 16.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,128 shares of the financial services provider’s stock after purchasing an additional 2,881 shares during the quarter. Hartford Investment Management Co.’s holdings in Brown & Brown were worth $1,156,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BRO. U.S. Capital Wealth Advisors LLC purchased a new position in shares of Brown & Brown in the 4th quarter worth about $42,000. Global Wealth Management Investment Advisory Inc. acquired a new stake in Brown & Brown during the 1st quarter valued at approximately $52,000. Atlas Capital Advisors LLC acquired a new stake in Brown & Brown during the 2nd quarter valued at approximately $52,000. CoreCap Advisors LLC acquired a new stake in Brown & Brown during the 4th quarter valued at approximately $55,000. Finally, Spire Wealth Management grew its stake in Brown & Brown by 317.0% during the 1st quarter. Spire Wealth Management now owns 1,030 shares of the financial services provider’s stock valued at $59,000 after purchasing an additional 783 shares in the last quarter. 69.90% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Trading Up 0.2 %

Shares of NYSE BRO opened at $71.39 on Friday. The company has a market cap of $20.25 billion, a price-to-earnings ratio of 27.67 and a beta of 0.76. Brown & Brown, Inc. has a 12-month low of $52.82 and a 12-month high of $72.99. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.74. The stock’s 50 day simple moving average is $68.88 and its 200 day simple moving average is $63.01.

Brown & Brown (NYSE:BRO – Get Free Report) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.08. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $997.51 million. Brown & Brown had a return on equity of 15.19% and a net margin of 18.34%. The business’s revenue was up 24.9% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. Equities research analysts expect that Brown & Brown, Inc. will post 2.69 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Investors of record on Wednesday, August 9th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.64%. The ex-dividend date was Tuesday, August 8th. Brown & Brown’s dividend payout ratio (DPR) is 17.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BRO shares. StockNews.com started coverage on Brown & Brown in a research note on Thursday. They set a “buy” rating for the company. Royal Bank of Canada raised their price objective on Brown & Brown from $72.00 to $77.00 in a research note on Wednesday, July 26th. Citigroup raised their price objective on Brown & Brown from $72.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Raymond James lifted their target price on Brown & Brown from $70.00 to $76.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 26th. Finally, Truist Financial lifted their target price on Brown & Brown from $82.00 to $85.00 in a research report on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.70.

Read Our Latest Stock Analysis on BRO

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Director Bronislaw Edmund Masojada bought 4,000 shares of the business’s stock in a transaction on Wednesday, June 21st. The shares were purchased at an average price of $65.78 per share, with a total value of $263,120.00. Following the purchase, the director now directly owns 4,000 shares of the company’s stock, valued at $263,120. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 17.02% of the stock is owned by company insiders.

Brown & Brown Company Profile

(Free Report)

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.