Brown & Brown (NYSE:BRO) Price Target Raised to $83.00

Brown & Brown (NYSE:BRO) had its price objective upped by JPMorgan Chase & Co. from $80.00 to $83.00 in a research note issued to investors on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Several other research analysts have also issued reports on the stock. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. UBS Group reiterated a “neutral” rating and set a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a report on Wednesday, July 8th. Wells Fargo & Company cut their price objective on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 9th. Keefe, Bruyette & Woods raised their target price on Brown & Brown from $72.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Finally, Citigroup lowered Brown & Brown from an “outperform” rating to a “neutral” rating and boosted their target price for the company from $70.00 to $79.00 in a research report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $76.80.

Brown & Brown Price Performance

Shares of BRO opened at $59.95 on Thursday. Brown & Brown has a 52-week low of $53.81 and a 52-week high of $96.55. 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 business’s 50 day moving average price is $68.72 and its two-hundred day moving average price is $65.08. The firm has a market cap of $20.06 billion, a PE ratio of 18.91, a price-to-earnings-growth ratio of 1.84 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). The company had revenue of $1.65 billion for 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 business’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same period last year, the business earned $1.03 EPS. On average, equities analysts anticipate that Brown & Brown will post 4.5 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were given a $0.1650 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is presently 20.82%.

Hedge Funds Weigh In On Brown & Brown

A number of hedge funds have recently bought and sold shares of the company. CX Institutional grew its stake in shares of Brown & Brown by 3.1% in the 3rd quarter. CX Institutional now owns 6,242 shares of the financial services provider’s stock worth $380,000 after acquiring an additional 189 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Brown & Brown by 10.4% during the second quarter. Sequoia Financial Advisors LLC now owns 12,656 shares of the financial services provider’s stock valued at $812,000 after purchasing an additional 1,196 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Brown & Brown by 125.6% during the second quarter. Tidal Investments LLC now owns 71,733 shares of the financial services provider’s stock valued at $4,602,000 after purchasing an additional 39,937 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in Brown & Brown by 38.9% during the second quarter. Integrated Wealth Concepts LLC now owns 12,419 shares of the financial services provider’s stock worth $797,000 after purchasing an additional 3,481 shares during the last quarter. Finally, NewEdge Advisors LLC grew its position in Brown & Brown by 146.1% in the 2nd quarter. NewEdge Advisors LLC now owns 121,921 shares of the financial services provider’s stock worth $7,821,000 after purchasing an additional 72,372 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

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.