Brown & Brown (NYSE:BRO) Stock Gets Price Target Reduction from Mizuho

Brown & Brown (NYSE:BRO) had its price target trimmed by Mizuho from $83.00 to $78.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the company. Truist Financial set a $90.00 price target on Brown & Brown in a research note on Wednesday, July 29th. Barclays dropped their price objective on Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a research report on Wednesday. Oppenheimer assumed coverage on Brown & Brown in a research report on Wednesday. They issued an “outperform” rating and a $73.00 target price on the stock. Morgan Stanley lowered their target price on Brown & Brown from $60.00 to $55.00 and set an “underweight” rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Five analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown has a consensus rating of “Hold” and an average price target of $75.62.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $62.88 on Wednesday. The company’s 50 day simple moving average is $67.73 and its 200 day simple moving average is $64.89. The stock has a market capitalization of $21.04 billion, a price-to-earnings ratio of 19.84, a price-to-earnings-growth ratio of 1.89 and a beta of 0.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. Brown & Brown has a 1 year low of $53.81 and a 1 year high of $96.13.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. The firm’s revenue for the quarter was up 30.4% on a year-over-year basis. As a group, research analysts predict that Brown & Brown will post 4.50 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were issued a $0.1650 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is presently 20.82%.

Hedge Funds Weigh In On Brown & Brown

Several large investors have recently bought and sold shares of the company. GK Wealth Management LLC acquired a new stake in shares of Brown & Brown during the third quarter valued at about $160,000. Balefire LLC increased its stake in shares of Brown & Brown by 427.8% in the third quarter. Balefire LLC now owns 50,080 shares of the financial services provider’s stock valued at $3,344,000 after buying an additional 40,592 shares during the period. Wedmont Private Capital raised its holdings in Brown & Brown by 50.2% in the 3rd quarter. Wedmont Private Capital now owns 43,140 shares of the financial services provider’s stock valued at $2,627,000 after buying an additional 14,410 shares during the last quarter. GAMMA Investing LLC raised its holdings in Brown & Brown by 775.9% in the 3rd quarter. GAMMA Investing LLC now owns 67,997 shares of the financial services provider’s stock valued at $4,554,000 after buying an additional 60,234 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Brown & Brown by 1,424.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 40,583 shares of the financial services provider’s stock worth $2,734,000 after buying an additional 37,921 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Company Profile

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.