Truist Financial Cuts Brown & Brown (NYSE:BRO) Price Target to $90.00

Brown & Brown (NYSE:BRO) had its price objective cut by Truist Financial from $100.00 to $90.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

BRO has been the topic of a number of other reports. Jefferies Financial Group reduced their target price on shares of Brown & Brown from $89.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, January 28th. Wells Fargo & Company reduced their target price on shares of Brown & Brown from $78.00 to $72.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Argus upgraded shares of Brown & Brown to a “hold” rating in a report on Tuesday, January 27th. Mizuho reduced their target price on shares of Brown & Brown from $85.00 to $84.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a report on Tuesday, April 7th. Three research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $83.00.

Brown & Brown Price Performance

Shares of Brown & Brown stock traded down $2.57 on Wednesday, hitting $57.58. The company’s stock had a trading volume of 4,792,374 shares, compared to its average volume of 2,535,749. Brown & Brown has a 52-week low of $57.46 and a 52-week high of $113.83. The company has a quick ratio of 1.66, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. The firm has a fifty day moving average price of $67.60 and a 200-day moving average price of $75.18. The company has a market capitalization of $19.52 billion, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 2.77 and a beta of 0.66.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the previous year, the firm earned $1.29 EPS. The business’s revenue for the quarter was up 35.4% compared to the same quarter last year. On average, equities research analysts expect that Brown & Brown will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.1%. Brown & Brown’s dividend payout ratio is currently 21.22%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Brown & Brown by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider’s stock valued at $2,999,497,000 after acquiring an additional 303,955 shares during the last quarter. Capital World Investors increased its stake in shares of Brown & Brown by 2.3% during the 4th quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider’s stock valued at $1,425,546,000 after acquiring an additional 407,006 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Brown & Brown by 13.4% during the 3rd quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock valued at $1,445,888,000 after acquiring an additional 1,821,229 shares during the last quarter. State Street Corp increased its stake in shares of Brown & Brown by 2.2% during the 4th quarter. State Street Corp now owns 13,403,814 shares of the financial services provider’s stock valued at $1,068,284,000 after acquiring an additional 282,988 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Brown & Brown by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider’s stock valued at $631,495,000 after acquiring an additional 118,225 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.