Fenimore Asset Management Inc Sells 154,215 Shares of Brown & Brown, Inc. (NYSE:BRO)

Fenimore Asset Management Inc cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 6.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,144,293 shares of the financial services provider’s stock after selling 154,215 shares during the quarter. Brown & Brown comprises approximately 5.6% of Fenimore Asset Management Inc’s portfolio, making the stock its biggest holding. Fenimore Asset Management Inc owned approximately 0.75% of Brown & Brown worth $266,750,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BRO. Mirae Asset Global Investments Co. Ltd. grew its stake in Brown & Brown by 35.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,631 shares of the financial services provider’s stock valued at $3,048,000 after purchasing an additional 7,835 shares in the last quarter. Bleakley Financial Group LLC boosted its position in Brown & Brown by 3.4% during the 4th quarter. Bleakley Financial Group LLC now owns 3,162 shares of the financial services provider’s stock worth $323,000 after acquiring an additional 103 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Brown & Brown by 1.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 577,705 shares of the financial services provider’s stock worth $58,937,000 after purchasing an additional 5,790 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Brown & Brown by 2.7% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,720 shares of the financial services provider’s stock worth $2,624,000 after purchasing an additional 666 shares during the period. Finally, Apollon Wealth Management LLC raised its position in Brown & Brown by 10.1% during the fourth quarter. Apollon Wealth Management LLC now owns 2,766 shares of the financial services provider’s stock valued at $282,000 after buying an additional 254 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $110.65 on Monday. The stock has a 50 day moving average of $113.53 and a 200-day moving average of $111.27. The company has a market capitalization of $31.71 billion, a P/E ratio of 31.98, a P/E/G ratio of 2.93 and a beta of 0.84. Brown & Brown, Inc. has a 12 month low of $88.31 and a 12 month high of $125.68. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the firm earned $1.14 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. 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, May 21st. Investors of record on Monday, May 12th were given a dividend of $0.15 per share. The ex-dividend date was Monday, May 12th. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. Brown & Brown’s payout ratio is 16.71%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. UBS Group upped their target price on Brown & Brown from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 9th. Truist Financial dropped their price target on Brown & Brown from $138.00 to $130.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Jefferies Financial Group lifted their target price on Brown & Brown from $105.00 to $109.00 and gave the company a “hold” rating in a research note on Friday, April 11th. Barclays lifted their price objective on Brown & Brown from $119.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, April 11th. Finally, The Goldman Sachs Group lowered Brown & Brown from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Brown & Brown currently has a consensus rating of “Hold” and a consensus target price of $118.25.

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.