Brown & Brown (NYSE:BRO) Price Target Cut to $97.00 by Analysts at Keefe, Bruyette & Woods

Brown & Brown (NYSE:BRO) had its price objective decreased by Keefe, Bruyette & Woods from $99.00 to $97.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “underperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential downside of 4.89% from the company’s previous close.

BRO has been the subject of several other reports. Wells Fargo & Company boosted their price target on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Royal Bank of Canada upped their target price on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Truist Financial raised their price target on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Argus began coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They set a “buy” rating and a $120.00 price objective on the stock. Finally, Barclays raised their target price on shares of Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $112.08.

Brown & Brown Price Performance

Shares of NYSE:BRO traded down $0.54 on Friday, hitting $101.99. The company had a trading volume of 266,452 shares, compared to its average volume of 1,178,729. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. The company has a market cap of $29.16 billion, a PE ratio of 27.79, a PEG ratio of 2.40 and a beta of 0.85. Brown & Brown has a 52-week low of $72.19 and a 52-week high of $114.15. The business has a 50 day moving average of $106.87 and a 200 day moving average of $102.62.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.71 EPS. As a group, equities analysts anticipate that Brown & Brown will post 3.74 earnings per share for the current fiscal year.

Institutional Trading of Brown & Brown

A number of hedge funds have recently made changes to their positions in BRO. The Manufacturers Life Insurance Company lifted its stake in shares of Brown & Brown by 24.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after acquiring an additional 687,783 shares in the last quarter. Zurich Insurance Group Ltd FI increased its holdings in Brown & Brown by 258.0% during the 3rd quarter. Zurich Insurance Group Ltd FI now owns 646,574 shares of the financial services provider’s stock worth $66,985,000 after purchasing an additional 465,988 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Brown & Brown by 392.3% during the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after buying an additional 376,892 shares during the last quarter. Barclays PLC boosted its stake in shares of Brown & Brown by 17.8% during the 3rd quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock valued at $255,537,000 after buying an additional 371,980 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its position in shares of Brown & Brown by 771.5% during the third quarter. Handelsbanken Fonder AB now owns 415,134 shares of the financial services provider’s stock worth $43,008,000 after buying an additional 367,500 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.