Morgan Stanley Cuts Brown & Brown (NYSE:BRO) Price Target to $55.00

Brown & Brown (NYSE:BRO) had its target price decreased by Morgan Stanley from $60.00 to $55.00 in a research report released on Tuesday,Benzinga reports. Morgan Stanley currently has an underweight rating on the financial services provider’s stock.

Several other research analysts have also weighed in on BRO. Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a research report on Friday, June 26th. The Goldman Sachs Group lifted 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. UBS Group reaffirmed a “neutral” rating and issued a $73.00 price target (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Keefe, Bruyette & Woods increased their price target on Brown & Brown from $72.00 to $74.00 and gave the stock a “market perform” rating in a report on Wednesday, July 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Brown & Brown from $80.00 to $83.00 and gave the company a “neutral” rating in a report on Thursday, October 1st. Five 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 stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $75.62.

Brown & Brown Price Performance

Shares of BRO stock opened at $63.77 on Tuesday. 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 company has a market capitalization of $21.34 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 1.90 and a beta of 0.60. The firm’s 50-day moving average is $67.89 and its two-hundred day moving average is $64.90. Brown & Brown has a 12 month low of $53.81 and a 12 month high of $96.13.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business’s quarterly revenue was up 30.4% on a year-over-year basis. During the same period last year, the company earned $1.03 EPS. Analysts predict that Brown & Brown will post 4.5 earnings per share for the current year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were issued a dividend of $0.1650 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is presently 20.82%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in shares of Brown & Brown by 775.9% in the 3rd quarter. GAMMA Investing LLC now owns 67,997 shares of the financial services provider’s stock valued at $4,554,000 after buying an additional 60,234 shares in the last quarter. Farther Finance Advisors LLC raised its stake 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. CoreCap Advisors LLC raised its stake in Brown & Brown by 228.1% during the 3rd quarter. CoreCap Advisors LLC now owns 2,763 shares of the financial services provider’s stock worth $182,000 after acquiring an additional 1,921 shares in the last quarter. Valeo Financial Advisors LLC lifted its position in Brown & Brown by 173.3% in the third quarter. Valeo Financial Advisors LLC now owns 8,566 shares of the financial services provider’s stock valued at $559,000 after acquiring an additional 5,432 shares during the last quarter. Finally, Toth Financial Advisory Corp purchased a new stake in Brown & Brown in the third quarter valued at $59,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

About Brown & Brown

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.