Brown & Brown (NYSE:BRO) Price Target Cut to $83.00 by Analysts at Mizuho

Key Points

• Mizuho cut Brown & Brown’s price target from $86 to $83 while maintaining an “outperform” rating, implying approximately 24.36% upside from the stock’s $66.74 price.
• Analyst sentiment is mixed: Brown & Brown has an overall “hold” consensus rating and an average price target of $76.60, based on four Buy, fourteen Hold, and one Sell rating.
• The company’s latest quarterly results slightly missed expectations, with EPS of $1.07 versus $1.08 expected and revenue of $1.65 billion versus $1.71 billion forecast, although revenue increased 30.4% year over year.

Brown & Brown (NYSE:BRO - Get Free Report) had its target price cut by equities research analysts at Mizuho from $86.00 to $83.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Mizuho's price target would suggest a potential upside of 24.36% from the stock's current price.

A number of other equities research analysts have also commented on BRO. Keefe, Bruyette & Woods upped their price target on shares of Brown & Brown from $72.00 to $74.00 and gave the company a "market perform" rating in a report on Wednesday, July 8th. Weiss Ratings upgraded Brown & Brown from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, August 19th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Morgan Stanley reiterated an "underweight" rating and issued a $60.00 price objective (up from $56.00) on shares of Brown & Brown in a research report on Wednesday, August 19th. Finally, The Goldman Sachs Group boosted their target price on Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $76.60.

Brown & Brown Trading Down 0.7%

Shares of NYSE BRO traded down $0.49 during midday trading on Wednesday, reaching $66.74. The company had a trading volume of 236,931 shares, compared to its average volume of 2,991,510. The stock has a market cap of $22.33 billion, a PE ratio of 21.10, a price-to-earnings-growth ratio of 2.10 and a beta of 0.58. Brown & Brown has a one year low of $53.81 and a one year high of $96.55. The firm's fifty day moving average price is $70.16 and its 200-day moving average price is $65.83. 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 posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the business earned $1.03 earnings per share. Brown & Brown's revenue was up 30.4% compared to the same quarter last year. On average, equities research analysts anticipate that Brown & Brown will post 4.5 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Basepoint Wealth LLC purchased a new stake in shares of Brown & Brown in the fourth quarter worth $27,000. Union Bancaire Privee UBP SA bought a new position in Brown & Brown in the 1st quarter worth $25,000. Allied Private Wealth LLC bought a new position in Brown & Brown in the 2nd quarter worth $35,000. Continuum Advisory LLC purchased a new stake in Brown & Brown in the 2nd quarter worth $34,000. Finally, Johnson Financial Group Inc. bought a new stake in Brown & Brown during the second quarter valued at about $37,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

About Brown & Brown

Brown & Brown, Inc is an independent insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk by providing insurance products and related advisory services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialty insurance programs. Brown & Brown also operates wholesale brokerage and managing general agency businesses, which provide specialized coverage and market access to retail insurance agents and brokers.

Founded in 1939 by J.

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