Wells Fargo & Company set a $45.00 price target on Brown & Brown, Inc. (NYSE:BRO) in a research report sent to investors on Monday, October 16th. The firm currently has a hold rating on the financial services provider’s stock.
A number of other research analysts have also recently commented on BRO. BidaskClub upgraded Brown & Brown from a sell rating to a hold rating in a research note on Wednesday, August 16th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $43.00 price objective on shares of Brown & Brown in a research note on Friday, August 18th. Zacks Investment Research cut Brown & Brown from a hold rating to a sell rating in a research note on Monday, July 31st. Citigroup Inc. increased their price objective on Brown & Brown from $45.00 to $46.00 and gave the company a neutral rating in a research note on Thursday, July 13th. Finally, Barclays PLC increased their price objective on Brown & Brown from $39.00 to $43.00 and gave the company an underweight rating in a research note on Monday, October 16th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $44.75.
Shares of Brown & Brown (NYSE:BRO) opened at 49.68 on Monday. Brown & Brown has a one year low of $36.05 and a one year high of $50.24. The stock has a market cap of $6.93 billion, a price-to-earnings ratio of 26.13 and a beta of 0.79. The company has a 50-day moving average price of $48.12 and a 200 day moving average price of $44.61.
Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 16th. The financial services provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. Brown & Brown had a return on equity of 10.99% and a net margin of 14.66%. The company had revenue of $475.60 million for the quarter, compared to analysts’ expectations of $475.13 million. During the same period in the prior year, the firm earned $0.50 earnings per share. The firm’s revenue was up 2.9% compared to the same quarter last year. Equities research analysts expect that Brown & Brown will post $1.88 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 8th. Investors of record on Friday, October 27th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, October 26th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.14. Brown & Brown’s dividend payout ratio (DPR) is currently 31.75%.
In related news, EVP Anthony T. Strianese sold 18,870 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $44.49, for a total transaction of $839,526.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 16.98% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. IFP Advisors Inc boosted its holdings in Brown & Brown by 9.8% in the 2nd quarter. IFP Advisors Inc now owns 2,823 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 251 shares in the last quarter. Mosaic Family Wealth LLC boosted its holdings in Brown & Brown by 5.9% in the 2nd quarter. Mosaic Family Wealth LLC now owns 4,208 shares of the financial services provider’s stock valued at $181,000 after purchasing an additional 235 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Brown & Brown by 10.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,322 shares of the financial services provider’s stock valued at $186,000 after purchasing an additional 405 shares in the last quarter. Rowland & Co. Investment Counsel ADV boosted its holdings in Brown & Brown by 4.1% in the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 4,465 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 175 shares in the last quarter. Finally, Parametrica Management Ltd purchased a new stake in Brown & Brown in the 3rd quarter valued at approximately $218,000. 72.04% of the stock is currently owned by institutional investors.
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.
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