Citigroup Boosts Brown & Brown (NYSE:BRO) Price Target to $94.00

Brown & Brown (NYSE:BRO) had its target price hoisted by Citigroup from $89.00 to $94.00 in a report released on Tuesday, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on BRO. Truist Financial upped their target price on Brown & Brown from $85.00 to $92.00 and gave the stock a buy rating in a research report on Wednesday, January 24th. Raymond James upped their target price on Brown & Brown from $90.00 to $95.00 and gave the stock an outperform rating in a research report on Tuesday, March 26th. Bank of America cut Brown & Brown from a neutral rating to an underperform rating and upped their target price for the stock from $80.00 to $86.00 in a research report on Wednesday, March 13th. The Goldman Sachs Group raised Brown & Brown from a neutral rating to a buy rating and decreased their target price for the stock from $84.00 to $83.00 in a research report on Monday, January 8th. Finally, Wells Fargo & Company upped their target price on Brown & Brown from $81.00 to $84.00 and gave the stock an equal weight rating in a research report on Thursday, April 11th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $86.80.

Brown & Brown Trading Up 0.6 %

NYSE:BRO opened at $81.12 on Tuesday. The stock’s 50 day moving average price is $84.21 and its 200 day moving average price is $76.63. Brown & Brown has a 52 week low of $59.91 and a 52 week high of $87.99. The company has a market capitalization of $23.15 billion, a P/E ratio of 26.51, a P/E/G ratio of 2.51 and a beta of 0.78. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.95 and a current ratio of 1.95.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Brown & Brown had a return on equity of 15.46% and a net margin of 20.44%. The firm had revenue of $1.03 billion for the quarter. During the same quarter in the prior year, the company posted $0.50 EPS. On average, research analysts forecast that Brown & Brown will post 3.44 EPS for the current fiscal year.

Insider Activity

In other news, Chairman Hyatt J. Brown sold 144,323 shares of the stock in a transaction that occurred on 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 completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BRO. Morgan Stanley lifted its position in Brown & Brown by 187.2% in the fourth quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock worth $540,728,000 after purchasing an additional 6,186,323 shares during the period. Norges Bank bought a new position in Brown & Brown in the fourth quarter worth $217,663,000. Goldman Sachs Group Inc. lifted its position in Brown & Brown by 658.3% in the second quarter. Goldman Sachs Group Inc. now owns 2,975,944 shares of the financial services provider’s stock worth $173,617,000 after purchasing an additional 2,583,481 shares during the period. Victory Capital Management Inc. lifted its position in Brown & Brown by 401.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,468,253 shares of the financial services provider’s stock worth $83,646,000 after purchasing an additional 1,175,211 shares during the period. Finally, Congress Asset Management Co. MA bought a new position in Brown & Brown in the fourth quarter worth $82,445,000. 71.01% of the stock is owned by institutional investors.

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.