Brown & Brown, Inc. (NYSE:BRO) Receives $109.92 Consensus Price Target from Brokerages

Shares of Brown & Brown, Inc. (NYSE:BRO) have been assigned a consensus rating of “Hold” from the sixteen brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $109.9231.

Several analysts have weighed in on BRO shares. Bank of America upgraded Brown & Brown from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $126.00 to $130.00 in a research report on Wednesday, July 30th. Raymond James Financial reiterated an “outperform” rating and issued a $120.00 price objective (down previously from $125.00) on shares of Brown & Brown in a research report on Monday, August 4th. Citigroup started coverage on Brown & Brown in a research report on Wednesday, August 13th. They issued a “buy” rating and a $112.00 price objective for the company. Truist Financial set a $120.00 price objective on Brown & Brown in a research report on Wednesday, July 30th. Finally, Wall Street Zen upgraded Brown & Brown from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th.

Insider Activity at Brown & Brown

In other Brown & Brown news, Director Paul J. Krump bought 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The shares were purchased at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. This represents a 100.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of Brown & Brown stock in a transaction dated Wednesday, August 6th. The shares were acquired at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $457,200. This trade represents a 25.00% increase in their position. The disclosure for this purchase can be found here. 15.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Brown & Brown

Several hedge funds have recently made changes to their positions in BRO. Vanguard Group Inc. grew its stake in Brown & Brown by 16.8% in the second quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock worth $3,949,779,000 after purchasing an additional 5,124,203 shares during the period. Principal Financial Group Inc. grew its stake in Brown & Brown by 0.3% in the first quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider’s stock worth $1,609,742,000 after purchasing an additional 38,078 shares during the period. State Street Corp grew its stake in Brown & Brown by 11.3% in the second quarter. State Street Corp now owns 12,460,821 shares of the financial services provider’s stock worth $1,381,531,000 after purchasing an additional 1,262,139 shares during the period. Geode Capital Management LLC grew its stake in Brown & Brown by 16.6% in the second quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider’s stock worth $813,624,000 after purchasing an additional 1,050,350 shares during the period. Finally, Parnassus Investments LLC purchased a new stake in Brown & Brown in the first quarter worth $899,139,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

NYSE:BRO opened at $94.50 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. Brown & Brown has a 1-year low of $89.99 and a 1-year high of $125.68. The business has a 50 day moving average of $94.37 and a 200 day moving average of $104.56. The company has a market capitalization of $31.17 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 2.17 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the company posted $0.93 earnings per share. The business’s revenue was up 9.1% on a year-over-year basis. On average, sell-side analysts predict that Brown & Brown will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown’s payout ratio is 17.29%.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.