Brown & Brown (NYSE:BRO) Price Target Cut to $66.00 by Analysts at Royal Bank of Canada

Brown & Brown (NYSE:BROGet Rating) had its target price decreased by Royal Bank of Canada from $71.00 to $66.00 in a research note issued on Wednesday, The Fly reports. The firm currently has a “maintains” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 2.52% from the stock’s current price.

Several other equities analysts have also recently issued reports on BRO. UBS Group assumed coverage on Brown & Brown in a research report on Monday, April 18th. They set a “neutral” rating and a $76.00 target price on the stock. Truist Financial lowered their price target on Brown & Brown from $82.00 to $75.00 in a report on Monday, July 18th. StockNews.com began coverage on Brown & Brown in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Morgan Stanley lowered their price target on Brown & Brown from $70.00 to $64.00 and set an “equal weight” rating on the stock in a report on Monday, May 23rd. Finally, Jefferies Financial Group lowered their price target on Brown & Brown from $82.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, July 12th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $68.89.

Brown & Brown Stock Performance

NYSE BRO opened at $64.38 on Wednesday. The company has a current ratio of 3.90, a quick ratio of 3.80 and a debt-to-equity ratio of 0.97. The business’s 50 day moving average is $58.42 and its two-hundred day moving average is $63.55. Brown & Brown has a 12-month low of $52.91 and a 12-month high of $74.00. The stock has a market capitalization of $18.17 billion, a price-to-earnings ratio of 29.81 and a beta of 0.78.

Brown & Brown (NYSE:BROGet Rating) last released its earnings results on Monday, July 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. Brown & Brown had a return on equity of 15.36% and a net margin of 18.86%. The company had revenue of $838.70 million for the quarter, compared to analysts’ expectations of $803.46 million. During the same quarter in the previous year, the firm posted $0.49 EPS. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. Research analysts expect that Brown & Brown will post 2.28 EPS for the current year.

Insider Activity at Brown & Brown

In related news, Director Lawrence L. Gellerstedt III bought 1,800 shares of Brown & Brown stock in a transaction that occurred on Thursday, May 19th. The shares were purchased at an average price of $54.95 per share, with a total value of $98,910.00. Following the purchase, the director now owns 12,884 shares in the company, valued at $707,975.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Brown & Brown news, Director Lawrence L. Gellerstedt III purchased 1,800 shares of Brown & Brown stock in a transaction on Thursday, May 19th. The shares were bought at an average price of $54.95 per share, with a total value of $98,910.00. Following the purchase, the director now directly owns 12,884 shares in the company, valued at approximately $707,975.80. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Hugh M. Brown purchased 824 shares of Brown & Brown stock in a transaction on Thursday, May 5th. The shares were acquired at an average cost of $59.66 per share, for a total transaction of $49,159.84. Following the purchase, the director now owns 49,452 shares in the company, valued at $2,950,306.32. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 4,294 shares of company stock valued at $248,253. 17.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Parkside Financial Bank & Trust raised its position in shares of Brown & Brown by 259.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 499 shares of the financial services provider’s stock worth $29,000 after buying an additional 360 shares during the period. Allworth Financial LP raised its position in shares of Brown & Brown by 2,485.0% in the 2nd quarter. Allworth Financial LP now owns 517 shares of the financial services provider’s stock worth $30,000 after buying an additional 497 shares during the period. Destiny Wealth Partners LLC raised its position in shares of Brown & Brown by 104.4% in the 2nd quarter. Destiny Wealth Partners LLC now owns 558 shares of the financial services provider’s stock worth $33,000 after buying an additional 285 shares during the period. GHP Investment Advisors Inc. purchased a new position in shares of Brown & Brown in the 1st quarter worth $44,000. Finally, Global Wealth Management Investment Advisory Inc. purchased a new position in shares of Brown & Brown in the 1st quarter worth $52,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

About Brown & Brown

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Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.

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