Giverny Capital Inc. Purchases New Shares in Brown & Brown, Inc. (NYSE:BRO)

Giverny Capital Inc. acquired a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 294,809 shares of the financial services provider's stock, valued at approximately $30,076,000. Brown & Brown accounts for about 1.1% of Giverny Capital Inc.'s investment portfolio, making the stock its 28th largest holding. Giverny Capital Inc. owned approximately 0.10% of Brown & Brown as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Brown & Brown in the 4th quarter valued at about $28,000. Y.D. More Investments Ltd raised its holdings in Brown & Brown by 122.7% in the fourth quarter. Y.D. More Investments Ltd now owns 294 shares of the financial services provider's stock worth $30,000 after purchasing an additional 162 shares during the period. R Squared Ltd bought a new position in shares of Brown & Brown during the fourth quarter worth $31,000. SBI Securities Co. Ltd. bought a new stake in shares of Brown & Brown in the 4th quarter valued at $37,000. Finally, Versant Capital Management Inc raised its stake in Brown & Brown by 130.7% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the financial services provider's stock worth $42,000 after buying an additional 234 shares during the period. Institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Down 1.4 %

BRO stock traded down $1.63 during mid-day trading on Friday, reaching $117.17. The company had a trading volume of 1,795,477 shares, compared to its average volume of 1,434,392. Brown & Brown, Inc. has a 52 week low of $80.87 and a 52 week high of $125.68. The company has a market capitalization of $33.50 billion, a price-to-earnings ratio of 33.86, a PEG ratio of 2.93 and a beta of 0.75. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79. The stock has a 50 day simple moving average of $117.28 and a two-hundred day simple moving average of $109.98.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its earnings results on Monday, January 27th. The financial services provider reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.10. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. As a group, equities analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend was Wednesday, February 5th. Brown & Brown's payout ratio is currently 17.34%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BRO. Truist Financial boosted their target price on Brown & Brown from $118.00 to $138.00 and gave the company a "buy" rating in a research note on Tuesday. Barclays increased their target price 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. Bank of America lifted their price target on shares of Brown & Brown from $116.00 to $117.00 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. Royal Bank of Canada increased their price objective on shares of Brown & Brown from $118.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 29th. Finally, Jefferies Financial Group boosted their price objective on shares of Brown & Brown from $105.00 to $109.00 and gave the company a "hold" rating in a research report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $117.50.

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.