Brown & Brown (NYSE:BRO) Upgraded to “Neutral” by Bank of America

Bank of America upgraded shares of Brown & Brown (NYSE:BROFree Report) from an underperform rating to a neutral rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $101.00 price objective on the financial services provider’s stock, up from their previous price objective of $91.00.

Several other research analysts have also recently weighed in on the stock. Truist Financial boosted their price target on shares of Brown & Brown from $92.00 to $94.00 and gave the company a buy rating in a research report on Wednesday, April 24th. cut shares of Brown & Brown from a buy rating to a hold rating in a research note on Wednesday, May 8th. Keefe, Bruyette & Woods lifted their price target on shares of Brown & Brown from $80.00 to $82.00 and gave the company an underperform rating in a research report on Friday, May 3rd. Royal Bank of Canada increased their price objective on Brown & Brown from $87.00 to $95.00 and gave the stock an outperform rating in a research report on Wednesday, March 20th. Finally, Raymond James lifted their target price on Brown & Brown from $90.00 to $95.00 and gave the company an outperform rating in a research report on Tuesday, March 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $88.80.

Get Our Latest Research Report on BRO

Brown & Brown Stock Up 0.3 %

BRO stock opened at $89.36 on Wednesday. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average of $85.16 and a two-hundred day moving average of $79.53. Brown & Brown has a 12 month low of $61.71 and a 12 month high of $91.70. The company has a market cap of $25.49 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 2.34 and a beta of 0.79.

Brown & Brown (NYSE:BROGet Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.07 by $0.07. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.84 earnings per share. As a group, analysts forecast that Brown & Brown will post 3.61 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were issued a $0.13 dividend. The ex-dividend date was Friday, May 3rd. This represents a $0.52 annualized dividend and a dividend yield of 0.58%. Brown & Brown’s dividend payout ratio is presently 16.00%.

Insider Activity at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the sale, the chairman now directly owns 37,460,605 shares in the company, valued at $3,220,113,605.80. The sale was disclosed in a legal 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fortitude Family Office LLC purchased a new position in Brown & Brown in the fourth quarter valued at $31,000. Headlands Technologies LLC acquired a new stake in Brown & Brown in the 1st quarter valued at about $32,000. Park Place Capital Corp boosted its stake in shares of Brown & Brown by 166.5% in the 4th quarter. Park Place Capital Corp now owns 509 shares of the financial services provider’s stock valued at $36,000 after buying an additional 318 shares during the period. Alaska Permanent Fund Corp acquired a new position in shares of Brown & Brown during the first quarter worth about $36,000. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of Brown & Brown by 174.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 548 shares of the financial services provider’s stock worth $39,000 after buying an additional 348 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

About Brown & Brown

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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.

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