Citigroup Reiterates “$27.00” Price Target for Brown & Brown (NYSE:BRO)

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Citigroup set a $27.00 price objective on Brown & Brown (NYSE:BRO) in a research note released on Wednesday, September 19th. The brokerage currently has a sell rating on the financial services provider’s stock.

Several other brokerages have also weighed in on BRO. Morgan Stanley increased their price objective on shares of Brown & Brown from $25.00 to $26.00 and gave the company an underweight rating in a report on Tuesday, May 29th. Royal Bank of Canada restated a hold rating and issued a $30.00 price objective on shares of Brown & Brown in a report on Wednesday, July 25th. SunTrust Banks reiterated a buy rating and issued a $33.00 target price on shares of Brown & Brown in a report on Tuesday, July 24th. Credit Suisse Group began coverage on shares of Brown & Brown in a report on Tuesday, August 7th. They issued a neutral rating and a $31.00 target price on the stock. Finally, Zacks Investment Research upgraded shares of Brown & Brown from a hold rating to a buy rating and set a $31.00 target price on the stock in a report on Monday, June 4th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $28.46.

Shares of BRO traded down $0.20 during mid-day trading on Wednesday, hitting $27.91. 1,128,940 shares of the company traded hands, compared to its average volume of 1,099,741. Brown & Brown has a one year low of $24.28 and a one year high of $31.55. The stock has a market capitalization of $8.26 billion, a P/E ratio of 29.07, a price-to-earnings-growth ratio of 2.43 and a beta of 0.70. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.98 and a quick ratio of 0.98.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 23rd. The financial services provider reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.02). Brown & Brown had a net margin of 22.25% and a return on equity of 11.75%. The business had revenue of $473.10 million during the quarter, compared to analyst estimates of $472.74 million. During the same quarter in the prior year, the company earned $0.25 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. As a group, analysts anticipate that Brown & Brown will post 1.22 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 7th. Shareholders of record on Friday, October 26th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, October 25th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.08. This represents a $0.32 annualized dividend and a yield of 1.15%. Brown & Brown’s dividend payout ratio (DPR) is 31.25%.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Advisory Services Network LLC raised its holdings in shares of Brown & Brown by 4.3% during the second quarter. Advisory Services Network LLC now owns 42,064 shares of the financial services provider’s stock worth $1,238,000 after acquiring an additional 1,734 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of Brown & Brown by 3.2% during the second quarter. Louisiana State Employees Retirement System now owns 61,900 shares of the financial services provider’s stock worth $1,716,000 after acquiring an additional 1,900 shares during the period. Wedbush Securities Inc. raised its holdings in shares of Brown & Brown by 17.6% during the second quarter. Wedbush Securities Inc. now owns 13,957 shares of the financial services provider’s stock worth $387,000 after acquiring an additional 2,085 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in shares of Brown & Brown by 3.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 89,526 shares of the financial services provider’s stock worth $2,483,000 after acquiring an additional 2,576 shares during the period. Finally, CENTRAL TRUST Co raised its holdings in shares of Brown & Brown by 14.0% during the third quarter. CENTRAL TRUST Co now owns 22,457 shares of the financial services provider’s stock worth $664,000 after acquiring an additional 2,760 shares during the period. Institutional investors own 71.97% of the company’s stock.

About Brown & Brown

Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.

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Analyst Recommendations for Brown & Brown (NYSE:BRO)

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