Brown & Brown (NYSE:BRO) Given New $102.00 Price Target at Barclays

Key Points

• Barclays has reduced its price target for Brown & Brown from $108.00 to $102.00, maintaining an "equal weight" rating, suggesting a potential upside of 5.89% from its current price.
• Brown & Brown reported quarterly earnings of $1.03 per share, which beat estimates and showed a 9.1% increase in revenue year-over-year.
• In recent trading, Brown & Brown stock rose by 0.8%, reaching $96.33, with 71.01% of shares owned by institutional investors.

Brown & Brown (NYSE:BRO - Get Free Report) had its price target reduced by analysts at Barclays from $108.00 to $102.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Barclays's price objective would indicate a potential upside of 5.89% from the company's current price.

A number of other equities analysts also recently commented on BRO. Raymond James Financial restated an "outperform" rating and issued a $120.00 target price (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Morgan Stanley decreased their target price on Brown & Brown from $105.00 to $100.00 and set an "equal weight" rating for the company in a research note on Tuesday. Wall Street Zen upgraded Brown & Brown from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. Weiss Ratings restated a "buy (b-)" rating on shares of Brown & Brown in a research note on Saturday, September 27th. Finally, Keefe, Bruyette & Woods reduced their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research report on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating, seven have assigned 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 an average price target of $111.00.

Brown & Brown Stock Up 0.8%

Brown & Brown stock traded up $0.78 during midday trading on Wednesday, hitting $96.33. The stock had a trading volume of 271,870 shares, compared to its average volume of 2,546,367. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The stock has a market cap of $31.77 billion, a P/E ratio of 27.77, a P/E/G ratio of 2.13 and a beta of 0.79. Brown & Brown has a 12 month low of $89.99 and a 12 month high of $125.68. The business has a fifty day moving average price of $94.12 and a 200 day moving average price of $105.42.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share 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 firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the company earned $0.93 earnings per share. Brown & Brown's quarterly revenue was up 9.1% on a year-over-year basis. Research analysts predict that Brown & Brown will post 4.18 EPS for the current year.

Insider Activity at Brown & Brown

In other news, Director Paul J. Krump bought 2,678 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were purchased at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, the director owned 5,000 shares of the company's stock, valued at $457,200. This represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.59% of the stock is owned by insiders.

Institutional Investors Weigh In On Brown & Brown

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BRO. Bares Capital Management Inc. bought a new stake in Brown & Brown during the first quarter worth approximately $26,000. ST Germain D J Co. Inc. increased its holdings in shares of Brown & Brown by 298.5% in the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider's stock valued at $30,000 after buying an additional 200 shares in the last quarter. Darwin Wealth Management LLC bought a new position in shares of Brown & Brown in the second quarter valued at $30,000. Optimum Investment Advisors bought a new position in shares of Brown & Brown in the first quarter valued at $31,000. Finally, SouthState Corp increased its holdings in shares of Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider's stock valued at $32,000 after buying an additional 166 shares in the last quarter. Institutional investors 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.

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