The Goldman Sachs Group Forecasts Strong Price Appreciation for Brown & Brown (NYSE:BRO) Stock

Brown & Brown (NYSE:BRO) had its price objective upped by investment analysts at The Goldman Sachs Group from $62.00 to $70.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm currently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 9.07% from the company’s previous close.

Several other research firms also recently issued reports on BRO. Mizuho dropped their price target on shares of Brown & Brown from $85.00 to $84.00 and set an “outperform” rating for the company in a research note on Monday, April 13th. Truist Financial lowered their target price on Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. UBS Group reduced their price target on Brown & Brown from $81.00 to $65.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 9th. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research note on Friday. Finally, Citigroup assumed coverage on Brown & Brown in a research note on Thursday, May 21st. They issued a “market outperform” rating on the stock. Five research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Brown & Brown currently has a consensus rating of “Hold” and a consensus price target of $78.25.

Brown & Brown Price Performance

Shares of BRO opened at $64.18 on Wednesday. Brown & Brown has a 12-month low of $53.81 and a 12-month high of $111.01. The business has a 50-day simple moving average of $59.66 and a two-hundred day simple moving average of $68.21. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. The stock has a market cap of $21.75 billion, a PE ratio of 20.64, a PEG ratio of 2.94 and a beta of 0.63.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, beating 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 firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period last year, the firm posted $1.29 earnings per share. The business’s revenue for the quarter was up 35.4% on a year-over-year basis. Analysts anticipate that Brown & Brown will post 4.52 earnings per share for the current fiscal year.

Insider Activity at Brown & Brown

In related news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was bought at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the purchase, the director directly owned 47,621 shares of the company’s stock, valued at $2,719,159.10. The trade was a 4.38% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 13.13% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Brown & Brown

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Triad Investment Management bought a new stake in shares of Brown & Brown during the fourth quarter valued at approximately $4,314,000. PFA Pension Forsikringsaktieselskab bought a new position in shares of Brown & Brown in the 4th quarter worth $46,226,000. Vest Financial LLC grew its position in Brown & Brown by 3.7% in the 4th quarter. Vest Financial LLC now owns 552,994 shares of the financial services provider’s stock valued at $44,074,000 after purchasing an additional 19,503 shares during the period. Capital World Investors grew its position in Brown & Brown by 81.1% in the 3rd quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock valued at $1,639,392,000 after purchasing an additional 7,827,992 shares during the period. Finally, Barr E S & Co. increased its stake in Brown & Brown by 19.0% during the 4th quarter. Barr E S & Co. now owns 362,669 shares of the financial services provider’s stock valued at $28,905,000 after purchasing an additional 57,971 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

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.