Royal Bank of Canada Raises Brown & Brown (NYSE:BRO) Price Target to $118.00

Brown & Brown (NYSE:BRO) had its price objective hoisted by investment analysts at Royal Bank of Canada from $113.00 to $118.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 12.77% from the company’s previous close.

BRO has been the subject of several other research reports. Truist Financial increased their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group raised their target price on Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Jefferies Financial Group increased their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Company boosted their price objective on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Bank of America upped their target price on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $106.50.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $104.64 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.35 and a current ratio of 1.73. The business’s 50 day moving average price is $104.14 and its 200 day moving average price is $95.67. The company has a market cap of $29.92 billion, a price-to-earnings ratio of 28.51, a PEG ratio of 2.42 and a beta of 0.83. Brown & Brown has a one year low of $68.42 and a one year high of $107.67.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the firm earned $0.71 EPS. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, research analysts predict that Brown & Brown will post 3.73 EPS for the current year.

Insider Transactions at Brown & Brown

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

Hedge Funds Weigh In On Brown & Brown

Hedge funds have recently modified their holdings of the business. Crewe Advisors LLC boosted its stake in Brown & Brown by 330.4% during the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 228 shares during the period. ST Germain D J Co. Inc. grew its stake in shares of Brown & Brown by 298.5% during the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 200 shares during the period. Headlands Technologies LLC purchased a new position in shares of Brown & Brown in the 1st quarter valued at about $32,000. Blue Trust Inc. lifted its stake in shares of Brown & Brown by 142.3% in the second quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 323 shares during the period. Finally, Larson Financial Group LLC boosted its holdings in Brown & Brown by 65.7% during the second quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock worth $48,000 after buying an additional 211 shares in the last quarter. 71.01% of the stock is currently 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.