Brown & Brown (NYSE:BRO) Price Target Raised to $112.00

Brown & Brown (NYSE:BRO) had its price objective raised by Truist Financial from $104.00 to $112.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Several other equities research analysts also recently commented on the company. Bank of America raised shares of Brown & Brown from an underperform rating to a neutral rating and raised their target price for the company from $91.00 to $101.00 in a research note on Wednesday, May 22nd. UBS Group increased their price target on shares of Brown & Brown from $91.00 to $94.00 and gave the company a neutral rating in a research note on Tuesday, July 9th. Citigroup boosted their price objective on shares of Brown & Brown from $94.00 to $100.00 and gave the stock a buy rating in a research note on Friday, May 31st. StockNews.com cut shares of Brown & Brown from a buy rating to a hold rating in a report on Thursday, July 18th. Finally, Keefe, Bruyette & Woods lifted their price target on Brown & Brown from $80.00 to $82.00 and gave the stock an underperform rating in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $97.40.

Brown & Brown Trading Up 1.8 %

Shares of NYSE:BRO opened at $99.17 on Wednesday. The company’s 50-day moving average price is $91.09 and its two-hundred day moving average price is $85.26. Brown & Brown has a one year low of $66.73 and a one year high of $99.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 1.97. The stock has a market capitalization of $28.29 billion, a PE ratio of 30.51, a price-to-earnings-growth ratio of 2.36 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. Brown & Brown’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 earnings per share. On average, equities analysts forecast that Brown & Brown will post 3.66 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a yield of 0.52%. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

Insiders Place Their Bets

In other news, EVP Julie Turpin sold 3,350 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $89.92, for a total value of $301,232.00. Following the transaction, the executive vice president now owns 23,597 shares of the company’s stock, valued at $2,121,842.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 17.02% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC increased its position in Brown & Brown by 86.9% during the fourth quarter. SG Americas Securities LLC now owns 24,866 shares of the financial services provider’s stock worth $1,768,000 after acquiring an additional 11,559 shares during the period. HB Wealth Management LLC grew its position in shares of Brown & Brown by 17.7% during the 4th quarter. HB Wealth Management LLC now owns 3,526 shares of the financial services provider’s stock worth $251,000 after purchasing an additional 529 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Brown & Brown by 6.5% during the fourth quarter. Pacer Advisors Inc. now owns 15,761 shares of the financial services provider’s stock worth $1,121,000 after purchasing an additional 968 shares during the period. Procyon Advisors LLC raised its position in shares of Brown & Brown by 2.9% in the fourth quarter. Procyon Advisors LLC now owns 22,002 shares of the financial services provider’s stock valued at $1,565,000 after buying an additional 630 shares in the last quarter. Finally, Trueblood Wealth Management LLC bought a new stake in shares of Brown & Brown in the fourth quarter valued at approximately $1,299,000. 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.