Brown & Brown (NYSE:BRO) Price Target Raised to $94.00 at Citigroup

Brown & Brown (NYSE:BRO) had its price target hoisted by Citigroup from $89.00 to $94.00 in a research report released on Tuesday, Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

BRO has been the topic of several other research reports. Keefe, Bruyette & Woods upped their price objective on Brown & Brown from $75.00 to $80.00 and gave the company an underperform rating in a research note on Wednesday, April 10th. Truist Financial increased their price objective on shares of Brown & Brown from $85.00 to $92.00 and gave the company a buy rating in a research report on Wednesday, January 24th. Wells Fargo & Company upped their price target on shares of Brown & Brown from $81.00 to $84.00 and gave the company an equal weight rating in a research note on Thursday, April 11th. Royal Bank of Canada upped their target price on Brown & Brown from $87.00 to $95.00 and gave the company an outperform rating in a research report on Wednesday, March 20th. Finally, Bank of America lowered Brown & Brown from a neutral rating to an underperform rating and upped their price objective for the company from $80.00 to $86.00 in a report on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $86.80.

Brown & Brown Trading Up 1.3 %

Brown & Brown stock opened at $82.17 on Tuesday. The company has a market cap of $23.45 billion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 2.50 and a beta of 0.78. The firm has a 50-day moving average of $84.23 and a 200-day moving average of $76.72. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.95 and a quick ratio of 1.95. Brown & Brown has a one year low of $59.91 and a one year high of $87.99.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. The firm had revenue of $1.03 billion during the quarter. Brown & Brown had a return on equity of 15.46% and a net margin of 20.44%. During the same quarter in the prior year, the business earned $0.50 earnings per share. On average, equities analysts expect that Brown & Brown will post 3.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Hyatt J. Brown sold 144,323 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total value of $12,406,005.08. Following the completion of the sale, the chairman now owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. 17.02% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Brown & Brown

A number of institutional investors have recently modified their holdings of BRO. Morgan Stanley lifted its holdings in Brown & Brown by 187.2% in the fourth quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock valued at $540,728,000 after buying an additional 6,186,323 shares during the period. Norges Bank acquired a new position in shares of Brown & Brown in the 4th quarter valued at about $217,663,000. Goldman Sachs Group Inc. boosted its position in shares of Brown & Brown by 658.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,975,944 shares of the financial services provider’s stock valued at $173,617,000 after purchasing an additional 2,583,481 shares in the last quarter. Victory Capital Management Inc. grew its stake in Brown & Brown by 401.0% during the fourth quarter. Victory Capital Management Inc. now owns 1,468,253 shares of the financial services provider’s stock worth $83,646,000 after purchasing an additional 1,175,211 shares during the period. Finally, Congress Asset Management Co. MA bought a new stake in Brown & Brown in the fourth quarter worth approximately $82,445,000. 71.01% of the stock is owned by institutional investors.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.