Keefe, Bruyette & Woods Cuts Brown & Brown (NYSE:BRO) Price Target to $79.00

Brown & Brown (NYSE:BRO) had its target price dropped by investment analysts at Keefe, Bruyette & Woods from $92.00 to $79.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “underperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 1.48% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Bank of America reaffirmed a “neutral” rating and issued a $97.00 price objective (down from $135.00) on shares of Brown & Brown in a research report on Monday. Wells Fargo & Company reduced their price target on shares of Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 29th. Truist Financial reduced their price objective on Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Weiss Ratings lowered shares of Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Finally, Citigroup lowered Brown & Brown from a “buy” rating to a “neutral” rating in a report on Monday. Five equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $105.23.

Brown & Brown Trading Down 2.4%

Shares of Brown & Brown stock opened at $77.85 on Tuesday. The stock has a fifty day simple moving average of $91.78 and a 200 day simple moving average of $101.07. Brown & Brown has a 12-month low of $76.96 and a 12-month high of $125.68. The company has a market capitalization of $26.58 billion, a P/E ratio of 23.31, a price-to-earnings-growth ratio of 1.70 and a beta of 0.79. The company has a current ratio of 2.10, a quick ratio of 6.72 and a debt-to-equity ratio of 0.62.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business posted $0.91 EPS. The business’s revenue was up 35.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Brown & Brown will post 4.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Paul J. Krump acquired 2,678 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was bought at an average cost of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were bought at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at $457,200. The trade was a 25.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 17.02% of the company’s stock.

Institutional Trading of Brown & Brown

A number of hedge funds have recently bought and sold shares of the company. SBI Securities Co. Ltd. lifted its position in Brown & Brown by 26.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider’s stock worth $56,000 after buying an additional 96 shares during the last quarter. Graypoint LLC lifted its holdings in shares of Brown & Brown by 3.3% in the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider’s stock worth $399,000 after acquiring an additional 103 shares during the last quarter. NorthRock Partners LLC lifted its holdings in shares of Brown & Brown by 4.2% in the 1st quarter. NorthRock Partners LLC now owns 2,530 shares of the financial services provider’s stock worth $315,000 after acquiring an additional 103 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Brown & Brown by 4.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,508 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 103 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Brown & Brown by 12.6% in the 1st quarter. Covestor Ltd now owns 937 shares of the financial services provider’s stock worth $117,000 after acquiring an additional 105 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Company Profile

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.