JPMorgan Chase & Co. Issues Positive Forecast for Brown & Brown (NYSE:BRO) Stock Price

Brown & Brown (NYSE:BRO) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $78.00 to $80.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 12.18% from the company’s current price.

BRO has been the topic of a number of other reports. UBS Group reissued a “neutral” rating and set a $73.00 price target (up from $65.00) on shares of Brown & Brown in a research report on Wednesday, July 8th. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research report on Wednesday. BMO Capital Markets increased their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. Mizuho increased their price objective on shares of Brown & Brown from $81.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Finally, Barclays lifted their target price on shares of Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Four research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Brown & Brown currently has an average rating of “Hold” and a consensus price target of $79.19.

Brown & Brown Stock Up 1.3%

NYSE BRO traded up $0.91 on Monday, reaching $71.31. The company had a trading volume of 667,052 shares, compared to its average volume of 3,250,792. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The company’s fifty day moving average is $63.65 and its 200 day moving average is $66.37. Brown & Brown has a 52-week low of $53.81 and a 52-week high of $98.30. The stock has a market capitalization of $23.86 billion, a P/E ratio of 22.52, a P/E/G ratio of 3.52 and a beta of 0.59.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the prior year, the firm earned $1.03 earnings per share. Brown & Brown’s revenue was up 30.4% compared to the same quarter last year. Sell-side analysts anticipate that Brown & Brown will post 4.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director H Palmer Proctor, Jr. bought 2,000 shares of Brown & Brown stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average cost of $57.10 per share, with a total value of $114,200.00. Following the transaction, the director directly owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. The trade was a 4.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 13.13% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Brown & Brown

Hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in Brown & Brown during the fourth quarter worth about $516,837,000. Capital International Investors bought a new stake in shares of Brown & Brown in the fourth quarter valued at approximately $371,654,000. Van Lanschot Kempen Investment Management N.V. raised its position in shares of Brown & Brown by 132.8% in the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider’s stock valued at $361,725,000 after purchasing an additional 2,589,048 shares during the period. Deutsche Bank AG lifted its stake in shares of Brown & Brown by 53.0% during the 4th quarter. Deutsche Bank AG now owns 3,929,461 shares of the financial services provider’s stock valued at $313,178,000 after buying an additional 1,361,934 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Brown & Brown by 1,679.0% during the 3rd quarter. AQR Capital Management LLC now owns 1,204,318 shares of the financial services provider’s stock valued at $112,953,000 after buying an additional 1,136,623 shares in the last quarter. Institutional investors own 71.01% of the company’s stock.

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.