Wells Fargo & Company Raises Brown & Brown (NYSE:BRO) Price Target to $85.00

Brown & Brown (NYSE:BRO) had its price target lifted by analysts at Wells Fargo & Company from $84.00 to $85.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 3.32% from the company’s previous close.

Other research analysts have also recently issued reports about the company. StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a research note on Sunday, March 17th. Keefe, Bruyette & Woods raised their price objective on Brown & Brown from $75.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, April 10th. Royal Bank of Canada raised their price objective on Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group raised Brown & Brown from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $84.00 to $83.00 in a research note on Monday, January 8th. Finally, Truist Financial raised their price objective on Brown & Brown from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $87.10.

Brown & Brown Trading Up 0.2 %

NYSE BRO opened at $82.27 on Wednesday. The stock’s 50-day simple moving average is $84.30 and its two-hundred day simple moving average is $77.02. Brown & Brown has a twelve month low of $61.71 and a twelve month high of $87.99. The company has a quick ratio of 1.95, a current ratio of 1.97 and a debt-to-equity ratio of 0.52. The company 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 (NYSE:BRO) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.07. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the business posted $0.84 earnings per share. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. Research analysts forecast that Brown & Brown will post 3.57 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Brown & Brown

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Brown & Brown by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 28,152,200 shares of the financial services provider’s stock worth $2,001,903,000 after buying an additional 266,441 shares during the period. Principal Financial Group Inc. lifted its holdings in Brown & Brown by 2.4% in the fourth quarter. Principal Financial Group Inc. now owns 12,325,905 shares of the financial services provider’s stock worth $876,495,000 after buying an additional 294,143 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Brown & Brown by 0.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,236,392 shares of the financial services provider’s stock worth $372,360,000 after buying an additional 29,514 shares during the period. Norges Bank purchased a new stake in Brown & Brown in the fourth quarter worth about $217,663,000. Finally, Northern Trust Corp lifted its holdings in Brown & Brown by 6.1% in the third quarter. Northern Trust Corp now owns 2,285,511 shares of the financial services provider’s stock worth $159,620,000 after buying an additional 130,647 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

About Brown & Brown

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.