Brown & Brown (NYSE:BRO) Price Target Raised to $116.00

Brown & Brown (NYSE:BRO) had its price objective raised by Truist Financial from $112.00 to $116.00 in a report published on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

A number of other research analysts have also recently commented on the stock. Raymond James upped their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Barclays assumed coverage on shares of Brown & Brown in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price objective on the stock. Wells Fargo & Company increased 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. Argus started coverage on Brown & Brown in a research report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 target price on the stock. Finally, Bank of America increased their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $105.67.

Brown & Brown Trading Down 0.5 %

BRO opened at $106.39 on Wednesday. The stock has a market capitalization of $30.35 billion, a PE ratio of 32.74, a P/E/G ratio of 2.49 and a beta of 0.83. Brown & Brown has a one year low of $66.73 and a one year high of $107.67. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. The business’s 50 day moving average price is $103.57 and its 200 day moving average price is $94.49.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 earnings per share. As a group, equities research analysts expect that Brown & Brown will post 3.69 EPS for the current year.

Insider Buying and Selling

In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction that occurred on 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 is available through the SEC website. Also, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 88,445 shares in the company, valued at $8,872,802.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Brown & Brown by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider’s stock worth $2,482,223,000 after acquiring an additional 203,105 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Brown & Brown by 0.7% during the second quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock worth $1,144,893,000 after purchasing an additional 86,824 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Brown & Brown by 0.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock worth $405,638,000 after purchasing an additional 28,180 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Brown & Brown by 24.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after purchasing an additional 687,783 shares during the last quarter. Finally, Royal London Asset Management Ltd. boosted its position in shares of Brown & Brown by 105.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after purchasing an additional 1,059,711 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

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.