A company insider recently bought 3,400 shares of Brown & Brown Inc. [BRO]. Should You Buy?


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Brown & Brown Inc. shares valued at $196,928 were purchased by GELLERSTEDT LAWRENCE L III on Feb 10. At $57.92 per share, GELLERSTEDT LAWRENCE L III acquired 3,400 shares. The insider’s holdings grew to 16,284 shares worth approximately $0.91 million following the completion of this transaction.

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Also, GELLERSTEDT LAWRENCE L III purchased 1,800 shares, netting a total of over 98,910 in proceeds. Following the buying of shares at $54.95 each, the insider now holds 12,884 shares.

Before that, Hays James Charles had added 5,000 shares to its account. In a trade valued at $294,500, the Director bought Brown & Brown Inc. shares for $58.90 each. Upon closing the transaction, the insider’s holdings increased to 5,000 shares, worth approximately $20.14 million.

As published in their initiating research note from BMO Capital Markets on January 20, 2023, Brown & Brown Inc. [BRO] has been an Outperform and the price target has been revised to $67. This represents a 16.4% premium over Wednesday’s closing price. Analysts at Citigroup started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid December. As of July 12, 2022, Goldman has initiated its “Neutral” rating for BRO. Earlier on April 18, 2022, UBS initiated its rating. Their recommendation was “a Neutral” for BRO stock.

Analyzing BRO Stock Performance

On Wednesday, Brown & Brown Inc. [NYSE: BRO] plunged -0.11% to $56.01. The stock’s lowest price that day was $55.54, but it reached a high of $56.34 in the same session. During the last five days, there has been a drop of approximately -0.83%. Over the course of the year, Brown & Brown Inc. shares have dropped approximately -1.69%. Shares of the company reached a 52-week high of $62.23 on 01/12/23 and a 52-week low of $55.54 on 03/01/23. A 50-day SMA is recorded $58.14, while a 200-day SMA reached $59.66. Nevertheless, trading volume fell to 1.28 million shares from 0.71 million shares the previous day.

Support And Resistance Levels for Brown & Brown Inc. (BRO)

According to the 24-hour chart, there is a support level at 55.59, which, if violated, would cause prices to drop to 55.16. In the upper region, resistance lies at 56.39. The next price resistance is at 56.76. RSI (Relative Strength Index) is 38.01 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.05, which suggests the price will decrease in the coming days. Percent R is at 88.42%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Brown & Brown Inc. subject to short interest?

Stocks of Brown & Brown Inc. saw a sharp steep in short interest on Jan 12, 2023 dropping by -0.47 million shares to 3.09 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 3.56 million shares. A decline of -15.21% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.01 of the overall float, the days-to-cover ratio (short ratio) decline to 3.01.

Which companies own the most shares of Brown & Brown Inc. (BRO)?

According to The Vanguard Group, Inc. filings, the company currently owns 26,809,710 shares, which is about 9.47% of the total BRO shares outstanding. The investor’s shares have appreciated by 490,789 from its previous 13-F filing of 26318921.0 shares. With the completion of the sale transaction, Select Equity Group LP’s stake is now worth $1,010,847,143. BlackRock Fund Advisors acquire a 3.80% interest valued at $714.94 million while Principal Global Investors LLC purchased a 1,091,719 stake. A total of -89,995 shares of Brown & Brown Inc. were bought by SSgA Funds Management, Inc. during the quarter, and -21,958 were sold by Atlanta Capital Management Co. LL. In its current portfolio, Allspring Global Investments LLC holds 5,645,349 shares valued at $330.59 million.

In terms of Brown & Brown Inc. share price expectations, FactSet research, analysts set an average price target of $65.10 in the next 12 months, up nearly 15.93% from the previous closing price of $56.07. Analysts anticipate Brown & Brown Inc. stock to reach $70.00 by 2023, with the lowest price target being $59.00. In spite of this, 13 analysts ranked Brown & Brown Inc. stock as an Overweight at the end of 2023. On November 19, 2021, Jefferies assigned a price target of “a Buy” to the stock and initiated coverage with a $76.


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