Mattern Capital Management LLC Acquires 636 Shares of Brown & Brown, Inc. $BRO

Mattern Capital Management LLC lifted its holdings in Brown & Brown, Inc. (NYSE:BRO) by 0.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,198 shares of the financial services provider’s stock after acquiring an additional 636 shares during the quarter. Brown & Brown makes up approximately 1.6% of Mattern Capital Management LLC’s holdings, making the stock its 6th largest holding. Mattern Capital Management LLC’s holdings in Brown & Brown were worth $13,215,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Bares Capital Management Inc. acquired a new position in shares of Brown & Brown in the 1st quarter worth approximately $26,000. ST Germain D J Co. Inc. boosted its holdings in shares of Brown & Brown by 298.5% in the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 200 shares in the last quarter. Optimum Investment Advisors acquired a new position in shares of Brown & Brown in the 1st quarter worth approximately $31,000. SouthState Corp boosted its holdings in shares of Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 166 shares in the last quarter. Finally, Bruce G. Allen Investments LLC boosted its holdings in shares of Brown & Brown by 1,129.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 305 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $93.57 on Friday. The firm has a fifty day moving average of $94.38 and a two-hundred day moving average of $106.02. The stock has a market capitalization of $30.86 billion, a price-to-earnings ratio of 26.96, a PEG ratio of 2.10 and a beta of 0.79. Brown & Brown, Inc. has a 52 week low of $89.99 and a 52 week high of $125.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS. As a group, equities research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown’s payout ratio is presently 17.29%.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Director Paul J. Krump bought 2,678 shares of the company’s stock in a transaction on Friday, August 8th. The stock was bought at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the transaction, the director owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the company’s stock in a transaction on Wednesday, August 6th. The shares were acquired at an average price of $91.44 per share, with a total value of $91,440.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at approximately $457,200. The trade was a 25.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.02% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on BRO. Wells Fargo & Company downgraded Brown & Brown from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $104.00 to $101.00 in a report on Wednesday, August 13th. Bank of America upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 30th. BMO Capital Markets dropped their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an “outperform” rating for the company in a research report on Wednesday, July 30th. Finally, Raymond James Financial restated an “outperform” rating and issued a $120.00 price objective (down previously from $125.00) on shares of Brown & Brown in a research report on Monday, August 4th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $112.08.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.