Brown & Brown (NYSE:BRO) Given New $83.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Brown & Brown’s price target from $80 to $83 while maintaining a “neutral” rating, implying approximately 34% upside from the reported share price.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating, with 14 Holds, four Buys and one Sell, and an average price target of $76.80.
• Brown & Brown shares rose 1.7% to $61.92, while the company’s latest quarterly results slightly missed expectations for both earnings and revenue despite revenue growth of 30.4% year over year.

Brown & Brown (NYSE:BRO - Get Free Report) had its target price raised by stock analysts at JPMorgan Chase & Co. from $80.00 to $83.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 34.05% from the company's current price.

Several other research firms have also recently issued reports on BRO. Truist Financial set a $90.00 target price on shares of Brown & Brown in a research report on Wednesday, July 29th. Citigroup lowered shares of Brown & Brown from an "outperform" rating to a "neutral" rating and lifted their price target for the company from $70.00 to $79.00 in a report on Wednesday, July 29th. Keefe, Bruyette & Woods upped their price objective on Brown & Brown from $72.00 to $74.00 and gave the stock a "market perform" rating in a report on Wednesday, July 8th. Barclays increased their target price on Brown & Brown from $72.00 to $76.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Finally, Wells Fargo & Company reduced their target price on Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating on the stock in a report on Thursday, July 9th. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $76.80.

Brown & Brown Trading Up 1.7%

Shares of Brown & Brown stock traded up $1.02 during trading hours on Thursday, reaching $61.92. 564,486 shares of the company's stock were exchanged, compared to its average volume of 2,967,884. The firm has a market capitalization of $20.72 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 1.86 and a beta of 0.58. The company has a fifty day moving average of $68.95 and a 200-day moving average of $65.17. Brown & Brown has a 52-week low of $53.81 and a 52-week high of $96.55. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The business's quarterly revenue was up 30.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.03 earnings per share. Sell-side analysts forecast that Brown & Brown will post 4.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in Brown & Brown during the 2nd quarter valued at $1,418,571,000. Capital International Investors bought a new stake in shares of Brown & Brown in the 4th quarter worth about $371,654,000. Deutsche Bank AG bought a new stake in shares of Brown & Brown in the 2nd quarter worth about $266,941,000. Bank of America Corp DE acquired a new stake in shares of Brown & Brown in the 2nd quarter valued at about $228,051,000. Finally, Van Lanschot Kempen Investment Management N.V. raised its stake 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 valued at $361,725,000 after purchasing an additional 2,589,048 shares in 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.

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