Brown & Brown (NYSE:BRO) Price Target Increased to $117.00 by Analysts at Bank of America

Brown & Brown (NYSE:BRO) had its target price lifted by investment analysts at Bank of America from $108.00 to $117.00 in a report released on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Bank of America‘s price target suggests a potential upside of 11.69% from the company’s previous close.

Several other research firms have also issued reports on BRO. Jefferies Financial Group lifted their target price on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a report on Wednesday. UBS Group lifted their price objective on Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Wells Fargo & Company increased 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. Barclays began coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price target on the stock. Finally, Raymond James raised their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $105.33.

Brown & Brown Price Performance

BRO opened at $104.75 on Thursday. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56. The company has a market cap of $29.88 billion, a price-to-earnings ratio of 32.23, a price-to-earnings-growth ratio of 2.45 and a beta of 0.83. The stock has a fifty day simple moving average of $102.88 and a two-hundred day simple moving average of $93.76. Brown & Brown has a 12-month low of $66.73 and a 12-month high of $106.67.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the firm earned $0.68 EPS. The company’s revenue was up 12.5% compared to the same quarter last year. Research analysts predict that Brown & Brown will post 3.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the transaction, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by corporate insiders.

Institutional Trading of Brown & Brown

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Crewe Advisors LLC grew its position in shares of Brown & Brown by 330.4% during the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 228 shares during the period. Headlands Technologies LLC bought a new stake in Brown & Brown during the first quarter valued at about $32,000. Alaska Permanent Fund Corp purchased a new stake in Brown & Brown in the first quarter worth about $36,000. First PREMIER Bank bought a new position in shares of Brown & Brown in the first quarter worth about $40,000. Finally, Intelligent Financial Strategies purchased a new position in shares of Brown & Brown during the 1st quarter valued at about $45,000. 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.