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

Key Points

• Fenimore Asset Management Inc owns $237.28 million worth of Brown & Brown, representing 4.7% of its investment portfolio.
• Notable insider activity includes purchases by directors, with one increasing their position by 100.11% and another by 25% through recent stock acquisitions.
• Brown & Brown has a current consensus rating of "Hold" from analysts, with a target price averaging $112.08.

Fenimore Asset Management Inc cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 0.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 biggest position. Fenimore Asset Management Inc owned about 0.75% of Brown & Brown worth $237,283,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BRO. Vanguard Group Inc. boosted its stake in Brown & Brown by 1.9% in 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 purchasing an additional 560,980 shares during the period. Principal Financial Group Inc. boosted its position in shares of Brown & Brown by 0.3% during the first 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 last quarter. Parnassus Investments LLC purchased a new position in Brown & Brown during the first quarter valued at $899,139,000. Invesco Ltd. increased its holdings in Brown & Brown by 8.3% in the 1st quarter. Invesco Ltd. now owns 4,120,135 shares of the financial services provider's stock valued at $512,545,000 after acquiring an additional 316,519 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in Brown & Brown by 6.3% in the 1st quarter. Royal Bank of Canada now owns 3,063,741 shares of the financial services provider's stock valued at $381,129,000 after acquiring an additional 181,315 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Insider Buying and Selling at Brown & Brown

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Argus restated a "hold" rating on shares of Brown & Brown in a research report on Thursday, July 31st. Morgan Stanley reduced their price objective on 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. Barclays lowered their target price on 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. Truist Financial set a $120.00 price target on shares of Brown & Brown in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company cut shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $104.00 to $101.00 in a research note on Wednesday, August 13th. Eight investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and a consensus target price of $112.08.

Brown & Brown Trading Up 1.7%

Shares of BRO opened at $95.03 on Monday. The company's fifty day simple moving average is $94.21 and its 200-day simple moving average is $105.66. The company has a market cap of $31.35 billion, a P/E ratio of 27.39, a P/E/G ratio of 2.15 and a beta of 0.79. 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, Inc. has a twelve month low of $89.99 and a twelve month high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. The company had revenue of $1.29 billion for 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 firm's revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.93 EPS. As a group, analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently disclosed 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 of this dividend was Wednesday, August 13th. Brown & Brown's dividend payout ratio is 17.29%.

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.

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