Brown & Brown (NYSE:BRO) Price Target Cut to $71.00 by Analysts at Barclays

Key Points

• Barclays lowered Brown & Brown’s price target from $76 to $71 while maintaining an “equal weight” rating, implying approximately 15.23% upside from the reported share price.
• Analyst sentiment remains broadly neutral: Brown & Brown has a consensus “Hold” rating and an average price target of $75.94, with ratings including five Buys, fourteen Holds, and one Sell.
• The stock opened at $61.62, while the company’s latest quarterly results slightly missed estimates, reporting $1.07 in EPS versus $1.08 expected and $1.65 billion in revenue versus $1.71 billion anticipated.

Brown & Brown (NYSE:BRO - Get Free Report) had its price target lowered by investment analysts at Barclays from $76.00 to $71.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an "equal weight" rating on the financial services provider's stock. Barclays's price objective would suggest a potential upside of 15.23% from the stock's current price.

BRO has been the topic of several other research reports. Oppenheimer began coverage on shares of Brown & Brown in a research report on Wednesday. They set an "outperform" rating and a $73.00 price target on the stock. BMO Capital Markets lifted their price objective on Brown & Brown from $73.00 to $74.00 and gave the company a "market perform" rating in a research report on Wednesday, July 29th. UBS Group reiterated a "neutral" rating and set a $73.00 target price (up from $65.00) on shares of Brown & Brown in a report on Wednesday, July 8th. Morgan Stanley decreased their target price on Brown & Brown from $60.00 to $55.00 and set an "underweight" rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised their target price on Brown & Brown from $80.00 to $83.00 and gave the company a "neutral" rating in a research note on Thursday, October 1st. Five equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Brown & Brown currently has a consensus rating of "Hold" and an average target price of $75.94.

Brown & Brown Price Performance

Shares of Brown & Brown stock opened at $61.62 on Wednesday. The business has a 50 day moving average of $68.29 and a 200 day moving average of $64.96. Brown & Brown has a 52 week low of $53.81 and a 52 week high of $96.55. The company has a market cap of $20.62 billion, a PE ratio of 19.44, a P/E/G ratio of 1.87 and a beta of 0.60. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58.

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

Hedge Funds Weigh In On Brown & Brown

Institutional investors and hedge funds have recently made changes to their positions in the business. Union Bancaire Privee UBP SA bought a new stake in shares of Brown & Brown in the 1st quarter worth approximately $25,000. Continuum Advisory LLC bought a new position in Brown & Brown during the 2nd quarter valued at approximately $34,000. Allied Private Wealth LLC purchased a new position in Brown & Brown during the second quarter valued at $35,000. Johnson Financial Group Inc. purchased a new position in Brown & Brown during the second quarter valued at $37,000. Finally, Gables Capital Management Inc. bought a new stake in Brown & Brown in the second quarter worth $43,000. Institutional investors own 71.01% of the company's stock.

About Brown & Brown

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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