Brown & Brown, Inc. (BRO) Upgraded to “Buy” by Zacks Investment Research

Brown & Brown, Inc. (NYSE:BRO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, November 1st. The brokerage presently has a $56.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.40% from the stock’s previous close.

According to Zacks, “Shares of Brown & Brown have outperformed the industry quarter-to-date. The company’s compelling portfolio with impressive growth is driven by organic and inorganic initiatives. Plus, solid capital positions the company well for the long term. A solid performance is boosting cash flow, which should help the company deploy capital in shareholder-friendly moves. For 2017, the company envisions margins to be about 300-350 bps lower than 2016, due to lower revenues in 2017 and the premium tax credits obtained during last year, that will not recur in 2017. Also, increased financial leverage and exposure to currency exchange rate fluctuations are headwinds. Also, dependence on limited clients for commission revenues raises caution. Escalating expenses are likely to hurt margins.”

A number of other equities research analysts have also weighed in on the stock. Morgan Stanley raised their price target on shares of Brown & Brown from $40.00 to $43.00 and gave the company an “underweight” rating in a report on Wednesday, October 18th. Wells Fargo & Company set a $45.00 price objective on shares of Brown & Brown and gave the company a “hold” rating in a research note on Monday, October 16th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $45.00 price objective on shares of Brown & Brown in a research note on Monday, October 16th. Barclays PLC increased their price objective on shares of Brown & Brown from $39.00 to $43.00 and gave the company an “underweight” rating in a research note on Monday, October 16th. Finally, BidaskClub upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $46.11.

Brown & Brown (NYSE:BRO) opened at $50.27 on Wednesday. Brown & Brown has a one year low of $41.10 and a one year high of $50.81. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $7,010.00, a P/E ratio of 26.67, a P/E/G ratio of 2.68 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, October 16th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. Brown & Brown had a net margin of 14.66% and a return on equity of 10.99%. The company had revenue of $475.60 million during the quarter, compared to analyst estimates of $475.13 million. During the same quarter in the prior year, the business earned $0.50 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. research analysts forecast that Brown & Brown will post 1.86 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This report was first published by BBNS and is owned by of BBNS. If you are accessing this report on another website, it was illegally copied and reposted in violation of international trademark & copyright legislation. The original version of this report can be read at https://baseballnewssource.com/markets/zacks-investment-research-upgrades-brown-brown-inc-bro-to-buy/1749422.html.

In related news, Director Richard Silas sold 50,000 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $0.83, for a total transaction of $41,500.00. Also, insider Michael Waldkirch sold 75,000 shares of the business’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $0.75, for a total transaction of $56,250.00. Insiders sold 163,000 shares of company stock valued at $126,250 over the last quarter. Corporate insiders own 16.98% of the company’s stock.

Several large investors have recently modified their holdings of BRO. Victory Capital Management Inc. boosted its stake in shares of Brown & Brown by 59.9% in the 3rd quarter. Victory Capital Management Inc. now owns 3,344,841 shares of the financial services provider’s stock valued at $161,187,000 after purchasing an additional 1,253,538 shares in the last quarter. Vanguard Group Inc. lifted its position in Brown & Brown by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 11,226,387 shares of the financial services provider’s stock worth $483,521,000 after buying an additional 468,116 shares in the last quarter. Citadel Advisors LLC lifted its position in Brown & Brown by 932.3% during the 3rd quarter. Citadel Advisors LLC now owns 443,912 shares of the financial services provider’s stock worth $21,392,000 after buying an additional 400,910 shares in the last quarter. Wells Fargo & Company MN lifted its position in Brown & Brown by 7.3% during the 2nd quarter. Wells Fargo & Company MN now owns 5,673,614 shares of the financial services provider’s stock worth $244,362,000 after buying an additional 388,294 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Brown & Brown by 31.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,430,400 shares of the financial services provider’s stock worth $61,607,000 after buying an additional 344,100 shares in the last quarter. Institutional investors own 72.35% of the company’s stock.

About Brown & Brown

Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.

Get a free copy of the Zacks research report on Brown & Brown (BRO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Brown & Brown (NYSE:BRO)

Receive News & Ratings for Brown & Brown Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brown & Brown Inc. and related companies with our FREE daily email newsletter.

 


Latest News

Jack Morris, Alan Trammel Voted by Modern Era Committee into Hall of Fame
Jack Morris, Alan Trammel Voted by Modern Era Committee into Hall of Fame
Yankees and Marlins Continue Stanton Trade Talks
Yankees and Marlins Continue Stanton Trade Talks
Marlins Making Moves, Trade Dee Gordon to Seattle
Marlins Making Moves, Trade Dee Gordon to Seattle
Report: Astros Dallas Keuchel Pitched With Injured Foot
Report: Astros Dallas Keuchel Pitched With Injured Foot
Angels Sign Former Prospect with Braves Kevin Maitan
Angels Sign Former Prospect with Braves Kevin Maitan
Shohei Ohtani Has Turned Down Red Sox and Yankees
Shohei Ohtani Has Turned Down Red Sox and Yankees


Leave a Reply

 
© 2006-2017 BBNS.