Brown & Brown (NYSE:BRO) Given New $75.00 Price Target at Citizens Jmp

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

A number of other analysts have also recently commented on BRO. Citigroup reiterated a “market outperform” rating on shares of Brown & Brown in a research note on Monday. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research report on Friday, June 26th. JPMorgan Chase & Co. upped their price target on shares of Brown & Brown from $80.00 to $83.00 and gave the company a “neutral” rating in a research note on Thursday, October 1st. Truist Financial set a $90.00 price target on shares of Brown & Brown in a research note on Wednesday, July 29th. Finally, The Goldman Sachs Group raised their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $76.00.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $63.69 on Monday. Brown & Brown has a fifty-two week low of $53.81 and a fifty-two week high of $95.69. The company has a market cap of $21.31 billion, a PE ratio of 20.09, a P/E/G ratio of 1.87 and a beta of 0.60. 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 has a 50-day simple moving average of $67.57 and a two-hundred day simple moving average of $64.85.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results 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 return on equity of 13.17% and a net margin of 17.75%. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the previous year, the firm posted $1.03 EPS. Brown & Brown’s revenue was up 30.4% on a year-over-year basis. As a group, equities analysts expect that Brown & Brown will post 4.50 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared 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. This represents a $0.66 annualized dividend and a yield of 1.0%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s payout ratio is presently 20.82%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BRO. BlackRock Inc. acquired a new stake in shares of Brown & Brown during the second quarter worth about $1,418,571,000. Principal Financial Group Inc. increased its holdings in 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 period. Barclays PLC increased its holdings in Brown & Brown by 35.1% in the 4th quarter. Barclays PLC now owns 3,397,991 shares of the financial services provider’s stock worth $270,820,000 after buying an additional 882,830 shares during the period. Deutsche Bank AG purchased a new position in Brown & Brown during the 2nd quarter worth approximately $266,941,000. Finally, Bank of America Corp DE raised its position in Brown & Brown by 45.2% during the 1st quarter. Bank of America Corp DE now owns 3,623,179 shares of the financial services provider’s stock worth $236,268,000 after buying an additional 1,128,417 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

More Brown & Brown News

Here are the key news stories impacting Brown & Brown this week:

• Positive Sentiment: TD Cowen initiated a Buy rating and said Brown & Brown could be positioned for an upward re-rating. The bullish view supports the case that the insurance broker’s diversified platform and long-term growth prospects are not fully reflected in the share price. Brown & Brown scores new Buy rating at TD Cowen as stock set for re-rating upward
• Positive Sentiment: Brown & Brown acquired Cork-based O’Leary Life, expanding its insurance distribution operations in Ireland. Although financial terms were not disclosed, the transaction may strengthen the company’s international footprint and add future commission and fee revenue. Cork’s O’Leary Life acquired by Brown & Brown
• Neutral Sentiment: Citizens JMP maintained a Market Outperform rating while reducing its price target to $75 from $78. The revised target still implies meaningful upside from the referenced share price, but the cut reflects more cautious expectations. Brown & Brown Given New $75.00 Price Target at Citizens JMP
• Neutral Sentiment: Wells Fargo lowered its target to $68 from $69 and kept an Equal Weight rating, indicating limited near-term conviction despite a target modestly above the referenced market price. Brown & Brown Stock Gets Price Target Cut from Wells Fargo
• Negative Sentiment: BofA cut its price target to $81 from $87 while retaining a Neutral rating, adding to evidence that analysts are tempering valuation expectations. BofA Adjusts Price Target on Brown & Brown
• Negative Sentiment: An analysis questioned whether insurer payments and commission trends may be masking weakness in Brown & Brown’s core operations. That concern could weigh on sentiment, particularly after the company’s latest quarterly revenue missed consensus expectations despite strong year-over-year growth. Are Insurer Payments Hiding Weakness in Its Core Business?

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.