Brokerages Set Brown & Brown, Inc. (NYSE:BRO) Target Price at $101.67

Brown & Brown, Inc. (NYSE:BRO) has received a consensus recommendation of “Moderate Buy” from the twelve research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $101.67.

A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research report on Friday, July 26th. Raymond James increased their target price on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Truist Financial raised their target price on Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Barclays initiated coverage on shares of Brown & Brown in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price target for the company. Finally, Wells Fargo & Company upgraded shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $94.00 to $112.00 in a research report on Monday, August 12th.

Brown & Brown Stock Performance

Brown & Brown stock opened at $104.63 on Tuesday. Brown & Brown has a 52 week low of $66.73 and a 52 week high of $106.02. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56. The stock has a market cap of $29.85 billion, a P/E ratio of 32.19, a price-to-earnings-growth ratio of 2.38 and a beta of 0.83. The stock has a 50 day moving average of $102.18 and a 200-day moving average of $92.90.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the company posted $0.68 EPS. The business’s revenue was up 12.5% compared to the same quarter last year. On average, analysts expect that Brown & Brown will post 3.68 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a $0.13 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 annualized dividend and a dividend yield of 0.50%. Brown & Brown’s dividend payout ratio is currently 16.00%.

Insider Activity at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction 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 company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction dated Thursday, August 8th. The stock was 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 directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

A number of large investors have recently made changes to their positions in BRO. Crewe Advisors LLC lifted its holdings in shares of Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 228 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Brown & Brown in the first quarter worth approximately $32,000. Alaska Permanent Fund Corp acquired a new stake in shares of Brown & Brown during the first quarter worth approximately $36,000. First PREMIER Bank acquired a new position in Brown & Brown in the 1st quarter valued at approximately $40,000. Finally, Intelligent Financial Strategies purchased a new stake in Brown & Brown in the 1st quarter worth approximately $45,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

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.