Brown & Brown (NYSE:BRO) Given New $68.00 Price Target at Wells Fargo & Company

Brown & Brown (NYSE:BRO) had its price objective lowered by analysts at Wells Fargo & Company from $69.00 to $68.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 0.38% from the company’s previous close.

BRO has been the subject of a number of other research reports. JPMorgan Chase & Co. reduced their price objective on Brown & Brown from $91.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Citizens Jmp initiated coverage on Brown & Brown in a report on Thursday, May 21st. They issued a “market outperform” rating and a $70.00 target price on the stock. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Barclays lifted their price target on Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Bank of America cut their price objective on shares of Brown & Brown from $90.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Five analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $78.56.

Brown & Brown Stock Down 1.0%

BRO traded down $0.67 during trading on Thursday, reaching $67.75. The stock had a trading volume of 738,870 shares, compared to its average volume of 3,282,994. Brown & Brown has a one year low of $53.81 and a one year high of $108.36. The company has a market capitalization of $22.96 billion, a price-to-earnings ratio of 21.79, a P/E/G ratio of 3.19 and a beta of 0.60. The stock’s 50 day moving average is $59.83 and its two-hundred day moving average is $67.69. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $1.89 billion. During the same quarter in the prior year, the company earned $1.29 earnings per share. The business’s revenue was up 35.4% compared to the same quarter last year. As a group, analysts expect that Brown & Brown will post 4.51 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director H Palmer Proctor, Jr. bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the acquisition, the director owned 47,621 shares of the company’s stock, valued at $2,719,159.10. This trade represents a 4.38% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 13.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Brown & Brown

A number of institutional investors and hedge funds have recently modified their holdings of BRO. Union Bancaire Privee UBP SA purchased a new stake in shares of Brown & Brown during the 1st quarter valued at about $25,000. Basepoint Wealth LLC bought a new stake in Brown & Brown during the 4th quarter valued at approximately $27,000. Darwin Wealth Management LLC bought a new position in shares of Brown & Brown during the second quarter worth $30,000. DV Equities LLC bought a new position in shares of Brown & Brown during the 4th quarter valued at about $33,000. Finally, Board of the Pension Protection Fund purchased a new position in Brown & Brown during the 4th quarter valued at approximately $40,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

About Brown & Brown

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.