Brown & Brown (NYSE:BRO) Price Target Raised to $118.00

Brown & Brown (NYSE:BRO) had its price target increased by Truist Financial from $116.00 to $118.00 in a report released on Wednesday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other brokerages have also weighed in on BRO. Keefe, Bruyette & Woods upped their target price on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research report on Friday, July 26th. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a report on Friday, October 25th. Wells Fargo & Company lifted their price objective on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. UBS Group upped their target price on Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Finally, Jefferies Financial Group lifted their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $106.50.

Brown & Brown Stock Down 0.4 %

BRO opened at $104.17 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 2.35. Brown & Brown has a 12 month low of $69.13 and a 12 month high of $107.67. The stock has a market capitalization of $29.79 billion, a P/E ratio of 28.38, a P/E/G ratio of 2.42 and a beta of 0.83. The business has a 50 day simple moving average of $104.16 and a 200-day simple moving average of $95.73.

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

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be paid a dividend of $0.15 per share. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is currently 14.17%.

Insider Activity

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of the business’s 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 sale, the chief financial officer now owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Royal London Asset Management Ltd. raised its stake in shares of Brown & Brown by 105.1% during the second 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. The Manufacturers Life Insurance Company lifted its holdings in 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 worth $311,979,000 after buying an additional 687,783 shares in the last quarter. Capital World Investors boosted its position in Brown & Brown by 50.5% in the 1st quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock valued at $123,714,000 after buying an additional 473,982 shares during the last quarter. Natixis Advisors LLC grew its stake in shares of Brown & Brown by 123.9% during the second quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock valued at $65,597,000 after acquiring an additional 406,064 shares in the last quarter. Finally, Truist Financial Corp grew its stake in shares of Brown & Brown by 392.3% during the second quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after acquiring an additional 376,892 shares in the last quarter. 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.