Wells Fargo & Company Cuts Brown & Brown (NYSE:BRO) Price Target to $68.00

Brown & Brown (NYSE:BRO) had its price objective cut by investment analysts at Wells Fargo & Company from $69.00 to $68.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 0.38% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Mizuho lifted their price objective on shares of Brown & Brown from $74.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Truist Financial reduced their price target on Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Citigroup assumed coverage on Brown & Brown in a report on Thursday, May 21st. They set a “market outperform” rating for the company. Finally, The Goldman Sachs Group upped their target price on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $78.56.

Brown & Brown Trading Down 1.0%

Shares of NYSE BRO traded down $0.67 during trading hours on Thursday, reaching $67.75. The stock had a trading volume of 738,870 shares, compared to its average volume of 3,282,994. Brown & Brown has a 52-week low of $53.81 and a 52-week high of $108.36. The firm has a market cap of $22.96 billion, a price-to-earnings ratio of 21.79, a P/E/G ratio of 3.19 and a beta of 0.60. The business’s fifty day moving average price is $59.83 and its two-hundred day moving average price is $67.69. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the company earned $1.29 EPS. The business’s revenue was up 35.4% compared to the same quarter last year. Analysts expect that Brown & Brown will post 4.51 EPS for the current fiscal year.

Insider Activity

In other news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average cost of $57.10 per share, with a total value of $114,200.00. Following the completion of the acquisition, the director owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. This represents a 4.38% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 13.13% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BRO. AQR Capital Management LLC boosted its position in Brown & Brown by 38.3% during the first quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock worth $4,132,000 after purchasing an additional 9,264 shares in the last quarter. Focus Partners Wealth grew its stake in Brown & Brown by 5.2% in the 1st quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock valued at $1,387,000 after acquiring an additional 547 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Brown & Brown by 1,824.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider’s stock valued at $5,888,000 after acquiring an additional 50,344 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Brown & Brown by 27.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider’s stock worth $116,000 after acquiring an additional 223 shares in the last quarter. Finally, Cary Street Partners Financial LLC raised its position in Brown & Brown by 60.9% during the second quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 353 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Company Profile

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.