Brown & Brown, Inc. $BRO Stock Sold by Fenimore Asset Management Inc

Fenimore Asset Management Inc trimmed its position in Brown & Brown, Inc. (NYSE:BRO) by 0.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,232,203 shares of the financial services provider’s stock after selling 11,640 shares during the quarter. Brown & Brown makes up approximately 3.0% of Fenimore Asset Management Inc’s portfolio, making the stock its 12th largest position. Fenimore Asset Management Inc owned approximately 0.67% of Brown & Brown worth $135,941,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in BRO. Valeo Financial Advisors LLC raised its stake in Brown & Brown by 173.3% during the 3rd quarter. Valeo Financial Advisors LLC now owns 8,566 shares of the financial services provider’s stock valued at $559,000 after purchasing an additional 5,432 shares during the period. Toth Financial Advisory Corp acquired a new stake in shares of Brown & Brown in the third quarter worth $59,000. Steph & Co. boosted its position in shares of Brown & Brown by 61.8% in the third quarter. Steph & Co. now owns 2,896 shares of the financial services provider’s stock worth $176,000 after buying an additional 1,106 shares during the period. Elevation Wealth Partners LLC grew its holdings in shares of Brown & Brown by 175.1% during the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock valued at $40,000 after buying an additional 394 shares in the last quarter. Finally, American National Bank of Texas grew its holdings in shares of Brown & Brown by 7.9% during the third quarter. American National Bank of Texas now owns 6,585 shares of the financial services provider’s stock valued at $401,000 after buying an additional 484 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Up 3.3%

BRO traded up $2.05 during trading on Thursday, reaching $63.77. 4,322,110 shares of the stock traded hands, compared to its average volume of 2,972,860. The stock’s 50-day simple moving average is $68.03 and its two-hundred day simple moving average is $64.93. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $96.13. The stock has a market cap of $21.34 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 1.88 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The business’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 earnings per share. As a group, equities research analysts expect that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were given a dividend of $0.1650 per share. This represents a $0.66 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown’s dividend payout ratio (DPR) is presently 20.82%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BRO. Wells Fargo & Company dropped their price target on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 9th. Keefe, Bruyette & Woods lifted their target price on Brown & Brown from $72.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Oppenheimer started coverage on Brown & Brown in a report on Wednesday. They issued an “outperform” rating and a $73.00 target price on the stock. Truist Financial set a $90.00 price target on shares of Brown & Brown in a research report on Wednesday, July 29th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $75.62.

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.