Brown & Brown (NYSE:BRO) Reaches New 1-Year High at $93.25

Shares of Brown & Brown, Inc. (NYSE:BRO) reached a new 52-week high on Monday . The company traded as high as $93.25 and last traded at $92.94, with a volume of 63372 shares traded. The stock had previously closed at $93.02.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Truist Financial upped their target price on shares of Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Wells Fargo & Company upped their target price on shares of Brown & Brown from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 24th. Raymond James upped their price target on Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. Royal Bank of Canada upped their price target on Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Finally, Citigroup upped their price target on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $89.40.

Brown & Brown Price Performance

The firm has a market capitalization of $26.00 billion, a price-to-earnings ratio of 28.05, a P/E/G ratio of 2.45 and a beta of 0.82. The company has a fifty day moving average price of $87.48 and a two-hundred day moving average price of $82.21. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.07. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.22 billion. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.84 earnings per share. On average, equities research analysts expect that Brown & Brown, Inc. will post 3.61 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

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

Insider Buying and Selling

In related news, EVP Julie Turpin sold 3,350 shares of the stock in a transaction on Friday, June 7th. The stock was 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 directly owns 23,597 shares of the company’s stock, valued at $2,121,842.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 16.43% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC lifted its holdings in shares of 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 purchasing an additional 11,559 shares during the period. Patton Fund Management Inc. purchased a new position in Brown & Brown in the fourth quarter worth $4,765,000. Envestnet Portfolio Solutions Inc. raised its position in Brown & Brown by 206.0% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 15,302 shares of the financial services provider’s stock worth $1,088,000 after acquiring an additional 10,301 shares in the last quarter. Russell Investments Group Ltd. raised its position in Brown & Brown by 55.4% in the fourth quarter. Russell Investments Group Ltd. now owns 358,929 shares of the financial services provider’s stock worth $25,519,000 after acquiring an additional 127,903 shares in the last quarter. Finally, Whittier Trust Co. raised its position in Brown & Brown by 12.1% in the fourth quarter. Whittier Trust Co. now owns 162,226 shares of the financial services provider’s stock worth $11,536,000 after acquiring an additional 17,479 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

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.