Barclays Cuts Brown & Brown (NYSE:BRO) Price Target to $71.00

Brown & Brown (NYSE:BRO) had its target price reduced by stock analysts at Barclays from $76.00 to $71.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s target price would indicate a potential upside of 15.23% from the stock’s previous close.

BRO has been the subject of a number of other reports. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a report on Wednesday, July 29th. Wells Fargo & Company cut their target price on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 9th. The Goldman Sachs Group lifted their target price on Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. Oppenheimer began coverage on Brown & Brown in a research note on Wednesday. They issued an “outperform” rating and a $73.00 price target for the company. Finally, Raymond James Financial reaffirmed an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Five equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and a consensus target price of $75.94.

Brown & Brown Stock Up 1.1%

NYSE:BRO opened at $61.62 on Wednesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. The firm has a market cap of $20.62 billion, a P/E ratio of 19.44, a P/E/G ratio of 1.87 and a beta of 0.60. Brown & Brown has a fifty-two week low of $53.81 and a fifty-two week high of $96.55. The firm has a 50-day simple moving average of $68.29 and a two-hundred day simple moving average of $64.96.

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 the consensus estimate of $1.08 by ($0.01). The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The company’s quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.03 EPS. Analysts predict that Brown & Brown will post 4.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Brown & Brown

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Brown & Brown during the 2nd quarter valued at $1,418,571,000. Principal Financial Group Inc. boosted its stake in shares of Brown & Brown by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider’s stock worth $1,017,847,000 after buying an additional 246,172 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. grew its holdings in shares of Brown & Brown by 132.8% in the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider’s stock worth $361,725,000 after acquiring an additional 2,589,048 shares during the period. Deutsche Bank AG bought a new stake in shares of Brown & Brown in the second quarter worth $266,941,000. Finally, Bank of America Corp DE increased its position in Brown & Brown by 45.2% during the first quarter. Bank of America Corp DE now owns 3,623,179 shares of the financial services provider’s stock valued at $236,268,000 after acquiring an additional 1,128,417 shares during the last quarter. Institutional investors 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.