Penobscot Investment Management Company Inc. Purchases 195 Shares of Brown & Brown, Inc. $BRO

Penobscot Investment Management Company Inc. lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,343 shares of the financial services provider’s stock after acquiring an additional 195 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Brown & Brown were worth $3,253,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Brown & Brown by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock worth $3,794,339,000 after acquiring an additional 560,980 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Brown & Brown by 0.3% during the 1st quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider’s stock worth $1,609,742,000 after acquiring an additional 38,078 shares during the period. Parnassus Investments LLC bought a new stake in shares of Brown & Brown during the 1st quarter worth approximately $899,139,000. Invesco Ltd. lifted its holdings in shares of Brown & Brown by 8.3% during the 1st quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider’s stock worth $512,545,000 after acquiring an additional 316,519 shares during the period. Finally, Royal Bank of Canada lifted its holdings in shares of Brown & Brown by 6.3% during the 1st quarter. Royal Bank of Canada now owns 3,063,741 shares of the financial services provider’s stock worth $381,129,000 after acquiring an additional 181,315 shares during the period. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Up 1.7%

Shares of NYSE BRO opened at $95.03 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a 52-week low of $89.99 and a 52-week high of $125.68. The firm has a 50 day moving average price of $94.21 and a two-hundred day moving average price of $105.85. The stock has a market cap of $31.35 billion, a P/E ratio of 27.39, a price-to-earnings-growth ratio of 2.11 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the company posted $0.93 EPS. The company’s revenue was up 9.1% on a year-over-year basis. As a group, equities analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

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

Insider Activity at Brown & Brown

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BRO shares. Bank of America raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and upped their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Wells Fargo & Company cut shares of Brown & Brown from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $104.00 to $101.00 in a research report on Wednesday, August 13th. Keefe, Bruyette & Woods lowered their price objective on shares of Brown & Brown from $104.00 to $87.00 and set an “underperform” rating for the company in a research report on Thursday, July 31st. Raymond James Financial reiterated an “outperform” rating and set a $120.00 price objective (down from $125.00) on shares of Brown & Brown in a research report on Monday, August 4th. Finally, Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 30th. Eight research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $112.08.

Brown & Brown Company Profile

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.