Penobscot Investment Management Company Inc. Has $3.25 Million Position in Brown & Brown, Inc. $BRO

Penobscot Investment Management Company Inc. raised its holdings in Brown & Brown, Inc. (NYSE:BRO) by 0.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 29,343 shares of the financial services provider’s stock after buying an additional 195 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Brown & Brown were worth $3,253,000 at the end of the most recent reporting period.

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

Brown & Brown Stock Performance

Shares of BRO stock opened at $95.03 on Friday. The company has a market capitalization of $31.35 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 2.11 and a beta of 0.79. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. The company has a 50-day simple moving average of $94.21 and a 200 day simple moving average of $105.85. Brown & Brown, Inc. has a 52 week low of $89.99 and a 52 week high of $125.68.

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

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. Brown & Brown’s payout ratio is currently 17.29%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BRO shares. Weiss Ratings restated a “buy (b-)” rating on shares of Brown & Brown in a research note on Saturday, September 27th. Argus restated a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. Morgan Stanley lowered their price objective on shares of Brown & Brown from $109.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Monday, August 18th. Citigroup initiated coverage on shares of Brown & Brown in a report on Wednesday, August 13th. They set a “buy” rating and a $112.00 target price for the company. Finally, Wall Street Zen raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Eight analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and an average price target of $112.08.

Insider Transactions at Brown & Brown

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

About Brown & Brown

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.