Brown & Brown (NYSE:BRO) Price Target Cut to $100.00 by Analysts at Morgan Stanley

Brown & Brown (NYSE:BRO) had its price objective trimmed by Morgan Stanley from $105.00 to $100.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

BRO has been the topic of a number of other research reports. Wall Street Zen raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Truist Financial set a $120.00 price target on shares of Brown & Brown in a report on Wednesday, July 30th. Wells Fargo & Company lowered shares of Brown & Brown from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $104.00 to $101.00 in a report on Wednesday, August 13th. Raymond James Financial reissued an “outperform” rating and issued a $120.00 price target (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Finally, Bank of America raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and increased their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $111.69.

Brown & Brown Stock Performance

Brown & Brown stock opened at $95.54 on Tuesday. The firm’s 50 day simple moving average is $94.12 and its 200 day simple moving average is $105.42. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $31.51 billion, a PE ratio of 27.53, a price-to-earnings-growth ratio of 2.13 and a beta of 0.79. Brown & Brown has a 1-year low of $89.99 and a 1-year high of $125.68.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. Brown & Brown’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 EPS. As a group, analysts expect that Brown & Brown will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown’s dividend payout ratio (DPR) is currently 17.29%.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Director Paul J. Krump bought 2,678 shares of Brown & Brown stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average price of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of Brown & Brown stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, the director owned 5,000 shares in the company, valued at $457,200. The trade was a 25.00% increase in their position. The disclosure for this purchase can be found here. 15.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Brown & Brown

Several institutional investors and hedge funds have recently made changes to their positions in BRO. Phillips Wealth Planners LLC boosted its position in Brown & Brown by 3.4% during the 1st quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider’s stock valued at $316,000 after buying an additional 88 shares during the period. SBI Securities Co. Ltd. boosted its position in Brown & Brown by 26.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider’s stock valued at $56,000 after buying an additional 96 shares during the period. Gateway Investment Advisers LLC boosted its position in Brown & Brown by 2.3% during the 1st quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider’s stock valued at $536,000 after buying an additional 97 shares during the period. Graypoint LLC boosted its position in Brown & Brown by 3.3% during the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider’s stock valued at $399,000 after buying an additional 103 shares during the period. Finally, NorthRock Partners LLC boosted its position in Brown & Brown by 4.2% during the 1st quarter. NorthRock Partners LLC now owns 2,530 shares of the financial services provider’s stock valued at $315,000 after buying an additional 103 shares during the period. Institutional investors own 71.01% of the company’s stock.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.