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The iShares Russell Mid-Cap Value ETF (IWS) was launched on 07/17/2001, and is a passively managed exchange traded fund designed to offer broad exposure to the Mid Cap Value segment of the US equity market.
The fund is sponsored by Blackrock. It has amassed assets over $13.45 billion, making it one of the largest ETFs attempting to match the Mid Cap Value segment of the US equity market.
Why Mid Cap Value
Mid cap companies have market capitalization between $2 billion and $10 billion. They usually have higher growth prospects than large cap companies and are less volatile than small cap companies. Thus, companies that fall under this category provide a stable and growth-heavy investment.
Value stocks are known for their lower than average price-to-earnings and price-to-book ratios, but investors should also note their lower than average sales and earnings growth rates. Looking at their long-term performance, value stocks have outperformed growth stocks in almost all markets. They are however likely to underperform growth stocks in strong bull markets.
Costs
Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Annual operating expenses for this ETF are 0.23%, putting it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.49%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Financials sector--about 17% of the portfolio. Industrials and Real Estate round out the top three.
Looking at individual holdings, Arthur J Gallagher (AJG) accounts for about 0.69% of total assets, followed by Aflac Inc (AFL) and D R Horton Inc (DHI).
The top 10 holdings account for about 6.04% of total assets under management.
Performance and Risk
IWS seeks to match the performance of the Russell MidCap Value Index before fees and expenses. The Russell Midcap Value Index measures the performance of the mid-capitalization value sector of the U.S. equity market.
The ETF has gained about 12.92% so far this year and is up roughly 22.05% in the last one year (as of 09/18/2024). In the past 52-week period, it has traded between $97.63 and $130.54.
The ETF has a beta of 1.10 and standard deviation of 18.02% for the trailing three-year period, making it a medium risk choice in the space. With about 720 holdings, it effectively diversifies company-specific risk.
Alternatives
IShares Russell Mid-Cap Value ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, IWS is an excellent option for investors seeking exposure to the Style Box - Mid Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.
The iShares S&P Mid-Cap 400 Value ETF (IJJ) and the Vanguard Mid-Cap Value ETF (VOE) track a similar index. While iShares S&P Mid-Cap 400 Value ETF has $7.68 billion in assets, Vanguard Mid-Cap Value ETF has $17.64 billion. IJJ has an expense ratio of 0.18% and VOE charges 0.07%.
Bottom-Line
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Valued at a market cap of operates in the insurance sector. Based in Daytona Beach, Florida, the company provides a diverse range of insurance products and services through its Retail, National Programs, Wholesale Brokerage, and Services segments.
Companies valued at $10 billion or more are generally considered “large-cap” stocks, and Brown & Brown fits this criterion perfectly, exceeding the mark. Brown & Brown is recognized as the sixth-largest independent insurance brokerage in the U.S., known for its innovative risk management solutions and strong industry relationships.
While the insurance company has dipped 1.8% from its 52-week high of $106.02, achieved earlier this month, over the past three months, its shares have gained 15.6%, eclipsing the broader S&P 500 Index's ($SPX) 3.7% increase during the same period.
Longer term, BRO has gained 46.4% on a YTD basis, which outpaces SPX’s 18.1% rise. Moreover, shares of Brown & Brown have surged 43.3% over the past 52 weeks, compared to SPX's 26.6% returns over the same time frame.
BRO has been trading above its 200-day and 50-day moving averages since last year despite a few fluctuations, indicating a bullish price trend.
Brown & Brown has outperformed due to significant premium rate increases across insurance lines, strategic acquisitions, and strong organic revenue growth driven by higher demand and operational efficiency. Moreover, the stock surged over 5% following its Q2 earnings release on Jul. 22 due to a better-than-expected adjusted EPS of $0.93, driven by higher commissions and fees and a doubling of investment income from rising interest rates. The company's stronger-than-expected revenue of $1.2 billion further boosted investor confidence.
Also, its rival, Arthur J. Gallagher & Co. , has underperformed BRO, with a gain of 30.2% over the past 52 weeks and 33.2% on a YTD basis.
Despite BRO’s strong price action, analysts are cautiously optimistic about the stock's prospects. The stock has a consensus rating of “Moderate Buy” from the 14 analysts in coverage, and the mean price target of $105.17 is a premium of just 1% to current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Investors interested in Finance stocks should always be looking to find the best-performing companies in the group. Has Aflac (AFL) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Aflac is a member of our Finance group, which includes 859 different companies and currently sits at #3 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Aflac is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for AFL's full-year earnings has moved 4.6% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, AFL has moved about 31.6% on a year-to-date basis. Meanwhile, the Finance sector has returned an average of 15.4% on a year-to-date basis. This means that Aflac is performing better than its sector in terms of year-to-date returns.
Another Finance stock, which has outperformed the sector so far this year, is Arthur J. Gallagher (AJG). The stock has returned 32.2% year-to-date.
For Arthur J. Gallagher, the consensus EPS estimate for the current year has increased 0.9% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Aflac belongs to the Insurance - Accident and Health industry, which includes 5 individual stocks and currently sits at #58 in the Zacks Industry Rank. Stocks in this group have gained about 29.7% so far this year, so AFL is performing better this group in terms of year-to-date returns.
On the other hand, Arthur J. Gallagher belongs to the Insurance - Brokerage industry. This 9-stock industry is currently ranked #9. The industry has moved +35.9% year to date.
Investors with an interest in Finance stocks should continue to track Aflac and Arthur J. Gallagher. These stocks will be looking to continue their solid performance.
Zacks Investment Research
Looking for broad exposure to the Mid Cap Value segment of the US equity market? You should consider the Vanguard Mid-Cap Value ETF (VOE), a passively managed exchange traded fund launched on 08/17/2006.
The fund is sponsored by Vanguard. It has amassed assets over $17.45 billion, making it the largest ETFs attempting to match the Mid Cap Value segment of the US equity market.
Why Mid Cap Value
Mid cap companies have market capitalization between $2 billion and $10 billion. They usually have higher growth prospects than large cap companies and are less volatile than small cap companies. These types of companies, then, have a good balance of stability and growth potential.
Carrying lower than average price-to-earnings and price-to-book ratios, value stocks also have lower than average sales and earnings growth rates. Looking at their long-term performance, value stocks have outperformed growth stocks in almost all markets. They are however likely to underperform growth stocks in strong bull markets.
Costs
Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.
Annual operating expenses for this ETF are 0.07%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 2.10%.
Sector Exposure and Top Holdings
It is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Financials sector--about 19.40% of the portfolio. Industrials and Utilities round out the top three.
Looking at individual holdings, Arthur J Gallagher & Co (AJG) accounts for about 1.43% of total assets, followed by Carrier Global Corp (CARR) and Newmont Corp (NEM).
The top 10 holdings account for about 4.09% of total assets under management.
Performance and Risk
VOE seeks to match the performance of the CRSP U.S. Mid Cap Value Index before fees and expenses. The CRSP U.S. Mid Cap Value Index measures the investment return of mid-capitalization value stocks.
The ETF has added about 14.29% so far this year and is up about 23.55% in the last one year (as of 09/16/2024). In the past 52-week period, it has traded between $124.27 and $164.39.
The ETF has a beta of 1.04 and standard deviation of 16.78% for the trailing three-year period, making it a medium risk choice in the space. With about 196 holdings, it effectively diversifies company-specific risk.
Alternatives
Vanguard Mid-Cap Value ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, VOE is an outstanding option for investors seeking exposure to the Style Box - Mid Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.
The iShares S&P Mid-Cap 400 Value ETF (IJJ) and the iShares Russell Mid-Cap Value ETF (IWS) track a similar index. While iShares S&P Mid-Cap 400 Value ETF has $7.58 billion in assets, iShares Russell Mid-Cap Value ETF has $13.32 billion. IJJ has an expense ratio of 0.18% and IWS charges 0.23%.
Bottom-Line
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Reporter Name | Pesch Michael Robert |
Relationship | President |
Type | Sell |
Amount | $2,103,020 |
SEC Filing | Form 4 |
Michael Robert Pesch, President of Arthur J. Gallagher & Co., sold 7,100 shares of Common Stock on September 13, 2024, at an average weighted price of $296.2 per share, totaling $2,103,020. Following the transaction, Pesch directly owns 33,267 shares and indirectly owns 12,873 shares through a spouse's trust and a 401(k) plan account.
SEC Filing: Arthur J. Gallagher & Co. [ AJG ] - Form 4 - Sep. 13, 2024
Shares of Brown & Brown, Inc. BRO have rallied 43.7% year to date (YTD), outperforming the industry’s 33% growth. The insurer also outperformed the Zacks S&P 500 composite and the Finance sector’s return of 16.3% and 12%, respectively, in the same time frame. With a market capitalization of $29.14 billion, the average volume of shares traded in the last three months was 1.14 million. Currently priced at $102.17, the stock is a little below its 52-week high of $106.02.
BRO Outperforms Industry, Sector & S&P YTD
The expected long-term earnings growth is 11.7%. Earnings have grown 18.4% in the past five years, better than the industry average of 13.2%. This Zacks Rank #2 (Buy) insurance broker's bottom line outpaced estimates in each of the trailing four quarters, the average surprise being 9.82%.
BRO Trading Above 50-Day Moving Average
The stock is trading above the 50-day and 200-day simple moving average (SMA) of $99.05 and $86.24, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.
BRO’s Growth Projection Encourages
The Zacks Consensus Estimate for Brown & Brown’s 2024 earnings per share indicates a year-over-year increase of 30.9%. The consensus estimate for revenues is pegged at $4.70 billion, implying a year-over-year improvement of 10.3%. The consensus estimate for 2025 earnings per share and revenues indicates an increase of 8.6% and 8.1%, respectively, from the corresponding 2024 estimates.
Optimistic Analyst Sentiment on BRO
Each of the six analysts covering the stock has raised estimates for 2024 and 2025 over the past 60 days. Thus, the Zacks Consensus Estimate for 2024 and 2025 moved 1.9% and 2.5% north, respectively, in the last 60 days.
Can the Stock Retain the Momentum?
Commissions and fees, the main component of the top line, benefit from increasing new business, strong retention and continued rate increases for most lines of coverage. The top line witnessed a five-year annual growth rate of 14%. The company met its intermediate annual revenue goal of $4 billion, doubling in the last five years.
The insurance broker continually makes investments in boosting organic growth and margin expansion. It boasts an industry-leading adjusted EBITDAC margin.
Brown & Brown’s strategic buyouts help it capitalize on growing market opportunities, strengthen its compelling products and service portfolio, expand global reach and accelerate its growth rate. For the second quarter of 2024, the insurance broker completed 10 acquisitions with estimated annual revenues of $13 million and continued to build relationships with many other companies. From 1993 through the second quarter of 2024, the insurance broker acquired 660 insurance intermediary operations.
Banking on operational expertise, BRO boasts a strong liquidity position with an improving leverage ratio. The strength of its operating model and diversity of businesses ensures strong cash conversion. The company effectively deploys cash into acquisitions, capital expenditure and wealth distribution for shareholders via dividend increases.
BRO has an impressive dividend history, raising dividends for 30 straight years. Its five-year annualized dividend growth is 10.89%, and its dividend yield is 0.5%.
Other Stocks to Consider
Some other top-ranked stocks from the insurance brokerage industry are Arthur J. Gallagher AJG, Marsh & McLennan Companies, Inc. MMC and Ryan Specialty Holdings Inc. RYAN, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Arthur J. Gallagher has a solid track record of beating earnings estimates in each of the trailing four quarters, the average being 1.93%. Shares of AJG have rallied 31.9% YTD.
The Zacks Consensus Estimate for AJG’s 2024 and 2025 earnings implies year-over-year growth of 15.9% and 12%, respectively.
Marsh & McLennan has a solid track record of beating earnings estimates in each of the trailing four quarters, the average being 5.80%. Shares of MMC have jumped 21.4% YTD.
The Zacks Consensus Estimate for MMC’s 2024 and 2025 earnings implies year-over-year growth of 9.3% and 7.9%, respectively.
The Zacks Consensus Estimate for Ryan Specialty’s 2024 and 2025 earnings implies year-over-year growth of 31.1% and 21.9%, respectively. Shares of RYAN have rallied 47.7% YTD.
The Zacks Consensus Estimate for RYAN’s 2024 and 2025 earnings has moved 2.2% and 3.2% north, respectively, in the past 60 days, reflecting analysts’ optimism.
Zacks Investment Research
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