Brown & Brown (NYSE:BRO) Stock Price Target Cut by Wells Fargo & Company

Key Points

• Wells Fargo lowered Brown & Brown’s price target to $68 from $69 while maintaining an “equal weight” rating, implying about 6.66% upside from the prior close.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $76; eight analysts rate the stock a Buy, 12 a Hold, and one a Sell.
• Brown & Brown shares rose 1.4% to $63.75, while institutional investors and hedge funds own approximately 71.01% of the company’s outstanding stock.

Brown & Brown (NYSE:BRO - Get Free Report) had its price objective decreased by equities research analysts at Wells Fargo & Company from $69.00 to $68.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price target indicates a potential upside of 6.66% from the company's previous close.

Other equities research analysts have also recently issued research reports about the company. Citizens Jmp dropped their price objective on Brown & Brown from $78.00 to $75.00 and set a "market outperform" rating for the company in a report on Monday. Oppenheimer started coverage on shares of Brown & Brown in a report on Wednesday, October 7th. They set an "outperform" rating and a $73.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of Brown & Brown from $80.00 to $83.00 and gave the stock a "neutral" rating in a report on Thursday, October 1st. The Goldman Sachs Group raised their price objective on Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, July 1st. Finally, Barclays decreased their price objective on Brown & Brown from $76.00 to $71.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 7th. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and a consensus target price of $76.00.

Brown & Brown Stock Up 1.4%

Shares of NYSE BRO traded up $0.87 during trading on Monday, hitting $63.75. The stock had a trading volume of 259,794 shares, compared to its average volume of 2,951,923. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The company has a market capitalization of $21.33 billion, a PE ratio of 20.12, a PEG ratio of 1.87 and a beta of 0.60. Brown & Brown has a 12 month low of $53.81 and a 12 month high of $95.69. The firm has a fifty day moving average of $67.73 and a two-hundred day moving average of $64.87.

Brown & Brown (NYSE:BRO - Get Free Report) last posted 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). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.71 billion. During the same quarter in the previous year, the business earned $1.03 EPS. Brown & Brown's revenue for the quarter was up 30.4% on a year-over-year basis. As a group, equities research analysts forecast that Brown & Brown will post 4.50 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. GK Wealth Management LLC acquired a new position in Brown & Brown in the third quarter valued at about $160,000. Balefire LLC increased its holdings in shares of Brown & Brown by 427.8% in the third quarter. Balefire LLC now owns 50,080 shares of the financial services provider's stock valued at $3,344,000 after purchasing an additional 40,592 shares in the last quarter. Wedmont Private Capital raised its position in Brown & Brown by 50.2% in the 3rd quarter. Wedmont Private Capital now owns 43,140 shares of the financial services provider's stock worth $2,627,000 after purchasing an additional 14,410 shares during the last quarter. GAMMA Investing LLC raised its position in Brown & Brown by 775.9% in the 3rd quarter. GAMMA Investing LLC now owns 67,997 shares of the financial services provider's stock worth $4,554,000 after purchasing an additional 60,234 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in Brown & Brown by 1,424.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 40,583 shares of the financial services provider's stock worth $2,734,000 after buying an additional 37,921 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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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