Brown & Brown (NYSE:BRO) Stock Gets Price Target Trim from Truist Financial

Brown & Brown (NYSE:BRO) had its price objective cut by Truist Financial from $90.00 to $85.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other research firms have also recently commented on BRO. Keefe, Bruyette & Woods upgraded shares of Brown & Brown from an “underperform” rating to an “outperform” rating and set a $77.00 price target for the company in a report on Monday, October 12th. Wells Fargo & Company reduced their price objective on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a report on Monday, October 12th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Citigroup reiterated a “market outperform” rating on shares of Brown & Brown in a research note on Monday, October 12th. Finally, Oppenheimer assumed coverage on Brown & Brown in a report on Wednesday, October 7th. They issued an “outperform” rating and a $73.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $75.53.

Brown & Brown Stock Up 2.8%

BRO stock opened at $69.73 on Wednesday. The company’s 50 day moving average price is $67.03 and its 200 day moving average price is $66.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 1.96. Brown & Brown has a fifty-two week low of $53.81 and a fifty-two week high of $82.57. The firm has a market capitalization of $23.13 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 2.21 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 26th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. The firm had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the business earned $1.05 EPS. The firm’s revenue was up 7.4% compared to the same quarter last year. On average, equities research analysts anticipate that Brown & Brown will post 4.47 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, November 4th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.1650. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. Brown & Brown’s dividend payout ratio is 20.89%.

Institutional Trading of Brown & Brown

Institutional investors have recently modified their holdings of the stock. Equitable Trust Co. grew its holdings in shares of Brown & Brown by 1.7% during the first quarter. Equitable Trust Co. now owns 10,901 shares of the financial services provider’s stock worth $711,000 after buying an additional 182 shares in the last quarter. CX Institutional raised its position in Brown & Brown by 3.1% in the 3rd quarter. CX Institutional now owns 6,242 shares of the financial services provider’s stock valued at $380,000 after buying an additional 189 shares during the last quarter. Patton Fund Management Inc. lifted its stake in Brown & Brown by 10.6% in the 1st quarter. Patton Fund Management Inc. now owns 3,123 shares of the financial services provider’s stock valued at $204,000 after acquiring an additional 299 shares in the last quarter. Cetera Investment Advisers lifted its stake in Brown & Brown by 0.9% in the 1st quarter. Cetera Investment Advisers now owns 36,804 shares of the financial services provider’s stock valued at $2,400,000 after acquiring an additional 311 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its position in Brown & Brown by 39.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,288 shares of the financial services provider’s stock worth $83,000 after acquiring an additional 364 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.