Brown & Brown (NYSE:BRO) Price Target Cut to $75.00 by Analysts at Citizens Jmp

Key Points

• Citizens Jmp lowered Brown & Brown’s price target to $75 from $78 while maintaining a “market outperform” rating, implying roughly 19% upside from the stock’s $62.88 price.
• Analyst sentiment is mixed: the stock has an average “Hold” rating and a consensus price target of $75.62, based on eight Buy, twelve Hold, and one Sell ratings.
• Brown & Brown’s latest quarter fell slightly short of expectations, with $1.07 in adjusted earnings per share versus $1.08 expected and revenue of $1.65 billion versus $1.71 billion anticipated, though revenue increased 30.4% year over year.

Brown & Brown (NYSE:BRO - Get Free Report) had its price target cut by stock analysts at Citizens Jmp from $78.00 to $75.00 in a research note issued on Monday, Benzinga reports. The firm currently has a "market outperform" rating on the financial services provider's stock. Citizens Jmp's price objective would suggest a potential upside of 19.28% from the stock's current price.

A number of other analysts have also recently commented on the company. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. The Goldman Sachs Group boosted their price target on Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Truist Financial set a $90.00 price objective on Brown & Brown in a report on Wednesday, July 29th. Oppenheimer started coverage on Brown & Brown in a research note on Wednesday. They issued an "outperform" rating and a $73.00 price objective for the company. Finally, Mizuho reduced their price objective on Brown & Brown from $83.00 to $78.00 and set an "outperform" rating for the company in a research note on Wednesday, October 7th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $75.62.

Brown & Brown Trading Down 0.0%

NYSE:BRO opened at $62.88 on Monday. Brown & Brown has a 12 month low of $53.81 and a 12 month high of $96.13. The firm has a fifty day simple moving average of $67.73 and a 200-day simple moving average of $64.87. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $21.04 billion, a P/E ratio of 19.84, a PEG ratio of 1.87 and a beta of 0.60.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share 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 last year, the firm earned $1.03 earnings per share. Brown & Brown's quarterly revenue was up 30.4% compared to the same quarter last year. On average, equities research analysts anticipate that Brown & Brown will post 4.50 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Brown & Brown in the second quarter worth approximately $1,418,571,000. Principal Financial Group Inc. boosted its stake in Brown & Brown by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider's stock worth $1,017,847,000 after purchasing an additional 246,172 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of Brown & Brown during the second quarter worth $266,941,000. Bank of America Corp DE grew its holdings in shares of Brown & Brown by 45.2% during the first quarter. Bank of America Corp DE now owns 3,623,179 shares of the financial services provider's stock worth $236,268,000 after buying an additional 1,128,417 shares in the last quarter. Finally, Royal Bank of Canada raised its position in shares of Brown & Brown by 5.1% in the first quarter. Royal Bank of Canada now owns 3,569,784 shares of the financial services provider's stock valued at $232,786,000 after buying an additional 173,320 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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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