Brown & Brown (NYSE:BRO) Price Target Raised to $119.00

Brown & Brown (NYSE:BRO) had its price objective increased by Barclays from $108.00 to $119.00 in a report published on Thursday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities analysts also recently issued reports about the stock. Keefe, Bruyette & Woods boosted their target price on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research note on Friday, July 26th. Wells Fargo & Company boosted their price objective on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Truist Financial increased their price objective on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Argus began coverage on Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price for the company. Finally, Bank of America raised their price target on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $107.42.

Brown & Brown Stock Up 1.2 %

Shares of NYSE BRO opened at $112.05 on Thursday. The business has a fifty day moving average of $106.16 and a two-hundred day moving average of $98.82. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. Brown & Brown has a 52-week low of $69.13 and a 52-week high of $114.08. The stock has a market cap of $32.04 billion, a PE ratio of 30.53, a PEG ratio of 2.55 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last released 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. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.71 earnings per share. As a group, equities research analysts expect that Brown & Brown will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were issued a $0.15 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date was Wednesday, November 6th. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. Brown & Brown’s payout ratio is 16.35%.

Insider Buying and Selling

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Brown & Brown

Several institutional investors and hedge funds have recently modified their holdings of BRO. Great Valley Advisor Group Inc. acquired a new position in shares of Brown & Brown in the second quarter valued at approximately $1,512,000. DekaBank Deutsche Girozentrale boosted its stake in Brown & Brown by 12.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock worth $21,855,000 after purchasing an additional 27,879 shares during the period. Assenagon Asset Management S.A. increased its holdings in Brown & Brown by 162.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 488,483 shares of the financial services provider’s stock worth $43,675,000 after purchasing an additional 302,240 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Brown & Brown by 27.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock valued at $2,781,000 after purchasing an additional 6,675 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Brown & Brown by 8.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock worth $138,899,000 after buying an additional 114,688 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.