Brown & Brown (NYSE:BRO) Price Target Lowered to $98.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for Brown & Brown from $101.00 to $98.00, maintaining an "equal weight" rating on the stock.
• Barclays and Morgan Stanley also decreased their price targets to $108.00 and $100.00, respectively, while Bank of America upgraded its target to $130.00.
• Brown & Brown reported a 9.1% increase in quarterly revenue year-over-year, with earnings per share (EPS) beating consensus estimates by $0.04.

Brown & Brown (NYSE:BRO - Get Free Report) had its price objective cut by equities research analysts at Wells Fargo & Company from $101.00 to $98.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price objective indicates a potential upside of 2.02% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. Barclays reduced their price target on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Morgan Stanley reduced their price target on shares of Brown & Brown from $105.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Wall Street Zen upgraded shares of Brown & Brown from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and boosted their price target for the company from $126.00 to $130.00 in a research report on Wednesday, July 30th. Finally, Truist Financial set a $120.00 price objective on shares of Brown & Brown in a report on Wednesday, July 30th. 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.com, the company has a consensus rating of "Hold" and an average price target of $111.46.

Brown & Brown Trading Up 0.5%

Brown & Brown stock traded up $0.51 during mid-day trading on Wednesday, hitting $96.06. The company's stock had a trading volume of 155,442 shares, compared to its average volume of 2,545,611. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The stock has a market cap of $31.68 billion, a price-to-earnings ratio of 27.67, a price-to-earnings-growth ratio of 2.13 and a beta of 0.79. The business has a 50 day moving average price of $94.12 and a 200-day moving average price of $105.42. Brown & Brown has a 12 month low of $89.99 and a 12 month high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The company's quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.93 earnings per share. As a group, analysts forecast that Brown & Brown will post 4.18 EPS for the current year.

Insider Activity at Brown & Brown

In related news, Director Paul J. Krump bought 2,678 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director owned 5,353 shares of the company's stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was acquired at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at approximately $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 currently owned by company insiders.

Institutional Investors Weigh In On Brown & Brown

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Brown & Brown by 16.8% in the 2nd quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider's stock worth $3,949,779,000 after acquiring an additional 5,124,203 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Brown & Brown by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider's stock worth $1,609,742,000 after acquiring an additional 38,078 shares during the last quarter. State Street Corp lifted its holdings in shares of Brown & Brown by 11.3% in the 2nd quarter. State Street Corp now owns 12,460,821 shares of the financial services provider's stock worth $1,381,531,000 after acquiring an additional 1,262,139 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Brown & Brown by 16.6% during the 2nd quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider's stock valued at $813,624,000 after buying an additional 1,050,350 shares in the last quarter. Finally, Parnassus Investments LLC bought a new stake in Brown & Brown during the 1st quarter valued at about $899,139,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.