Brown & Brown (NYSE:BRO) Price Target Raised to $80.00

Brown & Brown (NYSE:BRO) had its target price hoisted by JPMorgan Chase & Co. from $78.00 to $80.00 in a report issued on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Several other research analysts have also commented on the company. Mizuho lifted their price target on Brown & Brown from $81.00 to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Barclays upped their price objective on shares of Brown & Brown from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Royal Bank Of Canada restated a “sector perform” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. BMO Capital Markets lifted their target price on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings lowered shares of Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Four research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Brown & Brown has a consensus rating of “Hold” and a consensus price target of $76.47.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $70.83 on Monday. Brown & Brown has a one year low of $53.81 and a one year high of $98.30. The company has a market cap of $23.70 billion, a price-to-earnings ratio of 22.34, a PEG ratio of 3.56 and a beta of 0.59. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. The business’s 50 day moving average price is $64.50 and its 200 day moving average price is $66.20.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period last year, the firm posted $1.03 EPS. The business’s quarterly revenue was up 30.4% on a year-over-year basis. On average, research analysts predict that Brown & Brown will post 4.49 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, August 12th. Brown & Brown’s dividend payout ratio is 20.82%.

Institutional Trading of Brown & Brown

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Brown & Brown by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider’s stock valued at $2,999,497,000 after buying an additional 303,955 shares during the last quarter. Capital World Investors increased its position in shares of Brown & Brown by 2.3% during the fourth 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 position in shares of Brown & Brown by 1.6% during the first quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider’s stock valued at $1,017,847,000 after acquiring an additional 246,172 shares during the last quarter. State Street Corp raised its stake in shares of Brown & Brown by 2.2% in 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 period. Finally, Geode Capital Management LLC raised its stake in shares of Brown & Brown by 1.5% in 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 period. 71.01% of the stock is owned by institutional investors and hedge funds.

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.