Barclays Raises Brown & Brown (NYSE:BRO) Price Target to $76.00

Brown & Brown (NYSE:BRO) had its target price boosted by analysts at Barclays from $72.00 to $76.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 11.08% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Truist Financial reduced their price objective on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Morgan Stanley cut shares of Brown & Brown from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $60.00 to $55.00 in a research report on Monday. Wells Fargo & Company cut their price target on shares of Brown & Brown from $72.00 to $69.00 and set an “equal weight” rating for the company in a report on Wednesday, April 29th. Mizuho reduced their price target on shares of Brown & Brown from $85.00 to $84.00 and set an “outperform” rating on the stock in a research report on Monday, April 13th. Finally, Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Five investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Brown & Brown has an average rating of “Hold” and an average price target of $78.19.

Brown & Brown Price Performance

Brown & Brown stock opened at $68.42 on Tuesday. The stock’s fifty day moving average price is $59.72 and its two-hundred day moving average price is $67.86. Brown & Brown has a one year low of $53.81 and a one year high of $108.66. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. The firm has a market cap of $23.19 billion, a PE ratio of 22.00, a price-to-earnings-growth ratio of 3.22 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the company posted $1.29 EPS. The company’s revenue was up 35.4% compared to the same quarter last year. As a group, research analysts expect that Brown & Brown will post 4.52 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director H Palmer Proctor, Jr. bought 2,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average cost of $57.10 per share, with a total value of $114,200.00. Following the transaction, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 13.13% of the stock is owned by insiders.

Hedge Funds Weigh In On Brown & Brown

A number of hedge funds have recently made changes to their positions in BRO. Stonebridge Financial Group LLC lifted its stake in shares of Brown & Brown by 13.2% in the second quarter. Stonebridge Financial Group LLC now owns 65,038 shares of the financial services provider’s stock worth $4,172,000 after acquiring an additional 7,597 shares during the period. Versant Capital Management Inc increased its position in Brown & Brown by 359.6% during the 2nd quarter. Versant Capital Management Inc now owns 1,126 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 881 shares during the period. Western Wealth Management LLC bought a new position in Brown & Brown during the 1st quarter worth approximately $117,000. Pacer Advisors Inc. raised its holdings in Brown & Brown by 7.9% during the 1st quarter. Pacer Advisors Inc. now owns 24,873 shares of the financial services provider’s stock worth $1,622,000 after purchasing an additional 1,815 shares during the last quarter. Finally, Rathbones Group PLC lifted its position in shares of Brown & Brown by 17.7% in the 1st quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider’s stock worth $75,267,000 after purchasing an additional 173,265 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.