Brown & Brown (NYSE:BRO) Price Target Raised to $94.00

Brown & Brown (NYSE:BRO) had its price target increased by Truist Financial from $92.00 to $94.00 in a research report report published on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

Several other equities analysts have also recently weighed in on BRO. The Goldman Sachs Group raised shares of Brown & Brown from a neutral rating to a buy rating and dropped their price target for the company from $84.00 to $83.00 in a research report on Monday, January 8th. StockNews.com raised shares of Brown & Brown from a hold rating to a buy rating in a research report on Sunday, March 17th. Royal Bank of Canada raised their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the company an outperform rating in a research report on Wednesday, March 20th. Citigroup raised their price target on shares of Brown & Brown from $89.00 to $94.00 and gave the company a buy rating in a research report on Tuesday, April 16th. Finally, Raymond James lifted their target price on shares of Brown & Brown from $90.00 to $95.00 and gave the stock an outperform rating in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown currently has a consensus rating of Hold and a consensus price target of $87.10.

Brown & Brown Stock Performance

Shares of BRO opened at $81.45 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 1.95. The stock has a 50-day moving average of $84.29 and a 200-day moving average of $77.06. The company has a market cap of $23.23 billion, a PE ratio of 25.06, a P/E/G ratio of 2.25 and a beta of 0.78. Brown & Brown has a one year low of $61.71 and a one year high of $87.99.

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

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, May 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.64%. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

Insider Activity

In other news, Chairman Hyatt J. Brown sold 144,323 shares of the business’s stock in a transaction on 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 completion of the transaction, the chairman now directly owns 37,460,605 shares in the company, valued at approximately $3,220,113,605.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 17.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Brown & Brown by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 28,152,200 shares of the financial services provider’s stock valued at $2,001,903,000 after purchasing an additional 266,441 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Brown & Brown by 2.4% during the 4th quarter. Principal Financial Group Inc. now owns 12,325,905 shares of the financial services provider’s stock valued at $876,495,000 after purchasing an additional 294,143 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Brown & Brown by 0.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,236,392 shares of the financial services provider’s stock valued at $372,360,000 after purchasing an additional 29,514 shares in the last quarter. Norges Bank bought a new stake in shares of Brown & Brown during the 4th quarter worth $217,663,000. Finally, Northern Trust Corp lifted its holdings in shares of Brown & Brown by 6.1% during the 3rd quarter. Northern Trust Corp now owns 2,285,511 shares of the financial services provider’s stock worth $159,620,000 after acquiring an additional 130,647 shares during the last quarter. 71.01% of the stock is currently 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.