Wells Fargo & Company Boosts Brown & Brown (NYSE:BRO) Price Target to $114.00

Brown & Brown (NYSE:BRO) had its price target raised by Wells Fargo & Company from $112.00 to $114.00 in a research note published on Thursday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the company. Truist Financial lifted their price target on Brown & Brown from $104.00 to $112.00 and gave the company a buy rating in a research report on Wednesday, July 24th. Raymond James lifted their target price on Brown & Brown from $95.00 to $110.00 and gave the company an outperform rating in a report on Thursday, July 25th. UBS Group increased their price target on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a neutral rating in a report on Tuesday, July 9th. Jefferies Financial Group boosted their price objective on shares of Brown & Brown from $98.00 to $104.00 and gave the company a hold rating in a research note on Wednesday. Finally, Barclays started coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They issued an equal weight rating and a $108.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown has a consensus rating of Moderate Buy and an average target price of $105.33.

Brown & Brown Price Performance

NYSE BRO opened at $104.75 on Thursday. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. The company has a market cap of $29.88 billion, a PE ratio of 32.23, a price-to-earnings-growth ratio of 2.45 and a beta of 0.83. Brown & Brown has a 52 week low of $66.73 and a 52 week high of $106.67. The firm’s 50-day simple moving average is $102.88 and its two-hundred day simple moving average is $93.81.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the company posted $0.68 EPS. Brown & Brown’s revenue was up 12.5% compared to the same quarter last year. Research analysts predict that Brown & Brown will post 3.69 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a $0.13 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a yield of 0.50%. Brown & Brown’s dividend payout ratio is presently 16.00%.

Insiders Place Their Bets

In related news, 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 transaction of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the 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 owns 88,445 shares of the company’s stock, valued at $8,872,802.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

A number of large investors have recently modified their holdings of BRO. Crewe Advisors LLC lifted its holdings in Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after buying an additional 228 shares during the period. Headlands Technologies LLC bought a new stake in shares of Brown & Brown during the first quarter valued at approximately $32,000. Alaska Permanent Fund Corp purchased a new stake in Brown & Brown in the first quarter worth $36,000. First PREMIER Bank bought a new position in Brown & Brown in the first quarter worth $40,000. Finally, Intelligent Financial Strategies purchased a new position in Brown & Brown during the first quarter valued at $45,000. Institutional investors 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.