Brown & Brown (NYSE:BRO) Price Target Lowered to $88.00 at Bank of America

Brown & Brown (NYSE:BRO) had its price objective cut by Bank of America from $90.00 to $88.00 in a report published on Tuesday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on BRO. Truist Financial dropped their price target on shares of Brown & Brown from $105.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, January 28th. UBS Group reaffirmed a “neutral” rating and issued a $81.00 target price (down from $90.00) on shares of Brown & Brown in a research note on Thursday, January 29th. Morgan Stanley lowered their target price on shares of Brown & Brown from $76.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday, April 6th. Royal Bank Of Canada assumed coverage on shares of Brown & Brown in a research note on Tuesday, March 17th. They issued a “sector perform” rating and a $76.00 target price for the company. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Brown & Brown in a research note on Monday, December 29th. Four analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat, Brown & Brown presently has an average rating of “Hold” and an average price target of $84.27.

Brown & Brown Trading Down 1.4%

BRO opened at $66.54 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.66 and a quick ratio of 1.66. The company has a market cap of $22.65 billion, a price-to-earnings ratio of 20.79, a price-to-earnings-growth ratio of 1.71 and a beta of 0.83. The firm has a 50 day simple moving average of $68.49 and a 200 day simple moving average of $77.31. Brown & Brown has a fifty-two week low of $63.29 and a fifty-two week high of $121.59.

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

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 11th. Shareholders of record on Wednesday, February 4th were paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, February 4th. Brown & Brown’s dividend payout ratio is presently 20.63%.

Institutional Investors Weigh In On Brown & Brown

Several large investors have recently made changes to their positions in the stock. ICONIQ Capital LLC increased its position in shares of Brown & Brown by 5.4% during the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after acquiring an additional 109 shares in the last quarter. Zacks Investment Management increased its position in shares of Brown & Brown by 0.7% during the third quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock worth $1,675,000 after acquiring an additional 125 shares in the last quarter. Freedom Day Solutions LLC increased its position in shares of Brown & Brown by 0.7% during the third quarter. Freedom Day Solutions LLC now owns 18,632 shares of the financial services provider’s stock worth $1,747,000 after acquiring an additional 129 shares in the last quarter. Baker Tilly Wealth Management LLC increased its position in shares of Brown & Brown by 4.1% during the third quarter. Baker Tilly Wealth Management LLC now owns 3,330 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 132 shares in the last quarter. Finally, Private Trust Co. NA increased its position in shares of Brown & Brown by 13.1% during the fourth quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 133 shares in the last quarter. Institutional investors 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.