Brown & Brown (NYSE:BRO) Price Target Raised to $94.00 at Truist Financial

Brown & Brown (NYSE:BRO) had its price objective upped by Truist Financial from $92.00 to $94.00 in a research note published on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

Several other research firms have also issued reports on BRO. Royal Bank of Canada lifted their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the stock an outperform rating in a research report on Wednesday, March 20th. Bank of America lowered shares of Brown & Brown from a neutral rating to an underperform rating and lifted their price target for the stock from $80.00 to $86.00 in a research report on Wednesday, March 13th. Citigroup lifted their price objective on shares of Brown & Brown from $89.00 to $94.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. Wells Fargo & Company lifted their price objective on shares of Brown & Brown from $81.00 to $84.00 and gave the stock an equal weight rating in a research report on Thursday, April 11th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Brown & Brown from $75.00 to $80.00 and gave the stock an underperform rating in a research report on Wednesday, April 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Brown & Brown has a consensus rating of Hold and a consensus target price of $87.10.

Brown & Brown Price Performance

NYSE BRO opened at $82.13 on Wednesday. Brown & Brown has a 12 month low of $60.00 and a 12 month high of $87.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 1.95. The firm has a market capitalization of $23.43 billion, a PE ratio of 25.27, a P/E/G ratio of 2.49 and a beta of 0.78. The company’s 50 day simple moving average is $84.30 and its 200 day simple moving average is $76.99.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.07. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.22 billion. Brown & Brown had a net margin of 21.09% and a return on equity of 16.43%. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.84 earnings per share. As a group, equities research analysts forecast that Brown & Brown will post 3.57 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Friday, May 3rd. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the completion of the sale, the chairman now owns 37,460,605 shares of the company’s stock, valued at approximately $3,220,113,605.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 17.02% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

Several institutional investors and hedge funds have recently modified their holdings of BRO. Norges Bank acquired a new stake in shares of Brown & Brown in the 4th quarter valued at $217,663,000. Congress Asset Management Co. MA acquired a new stake in shares of Brown & Brown in the 4th quarter valued at $82,445,000. The Manufacturers Life Insurance Company lifted its stake in shares of Brown & Brown by 76.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock valued at $142,236,000 after purchasing an additional 865,082 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Brown & Brown by 1,861.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 810,359 shares of the financial services provider’s stock valued at $56,595,000 after purchasing an additional 769,051 shares during the last quarter. Finally, Confluence Investment Management LLC acquired a new stake in shares of Brown & Brown in the 1st quarter valued at $49,598,000. Institutional investors and hedge funds own 71.01% 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.