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

Brown & Brown (NYSE:BRO) had its price objective raised by Citigroup from $89.00 to $94.00 in a research note released on Tuesday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company boosted their target price on shares of Brown & Brown from $81.00 to $84.00 and gave the company an equal weight rating in a report on Thursday, April 11th. Jefferies Financial Group cut shares of Brown & Brown from a buy rating to a hold rating and reduced their price target for the company from $85.00 to $78.00 in a research report on Tuesday, January 9th. UBS Group lifted their price target on shares of Brown & Brown from $75.00 to $81.00 and gave the company a neutral rating in a research report on Monday, January 29th. Truist Financial lifted their price target on shares of Brown & Brown from $85.00 to $92.00 and gave the company a buy rating in a research report on Wednesday, January 24th. Finally, The Goldman Sachs Group raised shares of Brown & Brown from a neutral rating to a buy rating and reduced their price target for the company from $84.00 to $83.00 in a research report on Monday, January 8th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $86.80.

Brown & Brown Price Performance

Brown & Brown stock opened at $81.12 on Tuesday. Brown & Brown has a 1 year low of $59.91 and a 1 year high of $87.99. The firm has a 50 day moving average price of $84.21 and a 200 day moving average price of $76.63. The company has a market cap of $23.15 billion, a price-to-earnings ratio of 26.51, a PEG ratio of 2.51 and a beta of 0.78. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.95 and a current ratio of 1.95.

Brown & Brown (NYSE:BRO) last released its earnings results on Tuesday, January 23rd. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Brown & Brown had a net margin of 20.44% and a return on equity of 15.46%. The firm had revenue of $1.03 billion during the quarter. During the same quarter in the previous year, the firm posted $0.50 earnings per share. Sell-side analysts predict that Brown & Brown will post 3.44 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the completion of the sale, the chairman now owns 37,460,605 shares in the company, valued at $3,220,113,605.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 17.02% of the company’s stock.

Institutional Trading of Brown & Brown

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC increased its stake in Brown & Brown by 86.9% during the fourth quarter. SG Americas Securities LLC now owns 24,866 shares of the financial services provider’s stock valued at $1,768,000 after purchasing an additional 11,559 shares during the last quarter. Patton Fund Management Inc. bought a new stake in Brown & Brown during the fourth quarter valued at $4,765,000. Whittier Trust Co. increased its stake in Brown & Brown by 12.1% during the fourth quarter. Whittier Trust Co. now owns 162,226 shares of the financial services provider’s stock valued at $11,536,000 after purchasing an additional 17,479 shares during the last quarter. WCM Investment Management LLC increased its stake in Brown & Brown by 13.4% during the fourth quarter. WCM Investment Management LLC now owns 107,979 shares of the financial services provider’s stock valued at $7,658,000 after purchasing an additional 12,748 shares during the last quarter. Finally, Toronto Dominion Bank increased its stake in Brown & Brown by 28.7% during the third quarter. Toronto Dominion Bank now owns 277,331 shares of the financial services provider’s stock valued at $19,369,000 after purchasing an additional 61,800 shares during the last quarter. Institutional investors 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.