Brown & Brown (NYSE:BRO) Given New $83.00 Price Target at Barclays

by · The Cerbat Gem

Brown & Brown (NYSE:BRO – Get Free Report) had its target price lowered by analysts at Barclays from $84.00 to $83.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential upside of 2.96% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Citigroup downgraded Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Wall Street Zen raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research report on Monday, November 3rd. UBS Group dropped their price target on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company reduced their price objective on Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 29th. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $99.80.

View Our Latest Stock Report on Brown & Brown

Brown & Brown Trading Up 2.3%

Shares of BRO stock traded up $1.80 during trading hours on Thursday, reaching $80.61. 3,004,771 shares of the stock traded hands, compared to its average volume of 2,987,189. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $27.52 billion, a PE ratio of 24.13, a PEG ratio of 1.77 and a beta of 0.81. Brown & Brown has a 1-year low of $76.17 and a 1-year high of $125.68. The business has a fifty day moving average price of $79.78 and a 200 day moving average price of $90.92.

Brown & Brown (NYSE:BRO – Get Free Report) last posted its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, beating the consensus estimate of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the previous year, the company posted $0.91 EPS. Brown & Brown’s revenue was up 35.4% on a year-over-year basis. On average, equities research analysts forecast that Brown & Brown will post 4.18 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Brown & Brown by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 37,330,892 shares of the financial services provider’s stock valued at $3,501,264,000 after purchasing an additional 1,705,570 shares in the last quarter. Capital World Investors lifted its holdings in Brown & Brown by 81.1% during the 3rd quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock valued at $1,639,392,000 after purchasing an additional 7,827,992 shares during the last quarter. Principal Financial Group Inc. boosted its position in Brown & Brown by 13.4% in the third quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock valued at $1,445,888,000 after buying an additional 1,821,229 shares in the last quarter. State Street Corp grew its stake in Brown & Brown by 5.3% during the third quarter. State Street Corp now owns 13,120,826 shares of the financial services provider’s stock worth $1,230,602,000 after buying an additional 660,005 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Brown & Brown by 16.6% in the second quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider’s stock valued at $813,624,000 after acquiring an additional 1,050,350 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Brown & Brown

(Get Free Report)

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

Recommended Stories