Brown & Brown (NYSE:BRO) Price Target Increased to $77.00 by Analysts at Truist Financial

Brown & Brown (NYSE:BRO) had its price objective upped by Truist Financial from $72.00 to $77.00 in a research note published on Friday morning, The Fly reports.

Several other research firms have also issued reports on BRO. Raymond James lifted their price target on shares of Brown & Brown from $70.00 to $75.00 and gave the stock an outperform rating in a research report on Tuesday, December 21st. Royal Bank of Canada lifted their price target on shares of Brown & Brown from $57.00 to $64.00 and gave the stock a sector perform rating in a research report on Wednesday, October 27th. Truist lifted their price target on shares of Brown & Brown from $64.00 to $72.00 and gave the stock a buy rating in a research report on Wednesday, October 20th. Zacks Investment Research upgraded shares of Brown & Brown from a hold rating to a buy rating and set a $70.00 price target on the stock in a research report on Wednesday, November 24th. Finally, Jefferies Financial Group began coverage on shares of Brown & Brown in a research report on Thursday, November 18th. They issued a buy rating and a $76.00 price target on the stock. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $67.25.

NYSE BRO opened at $67.05 on Friday. Brown & Brown has a 12 month low of $42.72 and a 12 month high of $70.75. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $18.94 billion, a PE ratio of 32.71 and a beta of 0.73. The company’s 50 day simple moving average is $66.63 and its 200 day simple moving average is $60.64.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Sunday, October 24th. The financial services provider reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.05. Brown & Brown had a net margin of 19.72% and a return on equity of 15.19%. The business had revenue of $770.30 million for the quarter, compared to analyst estimates of $760.36 million. During the same quarter last year, the business earned $0.52 earnings per share. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. Sell-side analysts anticipate that Brown & Brown will post 2.16 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 17th. Stockholders of record on Wednesday, November 3rd were issued a dividend of $0.1025 per share. The ex-dividend date was Tuesday, November 2nd. This represents a $0.41 dividend on an annualized basis and a dividend yield of 0.61%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.09. Brown & Brown’s dividend payout ratio (DPR) is currently 20.00%.

Institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its holdings in shares of Brown & Brown by 363.6% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 510 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 400 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Brown & Brown by 36.2% during the 3rd quarter. Fifth Third Bancorp now owns 658 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 175 shares in the last quarter. West Oak Capital LLC bought a new position in shares of Brown & Brown during the 4th quarter valued at $39,000. Tobam bought a new position in shares of Brown & Brown during the 2nd quarter valued at $42,000. Finally, Alpha Paradigm Partners LLC bought a new position in shares of Brown & Brown during the 2nd quarter valued at $51,000. Institutional investors and hedge funds own 71.42% of the company’s stock.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance programs and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.

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