Fenimore Asset Management Inc Has $237.28 Million Holdings in Brown & Brown, Inc. $BRO

Fenimore Asset Management Inc cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 0.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,140,192 shares of the financial services provider’s stock after selling 4,101 shares during the quarter. Brown & Brown makes up about 4.7% of Fenimore Asset Management Inc’s investment portfolio, making the stock its largest position. Fenimore Asset Management Inc’s holdings in Brown & Brown were worth $237,283,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BRO. Bares Capital Management Inc. purchased a new stake in shares of Brown & Brown in the 1st quarter worth approximately $26,000. ST Germain D J Co. Inc. raised its stake in Brown & Brown by 298.5% in the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $30,000 after buying an additional 200 shares in the last quarter. Optimum Investment Advisors purchased a new stake in Brown & Brown during the first quarter worth $31,000. SouthState Corp boosted its position in Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 166 shares in the last quarter. Finally, Bruce G. Allen Investments LLC increased 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 valued at $37,000 after acquiring an additional 305 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analyst Upgrades and Downgrades

BRO has been the subject of a number of analyst reports. Citigroup assumed coverage on Brown & Brown in a research note on Wednesday, August 13th. They set a “buy” rating and a $112.00 price objective for the company. Argus reissued a “hold” rating on shares of Brown & Brown in a research report on Thursday, July 31st. Raymond James Financial reaffirmed 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. Barclays decreased their target price on shares of Brown & Brown from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 29th. Finally, BMO Capital Markets cut their price target on shares of Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a report on Wednesday, July 30th. Eight equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $112.08.

Insider Activity

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

Brown & Brown Trading Up 1.7%

Shares of Brown & Brown stock opened at $95.03 on Monday. The firm’s 50 day simple moving average is $94.21 and its two-hundred day simple moving average is $105.66. The firm has a market capitalization of $31.35 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 2.15 and a beta of 0.79. Brown & Brown, Inc. has a 12-month low of $89.99 and a 12-month high of $125.68. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data 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%. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.93 earnings per share. Analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders 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 dividend yield of 0.6%. Brown & Brown’s dividend payout ratio is currently 17.29%.

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.