Brown & Brown (NYSE:BRO) Given New $114.00 Price Target at Wells Fargo & Company

Brown & Brown (NYSE:BRO) had its price objective hoisted by Wells Fargo & Company from $112.00 to $114.00 in a report released on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other research firms have also commented on BRO. Jefferies Financial Group boosted their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a hold rating in a research report on Wednesday. Argus began coverage on shares of Brown & Brown in a research report on Tuesday, September 24th. They set a buy rating and a $120.00 target price on the stock. Royal Bank of Canada upped their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the company an outperform rating in a research note on Wednesday, July 24th. Truist Financial lifted their price target on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a buy rating in a research note on Wednesday, July 24th. Finally, Raymond James 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 Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown presently has a consensus rating of Moderate Buy and a consensus price target of $105.33.

Brown & Brown Trading Up 1.4 %

BRO stock traded up $1.43 during trading on Thursday, reaching $105.10. 70,129 shares of the stock traded hands, compared to its average volume of 1,299,883. The firm has a market capitalization of $29.98 billion, a PE ratio of 29.79, a P/E/G ratio of 2.45 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. The business’s 50 day moving average price is $102.81 and its 200-day moving average price is $93.63. Brown & Brown has a 52-week low of $66.73 and a 52-week high of $106.67.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.05. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 EPS. As a group, sell-side analysts forecast that Brown & Brown will post 3.69 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.49%. The ex-dividend date was Wednesday, August 7th. Brown & Brown’s dividend payout ratio is currently 14.94%.

Insiders Place Their Bets

In related news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $250,800.00. Following the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Brown & Brown

Several institutional investors have recently bought and sold shares of BRO. State Board of Administration of Florida Retirement System grew its position in shares of Brown & Brown by 2.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock valued at $23,390,000 after purchasing an additional 6,613 shares during the last quarter. Sei Investments Co. raised its position in shares of Brown & Brown by 12.7% during the first quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock valued at $24,169,000 after buying an additional 31,071 shares during the last quarter. Great Valley Advisor Group Inc. acquired a new position in shares of Brown & Brown during the second quarter valued at about $1,512,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Brown & Brown by 12.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after buying an additional 27,879 shares during the period. Finally, Norden Group LLC grew its position in Brown & Brown by 2,650.9% during the first quarter. Norden Group LLC now owns 99,856 shares of the financial services provider’s stock worth $8,741,000 after buying an additional 96,226 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

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.