Frank Rimerman Advisors LLC Purchases 21,730 Shares of Brown & Brown, Inc. $BRO

Key Points

• Frank Rimerman Advisors increased its Brown & Brown position by 546.8% in the third quarter, purchasing 21,730 shares for a total of 25,704 shares valued at approximately $1.72 million. Institutional investors and hedge funds collectively own 71.01% of the company.
• Brown & Brown shares opened at $69.42, up 2.1%, with a market capitalization of $23.23 billion. The company’s latest quarterly results narrowly missed earnings and revenue expectations, although revenue rose 30.4% year over year.
• Analyst sentiment is mixed, with the stock carrying an average “Hold” rating and a $76 consensus price target. Brown & Brown also maintains a quarterly dividend of $0.165 per share, equivalent to a 1.0% annual yield.

Frank Rimerman Advisors LLC grew its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 546.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,704 shares of the financial services provider's stock after acquiring an additional 21,730 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Brown & Brown were worth $1,719,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Equitable Trust Co. boosted its holdings in Brown & Brown by 1.7% in the first quarter. Equitable Trust Co. now owns 10,901 shares of the financial services provider's stock worth $711,000 after purchasing an additional 182 shares during the period. CX Institutional increased its stake in Brown & Brown by 3.1% during the third quarter. CX Institutional now owns 6,242 shares of the financial services provider's stock valued at $380,000 after purchasing an additional 189 shares during the last quarter. Financial Enhancement Group LLC increased its stake in Brown & Brown by 3.0% during the first quarter. Financial Enhancement Group LLC now owns 8,969 shares of the financial services provider's stock valued at $607,000 after purchasing an additional 261 shares during the last quarter. CWC Advisors LLC. raised its holdings in shares of Brown & Brown by 3.5% during the first quarter. CWC Advisors LLC. now owns 8,484 shares of the financial services provider's stock worth $553,000 after purchasing an additional 289 shares during the period. Finally, Patton Fund Management Inc. raised its holdings in shares of Brown & Brown by 10.6% during the first quarter. Patton Fund Management Inc. now owns 3,123 shares of the financial services provider's stock worth $204,000 after purchasing an additional 299 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Trading Up 2.1%

NYSE:BRO opened at $69.42 on Friday. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $90.46. The firm has a market capitalization of $23.23 billion, a P/E ratio of 21.90, a P/E/G ratio of 2.16 and a beta of 0.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The business has a 50 day simple moving average of $67.21 and a 200 day simple moving average of $64.92.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the company earned $1.03 earnings per share. Brown & Brown's quarterly revenue was up 30.4% compared to the same quarter last year. Equities research analysts predict that Brown & Brown, Inc. will post 4.49 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were given a dividend of $0.1650 per share. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown's dividend payout ratio is currently 20.82%.

Wall Street Analyst Weigh In

BRO has been the topic of a number of recent research reports. Jefferies Financial Group restated a "hold" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 29th. BMO Capital Markets boosted their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the company a "market perform" rating in a research report on Wednesday, July 29th. Raymond James Financial reiterated an "outperform" rating on shares of Brown & Brown in a research note on Friday, June 26th. Finally, Keefe, Bruyette & Woods upgraded shares of Brown & Brown from an "underperform" rating to an "outperform" rating and set a $77.00 price objective on the stock in a research note on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Brown & Brown has an average rating of "Hold" and an average target price of $76.00.

Brown & Brown Profile

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.

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