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

Brown & Brown (NYSE:BRO) had its price objective hoisted by Truist Financial from $92.00 to $94.00 in a report issued on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

A number of other research firms have also recently weighed in on BRO. Keefe, Bruyette & Woods raised their price target on shares of Brown & Brown from $75.00 to $80.00 and gave the company an underperform rating in a report on Wednesday, April 10th. UBS Group raised their price target on shares of Brown & Brown from $75.00 to $81.00 and gave the stock a neutral rating in a research report on Monday, January 29th. Citigroup raised their price target on shares of Brown & Brown from $89.00 to $94.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. Wells Fargo & Company raised their price target on shares of Brown & Brown from $81.00 to $84.00 and gave the stock an equal weight rating in a research report on Thursday, April 11th. Finally, Royal Bank of Canada raised their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the stock an outperform rating in a research report on Wednesday, March 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of Hold and an average target price of $87.10.

Brown & Brown Stock Down 1.0 %

NYSE:BRO opened at $81.45 on Wednesday. Brown & Brown has a fifty-two week low of $61.71 and a fifty-two week high of $87.99. The stock has a market capitalization of $23.23 billion, a P/E ratio of 25.06, a P/E/G ratio of 2.25 and a beta of 0.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.95 and a current ratio of 1.97. The company’s 50-day simple moving average is $84.29 and its 200-day simple moving average is $77.06.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.07. Brown & Brown had a net margin of 21.09% and a return on equity of 16.43%. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the business earned $0.84 EPS. The company’s revenue was up 12.7% compared to the same quarter last year. On average, equities analysts anticipate that Brown & Brown will post 3.61 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, May 6th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Friday, May 3rd. Brown & Brown’s payout ratio is presently 16.00%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BRO. Norges Bank acquired a new position in shares of Brown & Brown during the 4th quarter valued at about $217,663,000. Congress Asset Management Co. MA acquired a new position in Brown & Brown in the fourth quarter valued at about $82,445,000. The Manufacturers Life Insurance Company lifted its position in Brown & Brown by 76.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock valued at $142,236,000 after buying an additional 865,082 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Brown & Brown by 1,861.7% in the third quarter. Assenagon Asset Management S.A. now owns 810,359 shares of the financial services provider’s stock valued at $56,595,000 after buying an additional 769,051 shares during the last quarter. Finally, Confluence Investment Management LLC acquired a new position in Brown & Brown in the first quarter valued at about $49,598,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

About Brown & Brown

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.