Brown & Brown (NYSE:BRO) Hits New 12-Month High – Here’s Why

Shares of Brown & Brown, Inc. (NYSE:BRO) hit a new 52-week high during trading on Tuesday . The stock traded as high as $106.80 and last traded at $106.80, with a volume of 522 shares traded. The stock had previously closed at $105.94.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BRO shares. Bank of America lifted their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods boosted their price target on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research report on Friday, July 26th. Truist Financial raised their price objective on Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Argus initiated coverage on Brown & Brown in a report on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price for the company. Finally, Barclays began coverage on shares of Brown & Brown in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Brown & Brown currently has an average rating of “Moderate Buy” and a consensus price target of $105.33.

Brown & Brown Trading Up 0.4 %

The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56. The business’s 50-day moving average is $102.88 and its two-hundred day moving average is $93.86. The firm has a market cap of $30.33 billion, a P/E ratio of 32.62, a P/E/G ratio of 2.45 and a beta of 0.83.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.88 by $0.05. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 earnings per share. As a group, analysts expect that Brown & Brown, Inc. will post 3.69 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is 16.00%.

Insider Buying and Selling

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Corporate insiders own 17.02% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. State Board of Administration of Florida Retirement System boosted its stake in shares of Brown & Brown by 2.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock worth $23,390,000 after acquiring an additional 6,613 shares in the last quarter. Sei Investments Co. raised its holdings in Brown & Brown by 12.7% during the 1st quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock worth $24,169,000 after buying an additional 31,071 shares during the period. Great Valley Advisor Group Inc. purchased a new position in shares of Brown & Brown during the second quarter valued at $1,512,000. DekaBank Deutsche Girozentrale raised its position in Brown & Brown by 12.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after buying an additional 27,879 shares during the period. Finally, Norden Group LLC lifted its stake in Brown & Brown by 2,650.9% in the 1st quarter. Norden Group LLC now owns 99,856 shares of the financial services provider’s stock worth $8,741,000 after acquiring an additional 96,226 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Company Profile

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.