Raymond James Boosts Brown & Brown (NYSE:BRO) Price Target to $110.00

Brown & Brown (NYSE:BRO) had its price objective raised by Raymond James from $95.00 to $110.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Several other research firms also recently issued reports on BRO. StockNews.com downgraded Brown & Brown from a buy rating to a hold rating in a report on Thursday, July 18th. Bank of America raised Brown & Brown from an underperform rating to a neutral rating and upped their price objective for the stock from $91.00 to $101.00 in a report on Wednesday, May 22nd. Keefe, Bruyette & Woods upped their target price on shares of Brown & Brown from $80.00 to $82.00 and gave the company an underperform rating in a research report on Friday, May 3rd. Truist Financial upped their target price on shares of Brown & Brown from $104.00 to $112.00 and gave the company a buy rating in a research report on Wednesday, July 24th. Finally, Wells Fargo & Company upped their target price on shares of Brown & Brown from $88.00 to $94.00 and gave the company an equal weight rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $97.40.

Brown & Brown Stock Up 1.8 %

Shares of BRO opened at $99.17 on Thursday. The business’s 50 day simple moving average is $91.28 and its 200-day simple moving average is $85.63. Brown & Brown has a one year low of $66.73 and a one year high of $99.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. The company has a market capitalization of $28.29 billion, a P/E ratio of 30.51, a PEG ratio of 2.47 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the business earned $0.68 EPS. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, sell-side analysts predict that Brown & Brown will post 3.67 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend is Wednesday, August 7th. Brown & Brown’s dividend payout ratio is currently 16.00%.

Insider Activity at Brown & Brown

In related news, EVP Julie Turpin sold 3,350 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $89.92, for a total value of $301,232.00. Following the completion of the sale, the executive vice president now owns 23,597 shares in the company, valued at approximately $2,121,842.24. The transaction was disclosed in a filing with the SEC, which is available through this link. 17.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Brown & Brown

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue boosted its stake in Brown & Brown by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock worth $2,243,000 after purchasing an additional 125 shares during the period. Simplicity Wealth LLC boosted its stake in Brown & Brown by 5.6% in the 2nd quarter. Simplicity Wealth LLC now owns 2,505 shares of the financial services provider’s stock worth $224,000 after purchasing an additional 132 shares during the period. Legacy Capital Wealth Partners LLC boosted its stake in Brown & Brown by 2.6% in the 4th quarter. Legacy Capital Wealth Partners LLC now owns 6,316 shares of the financial services provider’s stock worth $449,000 after purchasing an additional 158 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Brown & Brown by 2.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,856 shares of the financial services provider’s stock worth $613,000 after purchasing an additional 163 shares during the period. Finally, First Horizon Advisors Inc. boosted its stake in Brown & Brown by 22.8% in the 4th quarter. First Horizon Advisors Inc. now owns 1,008 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 187 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

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.