Brown & Brown (NYSE:BRO – Get Free Report) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Tuesday.
Several other equities analysts have also weighed in on the company. Wells Fargo & Company increased their price objective on Brown & Brown from $62.00 to $70.00 in a report on Wednesday, July 26th. Truist Financial lifted their price objective on Brown & Brown from $82.00 to $85.00 in a report on Wednesday, July 26th. Keefe, Bruyette & Woods lowered shares of Brown & Brown from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $73.00 to $76.00 in a research report on Tuesday, August 1st. Raymond James lifted their target price on shares of Brown & Brown from $70.00 to $76.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 26th. Finally, Citigroup upped their price target on shares of Brown & Brown from $72.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $72.70.
Read Our Latest Research Report on Brown & Brown
Brown & Brown Stock Performance
NYSE BRO opened at $73.24 on Tuesday. The company has a fifty day moving average price of $69.74 and a 200-day moving average price of $63.65. The firm has a market cap of $20.77 billion, a price-to-earnings ratio of 28.39 and a beta of 0.76. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.78 and a quick ratio of 2.78. Brown & Brown has a 1 year low of $52.82 and a 1 year high of $73.52.
Brown & Brown (NYSE:BRO – Get Free Report) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.08. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $997.51 million. Brown & Brown had a return on equity of 15.19% and a net margin of 18.34%. Brown & Brown’s quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 earnings per share. As a group, equities research analysts predict that Brown & Brown will post 2.69 EPS for the current fiscal year.
Insider Buying and Selling at Brown & Brown
In other news, Director Bronislaw Edmund Masojada purchased 4,000 shares of the business’s stock in a transaction on Wednesday, June 21st. The shares were acquired at an average price of $65.78 per share, with a total value of $263,120.00. Following the acquisition, the director now directly owns 4,000 shares in the company, valued at $263,120. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 16.58% of the company’s stock.
Institutional Investors Weigh In On Brown & Brown
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its position in Brown & Brown by 1.3% during the first quarter. BlackRock Inc. now owns 16,764,258 shares of the financial services provider’s stock valued at $962,604,000 after buying an additional 218,939 shares during the period. Principal Financial Group Inc. boosted its stake in Brown & Brown by 2.3% during the second quarter. Principal Financial Group Inc. now owns 12,025,025 shares of the financial services provider’s stock worth $827,803,000 after acquiring an additional 274,289 shares in the last quarter. Morgan Stanley grew its holdings in Brown & Brown by 187.2% in the fourth quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock worth $540,728,000 after purchasing an additional 6,186,323 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Brown & Brown by 1.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,761,173 shares of the financial services provider’s stock valued at $330,807,000 after purchasing an additional 96,271 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Brown & Brown by 2.1% during the first quarter. Geode Capital Management LLC now owns 5,287,929 shares of the financial services provider’s stock valued at $303,385,000 after purchasing an additional 108,521 shares during the last quarter. 70.33% of the stock is owned by hedge funds and other institutional investors.
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.
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