Brown & Brown's (BRO) "Outperform" Rating Reaffirmed at Raymond James Financial

Key Points

• Brown & Brown's stock rating was reaffirmed as "outperform" by Raymond James Financial, with a price target set at $120.00, down from $125.00, indicating a potential upside of 30.33% from its previous close.
• Other brokerages have recently adjusted their ratings and price targets for Brown & Brown, with Barclays setting a target of $108.00 and Goldman Sachs lowering theirs to $119.00.
• The company's recent quarterly earnings report showed $1.03 earnings per share, exceeding expectations and marking a 9.1% revenue increase compared to the previous year.

Raymond James Financial reaffirmed their outperform rating on shares of Brown & Brown (NYSE:BRO - Free Report) in a research note published on Monday morning,Benzinga reports. They currently have a $120.00 price target on the financial services provider's stock, down from their previous price target of $125.00.

BRO has been the subject of several other reports. Argus reaffirmed a "hold" rating on shares of Brown & Brown in a research report on Thursday, July 31st. Wells Fargo & Company reduced their price objective on shares of Brown & Brown from $127.00 to $104.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. BMO Capital Markets decreased their target price on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. Truist Financial set a $120.00 price target on shares of Brown & Brown in a research report on Wednesday, July 30th. Finally, Edward Jones began coverage on shares of Brown & Brown in a research note on Wednesday, April 16th. They set a "buy" rating for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $113.23.

Brown & Brown Stock Performance

Shares of NYSE BRO traded up $1.20 during mid-day trading on Monday, hitting $93.71. The company had a trading volume of 3,643,512 shares, compared to its average volume of 2,575,938. Brown & Brown has a 12 month low of $90.38 and a 12 month high of $125.68. The firm has a market cap of $30.91 billion, a P/E ratio of 27.01, a PEG ratio of 2.09 and a beta of 0.78. The business's 50-day simple moving average is $105.11 and its 200-day simple moving average is $110.83. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly 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 firm had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. The company's revenue for the quarter was up 9.1% on a year-over-year basis. As a group, analysts predict that Brown & Brown will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. Brown & Brown's dividend payout ratio is 17.29%.

Insider Buying and Selling

In other Brown & Brown news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was purchased at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the transaction, the director owned 5,000 shares in the company, valued at $457,200. This trade represents a 25.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 17.02% of the stock is currently owned by company insiders.

Institutional Trading of Brown & Brown

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Brown & Brown by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider's stock worth $3,794,339,000 after acquiring an additional 560,980 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Brown & Brown by 0.3% during the first quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider's stock worth $1,609,742,000 after purchasing an additional 38,078 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Brown & Brown by 16.6% during the second quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider's stock valued at $813,624,000 after purchasing an additional 1,050,350 shares during the last quarter. Parnassus Investments LLC bought a new stake in shares of Brown & Brown during the first quarter valued at approximately $899,139,000. Finally, Capital World Investors increased its holdings in shares of Brown & Brown by 15.6% in the fourth quarter. Capital World Investors now owns 4,195,681 shares of the financial services provider's stock valued at $428,043,000 after purchasing an additional 566,116 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Brown & Brown

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.