Brown & Brown (NYSE:BRO) Earns Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Brown & Brown (NYSE:BRO) in a research report report published on Friday morning, Benzinga reports. They currently have a $77.00 price target on the financial services provider’s stock.

Several other research firms have also recently weighed in on BRO. Keefe, Bruyette & Woods cut Brown & Brown from an outperform rating to a market perform rating and lifted their price objective for the company from $73.00 to $76.00 in a report on Tuesday, August 1st. Raymond James boosted their target price on Brown & Brown from $70.00 to $76.00 and gave the company an outperform rating in a research note on Wednesday, July 26th. Truist Financial reaffirmed a buy rating and set a $85.00 price target on shares of Brown & Brown in a research report on Friday. StockNews.com raised Brown & Brown from a hold rating to a buy rating in a report on Tuesday, August 29th. Finally, Citigroup upped their price objective on Brown & Brown from $72.00 to $81.00 and gave the company a buy rating in a report on Wednesday, August 9th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $72.70.

Brown & Brown Trading Up 1.0 %

NYSE:BRO opened at $73.33 on Friday. Brown & Brown has a fifty-two week low of $52.82 and a fifty-two week high of $74.57. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.78 and a quick ratio of 2.78. The stock has a market capitalization of $20.80 billion, a PE ratio of 28.42 and a beta of 0.75. The business’s 50-day simple moving average is $71.63 and its 200-day simple moving average is $65.39.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.08. Brown & Brown had a return on equity of 15.19% and a net margin of 18.34%. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $997.51 million. During the same quarter in the previous year, the business posted $0.51 EPS. Brown & Brown’s revenue for the quarter was up 24.9% on a year-over-year basis. Sell-side analysts expect that Brown & Brown will post 2.69 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were paid a $0.115 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.63%. Brown & Brown’s payout ratio is 17.83%.

Insider Activity

In related news, Director Bronislaw Edmund Masojada purchased 4,000 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The stock was bought at an average price of $65.78 per share, with a total value of $263,120.00. Following the completion of the purchase, the director now owns 4,000 shares in the company, valued at approximately $263,120. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 17.02% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

Several institutional investors and hedge funds have recently made changes to their positions in BRO. Portside Wealth Group LLC acquired a new stake in Brown & Brown during the second quarter worth approximately $2,268,000. Comerica Bank acquired a new stake in Brown & Brown during the second quarter worth approximately $328,020,000. Osaic Holdings Inc. grew its stake in Brown & Brown by 7.8% during the second quarter. Osaic Holdings Inc. now owns 114,896 shares of the financial services provider’s stock worth $7,899,000 after purchasing an additional 8,296 shares during the period. Imprint Wealth LLC acquired a new stake in Brown & Brown during the second quarter worth approximately $5,170,000. Finally, CreativeOne Wealth LLC acquired a new stake in Brown & Brown during the second quarter worth approximately $849,000. Institutional investors and hedge funds own 70.33% of the company’s stock.

About Brown & Brown

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.