JPMorgan Chase & Co. Cuts Brown & Brown (NYSE:BRO) Price Target to $85.00

Brown & Brown (NYSE:BRO) had its price target cut by JPMorgan Chase & Co. from $91.00 to $85.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group lowered their price target on Brown & Brown from $82.00 to $73.00 and set a “neutral” rating on the stock in a report on Wednesday. Truist Financial lowered their price target on Brown & Brown from $105.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, January 28th. Royal Bank Of Canada assumed coverage on Brown & Brown in a report on Tuesday, March 17th. They set a “sector perform” rating and a $76.00 price target on the stock. Mizuho upgraded Brown & Brown from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $84.00 to $85.00 in a report on Friday, February 27th. Finally, Bank of America lowered their price target on Brown & Brown from $94.00 to $90.00 and set a “neutral” rating on the stock in a report on Tuesday, January 27th. Four research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $84.47.

Brown & Brown Stock Performance

Shares of BRO stock opened at $65.14 on Thursday. Brown & Brown has a 1-year low of $63.29 and a 1-year high of $121.70. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $22.18 billion, a price-to-earnings ratio of 20.36, a P/E/G ratio of 1.64 and a beta of 0.83. The stock’s fifty day simple moving average is $68.68 and its 200-day simple moving average is $77.79.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. Brown & Brown’s revenue for the quarter was up 35.7% compared to the same quarter last year. On average, sell-side analysts predict that Brown & Brown will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is presently 20.63%.

Institutional Trading of Brown & Brown

A number of institutional investors have recently bought and sold shares of BRO. Capital World Investors boosted its position in Brown & Brown by 81.1% during the third quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock valued at $1,639,392,000 after purchasing an additional 7,827,992 shares during the last quarter. Norges Bank acquired a new stake in Brown & Brown during the fourth quarter valued at $516,837,000. Capital International Investors acquired a new stake in Brown & Brown during the fourth quarter valued at $371,654,000. Van Lanschot Kempen Investment Management N.V. boosted its position in Brown & Brown by 132.8% during the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider’s stock valued at $361,725,000 after purchasing an additional 2,589,048 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Brown & Brown by 13.4% during the third quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock valued at $1,445,888,000 after purchasing an additional 1,821,229 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

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.