Truist Financial Increases Brown & Brown (NYSE:BRO) Price Target to $94.00

Brown & Brown (NYSE:BRO) had its price objective hoisted by equities research analysts at Truist Financial from $92.00 to $94.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 14.26% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. The Goldman Sachs Group raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $84.00 to $83.00 in a research note on Monday, January 8th. UBS Group boosted their target price on shares of Brown & Brown from $75.00 to $81.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. Keefe, Bruyette & Woods boosted their target price on shares of Brown & Brown from $75.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 10th. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Sunday, March 17th. Finally, Bank of America lowered shares of Brown & Brown from a “neutral” rating to an “underperform” rating and boosted their target price for the stock from $80.00 to $86.00 in a research report on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $87.10.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $82.27 on Wednesday. The firm’s fifty day simple moving average is $84.30 and its 200-day simple moving average is $77.02. The stock has a market capitalization of $23.47 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 2.49 and a beta of 0.78. Brown & Brown has a 12 month low of $61.71 and a 12 month high of $87.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 1.95.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.07. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Brown & Brown had a net margin of 21.09% and a return on equity of 16.43%. Brown & Brown’s revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.84 EPS. As a group, equities analysts forecast that Brown & Brown will post 3.57 earnings per share for the current year.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the transaction, the chairman now directly owns 37,460,605 shares in the company, valued at approximately $3,220,113,605.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 17.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BRO. Norges Bank acquired a new position in shares of Brown & Brown during the 4th quarter valued at about $217,663,000. Congress Asset Management Co. MA acquired a new position in shares of Brown & Brown during the 4th quarter valued at about $82,445,000. The Manufacturers Life Insurance Company increased its stake in shares of Brown & Brown by 76.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock valued at $142,236,000 after acquiring an additional 865,082 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Brown & Brown by 1,861.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 810,359 shares of the financial services provider’s stock valued at $56,595,000 after acquiring an additional 769,051 shares during the last quarter. Finally, Confluence Investment Management LLC acquired a new position in shares of Brown & Brown during the 1st quarter valued at about $49,598,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.