Brokerages Set Brown & Brown, Inc. (NYSE:BRO) PT at $109.46

Shares of Brown & Brown, Inc. (NYSE:BRO) have been given a consensus rating of “Moderate Buy” by the thirteen analysts that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $109.46.

Several research firms have issued reports on BRO. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Royal Bank of Canada raised their price objective on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Bank of America upped their target price on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Morgan Stanley started coverage on shares of Brown & Brown in a research report on Thursday, December 5th. They set an “overweight” rating and a $134.00 price target for the company. Finally, Argus initiated coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective on the stock.

Institutional Trading of Brown & Brown

Several hedge funds have recently modified their holdings of BRO. Royal London Asset Management Ltd. raised its position in Brown & Brown by 105.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after purchasing an additional 1,059,711 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Brown & Brown by 24.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after acquiring an additional 687,783 shares in the last quarter. Zurich Insurance Group Ltd FI lifted its stake in Brown & Brown by 258.0% in the third quarter. Zurich Insurance Group Ltd FI now owns 646,574 shares of the financial services provider’s stock worth $66,985,000 after acquiring an additional 465,988 shares during the last quarter. Natixis Advisors LLC grew its holdings in Brown & Brown by 123.9% during the 2nd quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock worth $65,597,000 after acquiring an additional 406,064 shares in the last quarter. Finally, Truist Financial Corp increased its position in shares of Brown & Brown by 392.3% in the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after purchasing an additional 376,892 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Trading Down 1.2 %

Shares of BRO opened at $103.18 on Friday. Brown & Brown has a 12-month low of $69.19 and a 12-month high of $114.15. The firm has a market capitalization of $29.50 billion, a P/E ratio of 28.15, a P/E/G ratio of 2.40 and a beta of 0.84. The firm has a 50-day moving average price of $107.97 and a 200 day moving average price of $101.31. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.71 EPS. Sell-side analysts forecast that Brown & Brown will post 3.74 EPS for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were paid a $0.15 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.60 annualized dividend and a dividend yield of 0.58%. Brown & Brown’s payout ratio is 16.35%.

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.