Brown & Brown (NYSE:BRO) Price Target Cut to $105.00 by Analysts at Truist Financial

Brown & Brown (NYSE:BRO) had its price objective lowered by Truist Financial from $114.00 to $105.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Other equities research analysts have also issued reports about the stock. Barclays lowered their price target on shares of Brown & Brown from $84.00 to $83.00 and set an “equal weight” rating for the company in a report on Thursday, January 8th. Morgan Stanley dropped their target price on shares of Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating for the company in a report on Monday, November 17th. Citigroup cut Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. BMO Capital Markets reaffirmed a “market perform” rating on shares of Brown & Brown in a research report on Tuesday, December 30th. Finally, Keefe, Bruyette & Woods lifted their price objective on Brown & Brown from $79.00 to $80.00 and gave the stock an “underperform” rating in a research report on Tuesday, January 6th. Four analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $98.67.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $79.70 on Thursday. The stock’s 50-day simple moving average is $79.93 and its two-hundred day simple moving average is $89.80. Brown & Brown has a twelve month low of $76.17 and a twelve month high of $125.68. The firm has a market capitalization of $27.21 billion, a P/E ratio of 23.86, a P/E/G ratio of 1.77 and a beta of 0.81. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The firm’s revenue was up 35.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. As a group, equities analysts anticipate that Brown & Brown will post 4.18 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th were paid a $0.165 dividend. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Wednesday, November 5th. Brown & Brown’s payout ratio is currently 19.76%.

Hedge Funds Weigh In On Brown & Brown

A number of hedge funds have recently added to or reduced their stakes in BRO. AQR Capital Management LLC increased its holdings in shares of Brown & Brown by 38.3% in the 1st quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock worth $4,132,000 after purchasing an additional 9,264 shares in the last quarter. Focus Partners Wealth raised its position in Brown & Brown by 5.2% in the 1st quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock worth $1,387,000 after buying an additional 547 shares during the last quarter. Parallel Advisors LLC lifted its stake in Brown & Brown by 4.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,508 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 103 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in Brown & Brown by 24.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 890 shares of the financial services provider’s stock valued at $99,000 after acquiring an additional 176 shares during the period. Finally, Czech National Bank boosted its holdings in shares of Brown & Brown by 25.7% during the 2nd quarter. Czech National Bank now owns 68,508 shares of the financial services provider’s stock valued at $7,595,000 after acquiring an additional 13,999 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

About Brown & Brown

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.