Brown & Brown (NYSE:BRO – Get Free Report) had its price target lifted by analysts at The Goldman Sachs Group from $62.00 to $70.00 in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s target price would indicate a potential upside of 9.07% from the company’s previous close.
A number of other equities analysts have also weighed in on BRO. Weiss Ratings lowered Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Wells Fargo & Company reduced their price target on Brown & Brown from $72.00 to $69.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 29th. Truist Financial decreased their price objective on Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Citigroup initiated coverage on Brown & Brown in a research report on Thursday, May 21st. They set a “market outperform” rating on the stock. Finally, Morgan Stanley dropped their target price on Brown & Brown from $65.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday, May 21st. Five equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Brown & Brown currently has a consensus rating of “Hold” and an average price target of $78.25.
Check Out Our Latest Stock Analysis on Brown & Brown
Brown & Brown Stock Performance
Brown & Brown (NYSE:BRO – Get Free Report) last released its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The business’s revenue was up 35.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.29 EPS. On average, sell-side analysts predict that Brown & Brown will post 4.52 earnings per share for the current year.
Insider Buying and Selling at Brown & Brown
In related news, Director H Palmer Proctor, Jr. bought 2,000 shares of Brown & Brown stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director owned 47,621 shares in the company, 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 available through this link. Insiders own 13.13% of the company’s stock.
Institutional Investors Weigh In On Brown & Brown
Several institutional investors and hedge funds have recently bought and sold shares of the company. ICONIQ Capital LLC increased its holdings in Brown & Brown by 5.4% in the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock valued at $234,000 after buying an additional 109 shares during the period. Zacks Investment Management lifted its holdings in shares of Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock worth $1,675,000 after acquiring an additional 125 shares during the period. Private Trust Co. NA lifted its holdings in shares of Brown & Brown by 13.1% during the 4th quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 133 shares during the period. Moors & Cabot Inc. boosted its position in shares of Brown & Brown by 2.1% during the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 142 shares in the last quarter. Finally, Aptus Capital Advisors LLC increased its stake in Brown & Brown by 1.7% in the third quarter. Aptus Capital Advisors LLC now owns 9,491 shares of the financial services provider’s stock valued at $890,000 after acquiring an additional 160 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.
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.
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