Truist Financial Forecasts Strong Price Appreciation for Brown & Brown (NYSE:BRO) Stock

Brown & Brown (NYSE:BRO) had its price target lifted by analysts at Truist Financial from $116.00 to $118.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 12.77% from the stock’s previous close.

BRO has been the topic of several other reports. Argus started coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price on the stock. Royal Bank of Canada increased their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. UBS Group boosted their price objective on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Barclays assumed coverage on Brown & Brown in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 target price on the stock. Finally, Jefferies Financial Group boosted their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $106.50.

Brown & Brown Stock Performance

Brown & Brown stock opened at $104.64 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.35 and a current ratio of 1.73. The company has a market capitalization of $29.92 billion, a PE ratio of 28.51, a P/E/G ratio of 2.42 and a beta of 0.83. The company has a 50 day moving average price of $104.14 and a 200-day moving average price of $95.67. Brown & Brown has a fifty-two week low of $68.42 and a fifty-two week high of $107.67.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the company posted $0.71 EPS. Brown & Brown’s revenue was up 11.0% on a year-over-year basis. As a group, equities analysts forecast that Brown & Brown will post 3.73 earnings per share for the current year.

Insider Buying and Selling at Brown & Brown

In other news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the transaction, the chief financial officer now directly owns 88,445 shares in the company, valued at $8,872,802.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its holdings in Brown & Brown by 5.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 10,185 shares of the financial services provider’s stock worth $892,000 after buying an additional 506 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Brown & Brown by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock valued at $2,243,000 after buying an additional 125 shares in the last quarter. First Trust Direct Indexing L.P. raised its position in shares of Brown & Brown by 14.1% in the first quarter. First Trust Direct Indexing L.P. now owns 4,392 shares of the financial services provider’s stock worth $384,000 after acquiring an additional 543 shares during the period. Legacy Wealth Asset Management LLC boosted its stake in shares of Brown & Brown by 15.6% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 3,907 shares of the financial services provider’s stock worth $342,000 after acquiring an additional 528 shares in the last quarter. Finally, Norden Group LLC grew its position in shares of Brown & Brown by 71.2% during the 1st quarter. Norden Group LLC now owns 6,214 shares of the financial services provider’s stock valued at $544,000 after acquiring an additional 2,584 shares during the period. 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.