Brown & Brown (NYSE:BRO) Stock Gets Price Target Reduction from Wells Fargo & Company

Brown & Brown (NYSE:BRO) had its price objective trimmed by Wells Fargo & Company from $69.00 to $68.00 in a report issued on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

BRO has been the subject of a number of other reports. Jefferies Financial Group reiterated a “hold” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upgraded shares of Brown & Brown from an “underperform” rating to an “outperform” rating and set a $77.00 price objective on the stock in a research report on Monday. Citizens Jmp decreased their price objective on shares of Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating on the stock in a research report on Monday. The Goldman Sachs Group lifted their target price on shares of Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. 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 research note on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $76.00.

Brown & Brown Stock Up 1.1%

BRO stock opened at $64.78 on Monday. Brown & Brown has a twelve month low of $53.81 and a twelve month high of $95.25. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The stock has a market cap of $21.67 billion, a P/E ratio of 14.43, a PEG ratio of 1.99 and a beta of 0.60. The business’s 50-day moving average price is $67.31 and its 200-day moving average price is $64.85.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the prior year, the company posted $1.03 earnings per share. The company’s revenue was up 30.4% compared to the same quarter last year. On average, equities research analysts forecast that Brown & Brown will post 4.49 EPS for the current year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were paid a $0.1650 dividend. This represents a $0.66 annualized dividend and a yield of 1.0%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is presently 20.82%.

Institutional Investors Weigh In On Brown & Brown

A number of institutional investors have recently added to or reduced their stakes in the stock. Equitable Trust Co. raised its position in shares of Brown & Brown by 1.7% during the 1st quarter. Equitable Trust Co. now owns 10,901 shares of the financial services provider’s stock valued at $711,000 after buying an additional 182 shares in the last quarter. CX Institutional grew its position in Brown & Brown by 3.1% in the third 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. Delta Global Management LP grew its position in Brown & Brown by 0.8% in the fourth quarter. Delta Global Management LP now owns 26,228 shares of the financial services provider’s stock worth $2,090,000 after acquiring an additional 200 shares in the last quarter. Financial Enhancement Group LLC increased its stake in Brown & Brown by 3.0% during the first quarter. Financial Enhancement Group LLC now owns 8,969 shares of the financial services provider’s stock worth $607,000 after acquiring an additional 261 shares during the last quarter. Finally, CWC Advisors LLC. increased its stake in Brown & Brown by 3.5% during the first quarter. CWC Advisors LLC. now owns 8,484 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 289 shares during 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.