Truist Financial Increases Brown & Brown (NYSE:BRO) Price Target to $104.00

Brown & Brown (NYSE:BRO) had its target price increased by equities researchers at Truist Financial from $94.00 to $104.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 13.08% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company raised their price target on shares of Brown & Brown from $84.00 to $85.00 and gave the company an “equal weight” rating in a report on Wednesday, April 24th. Citigroup lifted their target price on shares of Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. UBS Group increased their price target on Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a report on Tuesday. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a report on Thursday, July 4th. Finally, Bank of America raised Brown & Brown from an “underperform” rating to a “neutral” rating and increased their target price for the company from $91.00 to $101.00 in a report on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown presently has a consensus rating of “Hold” and an average price target of $91.70.

Brown & Brown Price Performance

Shares of BRO opened at $91.97 on Wednesday. The company has a market capitalization of $26.23 billion, a P/E ratio of 28.30, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82. Brown & Brown has a twelve month low of $66.73 and a twelve month high of $93.75. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.52. The firm has a 50 day moving average of $89.47 and a 200 day moving average of $83.59.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share 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 during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the business earned $0.84 earnings per share. The company’s revenue was up 12.7% on a year-over-year basis. As a group, equities research analysts anticipate that Brown & Brown will post 3.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Threadgill Financial LLC raised its position in shares of Brown & Brown by 3.7% during the second quarter. Threadgill Financial LLC now owns 18,363 shares of the financial services provider’s stock valued at $1,642,000 after buying an additional 658 shares during the last quarter. Trinity Financial Advisors LLC bought a new stake in Brown & Brown in the 2nd quarter valued at $204,000. Legacy Financial Strategies LLC lifted its stake in Brown & Brown by 7.9% in the 2nd quarter. Legacy Financial Strategies LLC now owns 43,825 shares of the financial services provider’s stock worth $3,946,000 after purchasing an additional 3,215 shares in the last quarter. Simplicity Wealth LLC boosted 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 valued at $224,000 after purchasing an additional 132 shares during the last quarter. Finally, Mather Group LLC. grew its position in shares of Brown & Brown by 15.8% during the second quarter. Mather Group LLC. now owns 2,461 shares of the financial services provider’s stock valued at $215,000 after purchasing an additional 335 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

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.