Brown & Brown (NYSE:BRO) Given New $94.00 Price Target at Wells Fargo & Company

Brown & Brown (NYSE:BRO) had its price target raised by Wells Fargo & Company from $88.00 to $94.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

BRO has been the subject of a number of other research reports. UBS Group upped their price target on Brown & Brown from $91.00 to $94.00 and gave the company a neutral rating in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods upped their price target on Brown & Brown from $80.00 to $82.00 and gave the company an underperform rating in a research report on Friday, May 3rd. Bank of America raised Brown & Brown from an underperform rating to a neutral rating and increased their target price for the stock from $91.00 to $101.00 in a research report on Wednesday, May 22nd. Truist Financial increased their target price on Brown & Brown from $104.00 to $112.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Citigroup increased their target price on Brown & Brown from $94.00 to $100.00 and gave the stock a buy rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Brown & Brown presently has a consensus rating of Hold and a consensus price target of $97.40.

Brown & Brown Trading Up 1.8 %

BRO opened at $99.17 on Wednesday. The business has a 50 day simple moving average of $91.28 and a two-hundred day simple moving average of $85.45. The firm has a market capitalization of $28.29 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 2.47 and a beta of 0.82. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 1.97. Brown & Brown has a one year low of $66.73 and a one year high of $99.26.

Brown & Brown (NYSE:BRO) last released 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. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. Brown & Brown’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 EPS. Analysts predict that Brown & Brown will post 3.67 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date is Wednesday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is presently 16.00%.

Insider Activity at Brown & Brown

In related news, EVP Julie Turpin sold 3,350 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $89.92, for a total transaction of $301,232.00. Following the completion of the transaction, the executive vice president now owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 17.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HB Wealth Management LLC boosted its stake in Brown & Brown by 31.2% during the 2nd quarter. HB Wealth Management LLC now owns 4,693 shares of the financial services provider’s stock valued at $420,000 after purchasing an additional 1,115 shares during the last quarter. Argonautica Private Wealth Management Inc. boosted its stake in Brown & Brown by 4.1% during the 2nd quarter. Argonautica Private Wealth Management Inc. now owns 5,259 shares of the financial services provider’s stock valued at $470,000 after purchasing an additional 209 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Brown & Brown by 5.3% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 21,690 shares of the financial services provider’s stock valued at $1,939,000 after purchasing an additional 1,088 shares during the last quarter. Callan Family Office LLC purchased a new stake in Brown & Brown during the 2nd quarter valued at $407,000. Finally, AlphaCentric Advisors LLC purchased a new stake in Brown & Brown during the 2nd quarter valued at $183,000. 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.