Brown & Brown (NYSE:BRO) Given New $97.00 Price Target at Keefe, Bruyette & Woods

Brown & Brown (NYSE:BRO) had its price target reduced by Keefe, Bruyette & Woods from $99.00 to $97.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an underperform rating on the financial services provider’s stock.

BRO has been the subject of several other reports. Morgan Stanley started coverage on Brown & Brown in a report on Thursday, December 5th. They issued an “overweight” rating and a $134.00 price target for the company. Argus initiated coverage on Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 target price for the company. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Truist Financial upped their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group boosted their target price on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown has a consensus rating of “Hold” and an average price target of $112.08.

Brown & Brown Trading Down 0.4 %

Shares of Brown & Brown stock opened at $102.08 on Friday. The business has a 50 day moving average price of $106.87 and a 200 day moving average price of $102.62. The company has a market capitalization of $29.19 billion, a P/E ratio of 27.81, a P/E/G ratio of 2.40 and a beta of 0.85. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. Brown & Brown has a 1 year low of $72.19 and a 1 year high of $114.15.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.71 earnings per share. Sell-side analysts anticipate that Brown & Brown will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, November 6th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.59%. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Institutional Investors Weigh In On Brown & Brown

A number of large investors have recently modified their holdings of BRO. Allspring Global Investments Holdings LLC boosted its holdings in Brown & Brown by 0.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock worth $405,638,000 after acquiring an additional 28,180 shares during the period. The Manufacturers Life Insurance Company grew its stake in Brown & Brown by 24.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after purchasing an additional 687,783 shares in the last quarter. Barclays PLC grew its position in shares of Brown & Brown by 17.8% during the third quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock worth $255,537,000 after buying an additional 371,980 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Brown & Brown by 8.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock worth $138,899,000 after buying an additional 114,688 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC raised its holdings in Brown & Brown by 7.0% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,508,123 shares of the financial services provider’s stock valued at $134,841,000 after acquiring an additional 99,155 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.