Penobscot Investment Management Company Inc. Increases Stake in Brown & Brown, Inc. (NYSE:BRO)

Penobscot Investment Management Company Inc. grew its position in Brown & Brown, Inc. (NYSE:BRO) by 3.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,148 shares of the financial services provider’s stock after acquiring an additional 1,055 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Brown & Brown were worth $3,626,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in BRO. Kohmann Bosshard Financial Services LLC bought a new position in shares of Brown & Brown in the fourth quarter worth about $28,000. Johnson Financial Group Inc. grew its holdings in shares of Brown & Brown by 534.1% in the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 235 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 256 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Brown & Brown in the fourth quarter worth about $37,000. Finally, Garde Capital Inc. bought a new position in shares of Brown & Brown in the first quarter worth about $46,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

BRO has been the topic of a number of research analyst reports. Barclays upped their price target on shares of Brown & Brown from $119.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday, April 11th. Jefferies Financial Group upped their price target on shares of Brown & Brown from $105.00 to $109.00 and gave the stock a “hold” rating in a report on Friday, April 11th. UBS Group upped their price target on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, April 9th. Edward Jones began coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They issued a “buy” rating on the stock. Finally, Keefe, Bruyette & Woods increased their target price on shares of Brown & Brown from $100.00 to $102.00 and gave the stock an “underperform” rating in a report on Friday, June 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and an average price target of $118.85.

Brown & Brown Stock Down 2.3%

NYSE:BRO opened at $108.39 on Thursday. Brown & Brown, Inc. has a fifty-two week low of $88.31 and a fifty-two week high of $125.68. The stock has a market capitalization of $31.07 billion, a P/E ratio of 30.19, a P/E/G ratio of 2.43 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 2.52. The company’s 50-day simple moving average is $110.98 and its 200-day simple moving average is $110.92.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.01). Brown & Brown had a net margin of 20.84% and a return on equity of 17.77%. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the business posted $1.14 earnings per share. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Monday, May 12th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend was Monday, May 12th. Brown & Brown’s dividend payout ratio is currently 16.71%.

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.