Brown & Brown (NYSE:BRO) Raised to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Brown & Brown (NYSE:BRO) from an equal weight rating to an overweight rating in a research report sent to investors on Monday morning, Marketbeat Ratings reports. The brokerage currently has $112.00 price target on the financial services provider’s stock, up from their prior price target of $94.00.

Several other research firms have also weighed in on BRO. Keefe, Bruyette & Woods upped their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the company an underperform rating in a research note on Friday, July 26th. Bank of America raised Brown & Brown from an underperform rating to a neutral rating and upped their target price for the stock from $91.00 to $101.00 in a research report on Wednesday, May 22nd. Truist Financial lifted their target price on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a buy rating in a report on Wednesday, July 24th. Royal Bank of Canada upped their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the company an outperform rating in a research report on Wednesday, July 24th. Finally, UBS Group lifted their price objective on Brown & Brown from $91.00 to $94.00 and gave the stock a neutral rating in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $99.20.

Brown & Brown Stock Up 1.4 %

Shares of Brown & Brown stock opened at $101.30 on Monday. The company has a market capitalization of $28.90 billion, a P/E ratio of 31.17, a PEG ratio of 2.50 and a beta of 0.82. The business’s fifty day moving average price is $94.06 and its two-hundred day moving average price is $87.78. Brown & Brown has a 1-year low of $66.73 and a 1-year high of $103.16. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the firm posted $0.68 earnings per share. The company’s revenue was up 12.5% on a year-over-year basis. As a group, research analysts forecast that Brown & Brown will post 3.67 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s payout ratio is presently 16.00%.

Insider Activity at Brown & Brown

In other Brown & Brown news, EVP Julie Turpin sold 3,350 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Julie Turpin sold 3,350 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $89.92, for a total value of $301,232.00. Following the transaction, the executive vice president now owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Brown & Brown

Institutional investors have recently bought and sold shares of the company. Crewe Advisors LLC raised its holdings in shares of Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 228 shares during the last quarter. Headlands Technologies LLC bought a new stake in Brown & Brown during the 1st quarter worth about $32,000. Alaska Permanent Fund Corp acquired a new position in shares of Brown & Brown during the 1st quarter worth about $36,000. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Brown & Brown by 174.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 548 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 348 shares in the last quarter. Finally, First PREMIER Bank bought a new position in shares of Brown & Brown in the 1st quarter valued at about $40,000. Institutional investors own 71.01% of the company’s stock.

About Brown & Brown

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.