Mizuho Issues Positive Forecast for Brown & Brown (NYSE:BRO) Stock Price

Key Points

• Mizuho raised its price target on Brown & Brown to $84 from $81 and maintained an “outperform” rating, implying about 16.6% upside from the then-current share price.
• Analyst views are mixed: the consensus rating is “Hold,” with an average price target of $75.82; recent target changes ranged from Barclays’ cut to $71 to JPMorgan’s increase to $83.
• Brown & Brown’s latest quarter narrowly missed earnings and revenue estimates, reporting $1.07 per share and $1.70 billion in revenue, though revenue grew 7.4% year over year.

Brown & Brown (NYSE:BRO - Get Free Report) had its target price boosted by investment analysts at Mizuho from $81.00 to $84.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Mizuho's target price indicates a potential upside of 16.63% from the company's current price.

BRO has been the topic of several other reports. Barclays reduced their price objective on Brown & Brown from $76.00 to $71.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 7th. JPMorgan Chase & Co. raised their price target on shares of Brown & Brown from $80.00 to $83.00 and gave the company a "neutral" rating in a research note on Thursday, October 1st. Wells Fargo & Company decreased their price target on shares of Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating on the stock in a report on Monday, October 12th. BMO Capital Markets upped their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 29th. Finally, Morgan Stanley dropped their price objective on shares of Brown & Brown from $60.00 to $55.00 and set an "underweight" rating for the company in a research note on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $75.82.

Brown & Brown Price Performance

BRO traded up $1.47 on Friday, hitting $72.02. 365,522 shares of the stock were exchanged, compared to its average volume of 2,917,621. The firm has a market capitalization of $23.89 billion, a price-to-earnings ratio of 22.79, a PEG ratio of 2.35 and a beta of 0.52. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.96 and a quick ratio of 1.96. Brown & Brown has a 12 month low of $53.81 and a 12 month high of $82.57. The business has a 50-day moving average of $66.90 and a two-hundred day moving average of $66.52.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results on Monday, October 26th. 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 17.63% and a return on equity of 13.29%. The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the business earned $1.05 earnings per share. Brown & Brown's quarterly revenue was up 7.4% compared to the same quarter last year. Sell-side analysts forecast that Brown & Brown will post 4.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Westside Investment Management Inc. increased its stake in shares of Brown & Brown by 84.7% in the third quarter. Westside Investment Management Inc. now owns 399 shares of the financial services provider's stock valued at $25,000 after buying an additional 183 shares during the period. Allied Private Wealth LLC acquired a new position in shares of Brown & Brown in the second quarter worth approximately $35,000. Continuum Advisory LLC acquired a new stake in Brown & Brown during the 2nd quarter valued at approximately $34,000. Johnson Financial Group Inc. bought a new position in Brown & Brown during the 2nd quarter worth approximately $37,000. Finally, Manchester Capital Management LLC raised its holdings in Brown & Brown by 853.3% during the 3rd quarter. Manchester Capital Management LLC now owns 572 shares of the financial services provider's stock worth $38,000 after purchasing an additional 512 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

About Brown & Brown

Brown & Brown, Inc. is an insurance brokerage and risk management company that helps businesses, public entities and individuals assess and manage risk. Its services include arranging property and casualty insurance, employee benefits and personal insurance, as well as providing risk management and related services. The company serves clients through retail insurance operations, national insurance programs, wholesale brokerage and insurance-related services. It operates primarily in the United States and also serves clients in international markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.