Penobscot Investment Management Company Inc. Sells 10,714 Shares of Brown & Brown, Inc. $BRO

Penobscot Investment Management Company Inc. reduced its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 51.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,049 shares of the financial services provider’s stock after selling 10,714 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Brown & Brown were worth $655,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. ICONIQ Capital LLC raised its holdings in Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock valued at $234,000 after acquiring an additional 109 shares during the period. Zacks Investment Management boosted its holdings in shares of Brown & Brown by 0.7% in the third quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock worth $1,675,000 after acquiring an additional 125 shares during the period. Private Trust Co. NA grew its position in shares of Brown & Brown by 13.1% in the fourth quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 133 shares in the last quarter. Moors & Cabot Inc. grew its position in shares of Brown & Brown by 2.1% in the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock valued at $638,000 after purchasing an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance raised its stake in shares of Brown & Brown by 0.5% during the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock valued at $2,694,000 after purchasing an additional 162 shares during the period. 71.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the company. Keefe, Bruyette & Woods raised their target price on Brown & Brown from $72.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday. Mizuho lowered their price target on shares of Brown & Brown from $85.00 to $84.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Bank of America cut their price objective on shares of Brown & Brown from $90.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. Weiss Ratings cut shares of Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Finally, Raymond James Financial reaffirmed an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and an average price target of $78.81.

Brown & Brown Stock Performance

Shares of BRO opened at $68.44 on Thursday. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $108.36. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.52. The company has a market cap of $23.20 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 3.19 and a beta of 0.60. The stock has a 50-day moving average price of $59.83 and a 200-day moving average price of $67.69.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. Brown & Brown’s revenue for the quarter was up 35.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 earnings per share. As a group, equities analysts forecast that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 11th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Monday, May 11th. Brown & Brown’s payout ratio is currently 21.22%.

Insider Activity at Brown & Brown

In related news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average price of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director directly owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 13.13% of the stock is owned by insiders.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.