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

Brown & Brown (NYSE:BRO) had its target price raised by UBS Group from $91.00 to $94.00 in a research report sent to investors on Tuesday, Benzinga reports. UBS Group currently has a neutral rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the stock. StockNews.com cut shares of Brown & Brown from a buy rating to a hold rating in a research note on Thursday, July 4th. Truist Financial raised their target price on Brown & Brown from $92.00 to $94.00 and gave the company a buy rating in a research report on Wednesday, April 24th. Wells Fargo & Company lifted their price target on Brown & Brown from $84.00 to $85.00 and gave the company an equal weight rating in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods raised their price objective on Brown & Brown from $80.00 to $82.00 and gave the company an underperform rating in a report on Friday, May 3rd. Finally, Raymond James boosted their price objective on Brown & Brown from $90.00 to $95.00 and gave the company an outperform rating in a research report on Tuesday, March 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $91.70.

Brown & Brown Price Performance

NYSE:BRO opened at $91.97 on Tuesday. The firm’s fifty day moving average is $89.47 and its two-hundred day moving average is $83.59. The firm has a market cap of $26.23 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 2.38 and a beta of 0.82. Brown & Brown has a one year low of $66.73 and a one year high of $93.75. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.97 and a current ratio of 1.97.

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

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date was Friday, May 3rd. Brown & Brown’s payout ratio is 16.00%.

Insider Activity

In related news, EVP Julie Turpin sold 3,350 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $89.92, for a total transaction of $301,232.00. Following the completion of the sale, the executive vice president now owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 16.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BRO. State of Alaska Department of Revenue lifted its position in Brown & Brown by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock worth $2,243,000 after buying an additional 125 shares in the last quarter. Simplicity Wealth LLC raised its holdings in shares of Brown & Brown by 5.6% during the 2nd quarter. Simplicity Wealth LLC now owns 2,505 shares of the financial services provider’s stock worth $224,000 after acquiring an additional 132 shares during the period. Legacy Capital Wealth Partners LLC raised its holdings in shares of Brown & Brown by 2.6% during the 4th quarter. Legacy Capital Wealth Partners LLC now owns 6,316 shares of the financial services provider’s stock worth $449,000 after acquiring an additional 158 shares during the period. Tributary Capital Management LLC boosted its position in shares of Brown & Brown by 1.1% during the 4th quarter. Tributary Capital Management LLC now owns 16,677 shares of the financial services provider’s stock valued at $1,186,000 after acquiring an additional 174 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Brown & Brown by 22.8% in the fourth quarter. First Horizon Advisors Inc. now owns 1,008 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 187 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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.