Brown & Brown (NYSE:BRO) Stock Price Target Lowered at Mizuho

Key Points

• Mizuho lowered Brown & Brown’s price target to $78 from $83 while maintaining an “outperform” rating, implying approximately 26% upside from the stock’s $61.93 price.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating, with five Buy, fourteen Hold, and one Sell recommendation, and an average price target of $75.62.
• Brown & Brown reported quarterly revenue of $1.65 billion, up 30.4% year over year, but missed estimates on both revenue and EPS; institutional investors own approximately 71% of the shares.

Brown & Brown (NYSE:BRO - Get Free Report) had its target price reduced by research analysts at Mizuho from $83.00 to $78.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an "outperform" rating on the financial services provider's stock. Mizuho's price objective suggests a potential upside of 25.95% from the stock's current price.

A number of other research firms have also issued reports on BRO. JPMorgan Chase & Co. lifted their target price on Brown & Brown from $80.00 to $83.00 and gave the stock a "neutral" rating in a report on Thursday, October 1st. Wells Fargo & Company cut their price target on shares of Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating for the company in a report on Thursday, July 9th. Citizens Jmp raised their price objective on shares of Brown & Brown from $70.00 to $78.00 and gave the company a "market outperform" rating in a research report on Friday, July 10th. Citigroup cut shares of Brown & Brown from an "outperform" rating to a "neutral" rating and lifted their price objective for the stock from $70.00 to $79.00 in a research note on Wednesday, July 29th. Finally, The Goldman Sachs Group boosted their target price on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, July 1st. Five 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.com, the stock currently has a consensus rating of "Hold" and an average target price of $75.62.

Brown & Brown Stock Performance

BRO traded up $0.96 during trading on Wednesday, reaching $61.93. 923,575 shares of the company were exchanged, compared to its average volume of 2,954,962. 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. The firm has a 50 day moving average of $68.29 and a 200 day moving average of $64.96. The stock has a market cap of $20.72 billion, a P/E ratio of 19.51, a PEG ratio of 1.87 and a beta of 0.60.

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

Hedge Funds Weigh In On Brown & Brown

Several institutional investors have recently bought and sold shares of BRO. Equitable Trust Co. grew its holdings in Brown & Brown by 1.7% during the 1st quarter. Equitable Trust Co. now owns 10,901 shares of the financial services provider's stock worth $711,000 after acquiring an additional 182 shares during the period. CX Institutional boosted its stake in Brown & Brown by 3.1% during the 3rd quarter. CX Institutional now owns 6,242 shares of the financial services provider's stock worth $380,000 after acquiring an additional 189 shares during the last quarter. Delta Global Management LP grew its holdings in Brown & Brown by 0.8% during the fourth quarter. Delta Global Management LP now owns 26,228 shares of the financial services provider's stock valued at $2,090,000 after purchasing an additional 200 shares during the period. Financial Enhancement Group LLC increased its stake in Brown & Brown by 3.0% in the first quarter. Financial Enhancement Group LLC now owns 8,969 shares of the financial services provider's stock valued at $607,000 after purchasing an additional 261 shares in the last quarter. Finally, CWC Advisors LLC. raised its holdings in Brown & Brown by 3.5% in the first quarter. CWC Advisors LLC. now owns 8,484 shares of the financial services provider's stock worth $553,000 after purchasing an additional 289 shares during the period. 71.01% of the stock is currently owned by institutional investors.

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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