Brown & Brown, Inc. (NYSE:BRO) Stock Has Average Price Target of $76.00 According to Brokerages

Shares of Brown & Brown, Inc. (NYSE:BRO) have received an average recommendation of “Hold” from the twenty-one ratings firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $76.00.

BRO has been the subject of several analyst reports. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Jefferies Financial Group reissued a “hold” rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Mizuho decreased their price objective on Brown & Brown from $83.00 to $78.00 and set an “outperform” rating on the stock in a report on Wednesday, October 7th. Oppenheimer began coverage on Brown & Brown in a research note on Wednesday, October 7th. They issued an “outperform” rating and a $73.00 target price for the company. Finally, BMO Capital Markets upped their target price on Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th.

Brown & Brown Price Performance

Brown & Brown stock opened at $72.97 on Wednesday. The stock has a market capitalization of $24.42 billion, a P/E ratio of 16.78, a P/E/G ratio of 2.32 and a beta of 0.60. Brown & Brown has a 12-month low of $53.81 and a 12-month high of $89.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The firm’s 50-day moving average is $67.25 and its two-hundred day moving average is $65.14.

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

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th will be issued a $0.18 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. The ex-dividend date is Wednesday, November 4th. This represents a $0.72 annualized dividend and a yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is presently 20.82%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB grew its stake in shares of Brown & Brown by 7,129.0% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 95,062 shares of the financial services provider’s stock valued at $5,789,000 after buying an additional 93,747 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new stake in shares of Brown & Brown during the 3rd quarter valued at about $2,547,000. Rathbones Group PLC lifted its position in Brown & Brown by 17.7% during the 1st quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider’s stock worth $75,267,000 after acquiring an additional 173,265 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Brown & Brown by 1,424.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 40,583 shares of the financial services provider’s stock worth $2,734,000 after acquiring an additional 37,921 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Brown & Brown by 46.5% during the 1st quarter. Renaissance Technologies LLC now owns 1,573,902 shares of the financial services provider’s stock worth $102,634,000 after acquiring an additional 499,902 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

About Brown & Brown

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.