Brown & Brown (NYSE:BRO) Stock Price Target Cut by Morgan Stanley

Brown & Brown (NYSE:BRO) had its target price cut by analysts at Morgan Stanley from $60.00 to $55.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Morgan Stanley’s target price indicates a potential downside of 9.70% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Jefferies Financial Group reissued a “hold” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Mizuho decreased their target price on Brown & Brown from $86.00 to $83.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 16th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Truist Financial set a $90.00 price objective on Brown & Brown in a report on Wednesday, July 29th. Finally, Barclays increased their price objective on Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Four investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Brown & Brown currently has an average rating of “Hold” and an average target price of $76.47.

Brown & Brown Stock Performance

Brown & Brown stock traded down $0.02 during mid-day trading on Tuesday, hitting $60.91. 373,088 shares of the company’s stock traded hands, compared to its average volume of 2,961,423. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The firm has a 50 day simple moving average of $68.54 and a two-hundred day simple moving average of $65.00. Brown & Brown has a fifty-two week low of $53.81 and a fifty-two week high of $96.55. The stock has a market cap of $20.38 billion, a price-to-earnings ratio of 19.21, a P/E/G ratio of 1.84 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. Brown & Brown’s revenue for the quarter was up 30.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.03 earnings per share. On average, research analysts expect that Brown & Brown will post 4.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Park National Corp OH grew its position in Brown & Brown by 104.6% during the 3rd quarter. Park National Corp OH now owns 90,039 shares of the financial services provider’s stock worth $5,823,000 after acquiring an additional 46,031 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Brown & Brown by 7,129.0% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 95,062 shares of the financial services provider’s stock valued at $5,789,000 after buying an additional 93,747 shares during the period. CX Institutional increased its stake in shares of Brown & Brown by 3.1% in the third quarter. CX Institutional now owns 6,242 shares of the financial services provider’s stock valued at $380,000 after buying an additional 189 shares during the period. Sequoia Financial Advisors LLC raised its stake in shares of Brown & Brown by 10.4% during the second quarter. Sequoia Financial Advisors LLC now owns 12,656 shares of the financial services provider’s stock valued at $812,000 after acquiring an additional 1,196 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in shares of Brown & Brown by 125.6% during the second quarter. Tidal Investments LLC now owns 71,733 shares of the financial services provider’s stock worth $4,602,000 after purchasing an additional 39,937 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Brown & Brown

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.