Keefe, Bruyette & Woods Has Lowered Expectations for Brown & Brown (NYSE:BRO) Stock Price

Brown & Brown (NYSE:BRO) had its target price cut by Keefe, Bruyette & Woods from $99.00 to $97.00 in a report published on Friday morning,Benzinga reports. They currently have an underperform rating on the financial services provider’s stock.

BRO has been the subject of a number of other research reports. Truist Financial boosted their price target on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lifted their target price on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Barclays increased their price target on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. Royal Bank of Canada lifted their price objective on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, StockNews.com lowered shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $112.08.

Brown & Brown Trading Down 0.4 %

NYSE BRO opened at $102.08 on Friday. Brown & Brown has a 12 month low of $72.19 and a 12 month high of $114.15. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average of $106.82 and a 200-day moving average of $102.76. The company has a market cap of $29.19 billion, a PE ratio of 27.81, a PEG ratio of 2.40 and a beta of 0.85.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.71 earnings per share. On average, equities research analysts anticipate that Brown & Brown will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 0.59%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is currently 16.35%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BRO. Studio Investment Management LLC boosted its stake in shares of Brown & Brown by 1.5% in the third quarter. Studio Investment Management LLC now owns 6,513 shares of the financial services provider’s stock valued at $675,000 after buying an additional 96 shares during the period. Trust Point Inc. lifted its position in shares of Brown & Brown by 4.3% during the 3rd quarter. Trust Point Inc. now owns 2,519 shares of the financial services provider’s stock valued at $261,000 after acquiring an additional 103 shares during the period. CWA Asset Management Group LLC lifted its position in shares of Brown & Brown by 3.7% during the 4th quarter. CWA Asset Management Group LLC now owns 2,916 shares of the financial services provider’s stock valued at $297,000 after acquiring an additional 103 shares during the period. Creative Planning grew its holdings in shares of Brown & Brown by 0.4% during the 3rd quarter. Creative Planning now owns 29,892 shares of the financial services provider’s stock worth $3,097,000 after purchasing an additional 112 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of Brown & Brown by 0.5% in the third quarter. Crossmark Global Holdings Inc. now owns 22,929 shares of the financial services provider’s stock worth $2,375,000 after purchasing an additional 113 shares during the period. 71.01% of the stock is owned by institutional investors.

About Brown & Brown

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.