Brown & Brown (NYSE:BRO) Stock Gets Price Target Cut from Citizens Jmp

Brown & Brown (NYSE:BRO) had its price target cut by Citizens Jmp from $78.00 to $75.00 in a research note published on Monday,Benzinga reports. They currently have a market outperform rating on the financial services provider’s stock.

A number of other brokerages have also issued reports on BRO. Barclays dropped their price objective on shares of Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a report on Wednesday, October 7th. BMO Capital Markets raised their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods raised shares of Brown & Brown from an “underperform” rating to an “outperform” rating and set a $77.00 target price on the stock in a research note on Monday. JPMorgan Chase & Co. boosted their target price on shares of Brown & Brown from $80.00 to $83.00 and gave the company a “neutral” rating in a report on Thursday, October 1st. Finally, TD Cowen started coverage on shares of Brown & Brown in a report on Monday. They issued a “buy” rating and a $82.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $76.00.

Brown & Brown Stock Up 1.1%

Shares of NYSE:BRO opened at $64.78 on Monday. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The business has a fifty day moving average of $67.31 and a two-hundred day moving average of $64.85. The stock has a market cap of $21.67 billion, a P/E ratio of 14.43, a PEG ratio of 1.99 and a beta of 0.60. Brown & Brown has a 52-week low of $53.81 and a 52-week high of $95.25.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. The firm’s revenue was up 30.4% compared to the same quarter last year. During the same period last year, the business earned $1.03 earnings per share. On average, research analysts expect that Brown & Brown will post 4.49 earnings per share for the current year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were paid a dividend of $0.1650 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is 20.82%.

Hedge Funds Weigh In On Brown & Brown

Large investors have recently modified their holdings of the business. Union Bancaire Privee UBP SA purchased a new stake in shares of Brown & Brown in the 1st quarter valued at approximately $25,000. Continuum Advisory LLC acquired a new position in shares of Brown & Brown during the second quarter worth $34,000. Allied Private Wealth LLC purchased a new position in Brown & Brown in the second quarter valued at $35,000. Johnson Financial Group Inc. purchased a new position in Brown & Brown in the second quarter valued at $37,000. Finally, Elevation Wealth Partners LLC increased its holdings in Brown & Brown by 175.1% in the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock valued at $40,000 after buying an additional 394 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Company Profile

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.