Brown & Brown (NYSE:BRO) Price Target Raised to $83.00

Brown & Brown (NYSE:BRO) had its target price raised by JPMorgan Chase & Co. from $80.00 to $83.00 in a report released on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 34.05% from the company’s previous close.

Several other equities analysts have also commented on BRO. The Goldman Sachs Group upped their target price on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Royal Bank Of Canada restated a “sector perform” rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Citigroup lowered Brown & Brown from an “outperform” rating to a “neutral” rating and increased their target price for the stock from $70.00 to $79.00 in a research report on Wednesday, July 29th. Weiss Ratings raised shares of Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 19th. Finally, BMO Capital Markets boosted their price target on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown has a consensus rating of “Hold” and a consensus target price of $76.80.

Brown & Brown Stock Performance

Shares of NYSE BRO traded up $1.02 during trading on Thursday, reaching $61.92. The stock had a trading volume of 564,486 shares, compared to its average volume of 2,967,884. Brown & Brown has a one year low of $53.81 and a one year high of $96.55. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. The stock has a market cap of $20.72 billion, a PE ratio of 19.51, a P/E/G ratio of 1.86 and a beta of 0.58. The firm’s 50 day moving average price is $68.95 and its two-hundred day moving average price is $65.17.

Brown & Brown (NYSE:BRO) last posted its quarterly 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). The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business’s revenue was up 30.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share. On average, research analysts forecast that Brown & Brown will post 4.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Brown & Brown in the second quarter valued at $1,418,571,000. Capital International Investors bought a new stake in shares of Brown & Brown during the 4th quarter worth $371,654,000. Deutsche Bank AG bought a new stake in shares of Brown & Brown during the 2nd quarter worth $266,941,000. Bank of America Corp DE acquired a new position in shares of Brown & Brown in the 2nd quarter worth $228,051,000. Finally, Van Lanschot Kempen Investment Management N.V. grew its holdings in shares of Brown & Brown by 132.8% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider’s stock worth $361,725,000 after acquiring an additional 2,589,048 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

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.