Brown & Brown’s (BRO) “Buy” Rating Reiterated at Truist Financial

Truist Financial restated their buy rating on shares of Brown & Brown (NYSE:BRO) in a report issued on Friday morning, Benzinga reports. They currently have a $85.00 price objective on the financial services provider’s stock.

BRO has been the subject of a number of other research reports. Raymond James boosted their price objective on Brown & Brown from $70.00 to $76.00 and gave the company an outperform rating in a research note on Wednesday, July 26th. Wells Fargo & Company upped their price objective on Brown & Brown from $62.00 to $70.00 in a research report on Wednesday, July 26th. Royal Bank of Canada upped their price objective on Brown & Brown from $72.00 to $77.00 in a research report on Wednesday, July 26th. StockNews.com upgraded Brown & Brown from a hold rating to a buy rating in a research report on Tuesday, August 29th. Finally, Keefe, Bruyette & Woods downgraded Brown & Brown from an outperform rating to a market perform rating and increased their target price for the stock from $73.00 to $76.00 in a research report on Tuesday, August 1st. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $72.70.

Brown & Brown Stock Up 1.0 %

NYSE BRO opened at $73.33 on Friday. Brown & Brown has a 52 week low of $52.82 and a 52 week high of $74.57. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.74. The business’s fifty day simple moving average is $71.63 and its 200-day simple moving average is $65.39. The firm has a market cap of $20.80 billion, a PE ratio of 28.42 and a beta of 0.75.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.08. Brown & Brown had a return on equity of 15.19% and a net margin of 18.34%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $997.51 million. During the same period in the previous year, the company posted $0.51 earnings per share. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. As a group, equities analysts anticipate that Brown & Brown will post 2.69 earnings per share for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were issued a $0.115 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.63%. Brown & Brown’s dividend payout ratio (DPR) is 17.83%.

Insider Transactions at Brown & Brown

In other news, Director Bronislaw Edmund Masojada acquired 4,000 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were bought at an average cost of $65.78 per share, for a total transaction of $263,120.00. Following the acquisition, the director now directly owns 4,000 shares in the company, valued at approximately $263,120. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 17.02% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

A number of large investors have recently modified their holdings of the stock. Dark Forest Capital Management LP bought a new position in Brown & Brown during the 1st quarter worth approximately $142,000. Xponance Inc. increased its position in shares of Brown & Brown by 2.8% during the 1st quarter. Xponance Inc. now owns 32,845 shares of the financial services provider’s stock valued at $1,886,000 after purchasing an additional 886 shares during the period. First Trust Advisors LP increased its position in shares of Brown & Brown by 96.8% during the 4th quarter. First Trust Advisors LP now owns 276,500 shares of the financial services provider’s stock valued at $15,755,000 after purchasing an additional 136,030 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its position in shares of Brown & Brown by 14.9% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 3,471 shares of the financial services provider’s stock valued at $199,000 after purchasing an additional 451 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Brown & Brown by 26.6% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,551 shares of the financial services provider’s stock valued at $1,237,000 after purchasing an additional 4,526 shares during the period. Institutional investors and hedge funds own 70.33% of the company’s stock.

Brown & Brown Company Profile

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.