Truist Financial Cuts Brown & Brown (NYSE:BRO) Price Target to $105.00

Brown & Brown (NYSE:BRO) had its target price reduced by Truist Financial from $114.00 to $105.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. started coverage on Brown & Brown in a research note on Thursday, December 18th. They issued a “neutral” rating and a $91.00 price objective for the company. UBS Group decreased their price target on shares of Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a report on Monday, November 3rd. Keefe, Bruyette & Woods raised their price objective on shares of Brown & Brown from $79.00 to $80.00 and gave the company an “underperform” rating in a report on Tuesday, January 6th. Finally, Citigroup cut shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $98.67.

Brown & Brown Stock Performance

Shares of BRO stock opened at $80.12 on Thursday. The firm has a 50 day moving average of $79.97 and a two-hundred day moving average of $89.45. The stock has a market capitalization of $27.35 billion, a PE ratio of 23.99, a P/E/G ratio of 1.78 and a beta of 0.81. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. Brown & Brown has a 52 week low of $76.17 and a 52 week high of $125.68.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The company’s revenue was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. On average, research analysts predict that Brown & Brown will post 4.18 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th were issued a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Wednesday, November 5th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. Brown & Brown’s dividend payout ratio (DPR) is currently 19.76%.

Institutional Investors Weigh In On Brown & Brown

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital World Investors increased its position in shares of Brown & Brown by 81.1% during the third quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock worth $1,639,392,000 after purchasing an additional 7,827,992 shares in the last quarter. Vanguard Group Inc. grew its stake in Brown & Brown by 16.8% during the 2nd quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock worth $3,949,779,000 after buying an additional 5,124,203 shares during the last quarter. Norges Bank acquired a new position in Brown & Brown during the second quarter worth approximately $433,740,000. Principal Financial Group Inc. increased its position in Brown & Brown by 13.4% during the third quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock worth $1,445,888,000 after buying an additional 1,821,229 shares during the period. Finally, Boston Partners purchased a new stake in Brown & Brown in the second quarter valued at approximately $171,163,000. 71.01% of the stock is 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.