Brown & Brown (NYSE:BRO) Now Covered by Analysts at Royal Bank Of Canada

Royal Bank Of Canada assumed coverage on shares of Brown & Brown (NYSE:BRO) in a research note released on Tuesday, Marketbeat reports. The firm issued a sector perform rating and a $76.00 price target on the financial services provider’s stock.

Several other equities analysts have also recently commented on BRO. Bank of America reduced their price objective on shares of Brown & Brown from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Tuesday, January 27th. Argus upgraded shares of Brown & Brown to a “hold” rating in a research note on Tuesday, January 27th. Truist Financial cut their price target on shares of Brown & Brown from $105.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, January 28th. Morgan Stanley reduced their price target on shares of Brown & Brown from $85.00 to $78.00 and set an “equal weight” rating for the company in a research report on Thursday, January 29th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Brown & Brown in a report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $89.33.

Brown & Brown Stock Performance

Shares of BRO opened at $68.37 on Tuesday. Brown & Brown has a 52-week low of $65.68 and a 52-week high of $125.68. The stock’s 50-day simple moving average is $73.01 and its 200 day simple moving average is $81.17. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market capitalization of $23.27 billion, a price-to-earnings ratio of 21.37, a price-to-earnings-growth ratio of 1.86 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last posted its 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 during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the firm earned $0.86 EPS. The company’s quarterly revenue was up 35.7% compared to the same quarter last year. Research analysts forecast that Brown & Brown will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BRO. Western Wealth Management LLC lifted its holdings in shares of Brown & Brown by 6.0% in the 2nd quarter. Western Wealth Management LLC now owns 1,902 shares of the financial services provider’s stock worth $211,000 after acquiring an additional 108 shares during the last quarter. ICONIQ Capital LLC boosted its stake in shares of Brown & Brown by 5.4% in the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock valued at $234,000 after purchasing an additional 109 shares in the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of Brown & Brown by 2.2% during the 2nd quarter. Kingsview Wealth Management LLC now owns 5,267 shares of the financial services provider’s stock valued at $584,000 after purchasing an additional 114 shares during the last quarter. Zacks Investment Management grew its holdings in shares of Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 125 shares during the last quarter. Finally, Freedom Day Solutions LLC raised its position in Brown & Brown by 0.7% in the 3rd quarter. Freedom Day Solutions LLC now owns 18,632 shares of the financial services provider’s stock worth $1,747,000 after purchasing an additional 129 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Company Profile

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.