Brown & Brown (NYSE:BRO) Price Target Lowered to $108.00 at Barclays

Key Points

• Barclays has reduced its price target for Brown & Brown (NYSE:BRO) from $111.00 to $108.00, maintaining an "equal weight" rating, which suggests a potential upside of 16.70% from the current stock price.
• Other analysts have mixed opinions on the stock, with Goldman Sachs downgrading it to "neutral" and lowering its target from $126.00 to $119.00, while Wells Fargo has increased its target to $127.00.
• A recent earnings report showed that Brown & Brown exceeded expectations with $1.03 earnings per share, surpassing the consensus estimate of $0.99, and reported a revenue increase of 9.1% year over year.

Brown & Brown (NYSE:BRO - Get Free Report) had its price target reduced by Barclays from $111.00 to $108.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Barclays's price objective points to a potential upside of 18.90% from the stock's current price.

Other equities analysts have also issued reports about the company. Edward Jones assumed coverage on Brown & Brown in a report on Wednesday, April 16th. They issued a "buy" rating for the company. Truist Financial decreased their price objective on Brown & Brown from $138.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. The Goldman Sachs Group lowered Brown & Brown from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. Wells Fargo & Company reissued an "overweight" rating and issued a $127.00 price objective (up from $125.00) on shares of Brown & Brown in a report on Thursday, June 12th. Finally, Keefe, Bruyette & Woods increased their price objective on Brown & Brown from $102.00 to $104.00 and gave the stock an "underperform" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Brown & Brown presently has an average rating of "Hold" and an average target price of $114.25.

Brown & Brown Stock Performance

Shares of NYSE:BRO traded down $0.54 during trading on Tuesday, hitting $90.83. 661,274 shares of the company traded hands, compared to its average volume of 2,515,580. The stock has a market capitalization of $29.96 billion, a price-to-earnings ratio of 26.21, a PEG ratio of 2.04 and a beta of 0.82. The business's fifty day moving average is $107.39 and its 200-day moving average is $111.35. Brown & Brown has a one year low of $90.62 and a one year high of $125.68. The company has a quick ratio of 2.52, a current ratio of 6.72 and a debt-to-equity ratio of 0.64.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%. The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the company earned $0.93 earnings per share. The business's revenue was up 9.1% compared to the same quarter last year. As a group, equities analysts predict that Brown & Brown will post 4.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Brown & Brown

Institutional investors and hedge funds have recently modified their holdings of the stock. Capital Investment Advisors LLC acquired a new stake in shares of Brown & Brown during the 1st quarter valued at $1,929,000. GW&K Investment Management LLC lifted its holdings in shares of Brown & Brown by 104.4% in the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 214 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Brown & Brown by 7.1% in the first quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock valued at $847,000 after purchasing an additional 450 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Brown & Brown by 395.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 34,197 shares of the financial services provider's stock valued at $3,489,000 after purchasing an additional 27,297 shares in the last quarter. Finally, Tandem Investment Advisors Inc. lifted its holdings in shares of Brown & Brown by 2.5% in the first quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock valued at $95,130,000 after purchasing an additional 18,677 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.