Royal Bank of Canada Boosts Brown & Brown (NYSE:BRO) Price Target to $118.00

Brown & Brown (NYSE:BRO) had its price target increased by Royal Bank of Canada from $113.00 to $118.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 12.77% from the stock’s current price.

Several other brokerages also recently weighed in on BRO. UBS Group boosted their target price on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Truist Financial upped their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays started coverage on shares of Brown & Brown in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 target price on the stock. Raymond James boosted their price target on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Keefe, Bruyette & Woods raised their price objective on Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $106.50.

Brown & Brown Stock Down 1.1 %

Shares of NYSE BRO opened at $104.64 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 2.35. The firm’s 50-day moving average is $104.14 and its two-hundred day moving average is $95.67. Brown & Brown has a 12-month low of $68.42 and a 12-month high of $107.67. The company has a market capitalization of $29.92 billion, a PE ratio of 28.51, a price-to-earnings-growth ratio of 2.42 and a beta of 0.83.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. Brown & Brown’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 EPS. Equities analysts anticipate that Brown & Brown will post 3.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Brown & Brown

Large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in Brown & Brown by 5.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 10,185 shares of the financial services provider’s stock worth $892,000 after acquiring an additional 506 shares during the period. State of Alaska Department of Revenue grew its holdings in Brown & Brown by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock valued at $2,243,000 after purchasing an additional 125 shares in the last quarter. First Trust Direct Indexing L.P. grew its holdings in Brown & Brown by 14.1% during the 1st quarter. First Trust Direct Indexing L.P. now owns 4,392 shares of the financial services provider’s stock valued at $384,000 after purchasing an additional 543 shares in the last quarter. Legacy Wealth Asset Management LLC increased its stake in Brown & Brown by 15.6% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 3,907 shares of the financial services provider’s stock worth $342,000 after buying an additional 528 shares during the period. Finally, Norden Group LLC lifted its holdings in Brown & Brown by 71.2% in the 1st quarter. Norden Group LLC now owns 6,214 shares of the financial services provider’s stock worth $544,000 after buying an additional 2,584 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Company Profile

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.