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.

Brown & Brown (NYSE:BRO - Get Free Report)'s stock had its "outperform" rating reissued by stock analysts at Raymond James Financial in a report issued on Monday,Benzinga reports. They currently have a $120.00 price objective on the financial services provider's stock, down from their prior price objective of $125.00. Raymond James Financial's price target would indicate a potential upside of 30.33% from the company's previous close.

Several other brokerages have also issued reports on BRO. Barclays decreased 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 report on Tuesday, July 29th. The Goldman Sachs Group lowered Brown & Brown from a "buy" rating to a "neutral" rating and cut their price target for the company from $126.00 to $119.00 in a research note on Tuesday, May 13th. Truist Financial set a $120.00 price objective on Brown & Brown in a research note on Wednesday. Keefe, Bruyette & Woods reduced their target price on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a report on Thursday. Finally, Argus reaffirmed a "hold" rating on shares of Brown & Brown in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Brown & Brown presently has a consensus rating of "Hold" and a consensus price target of $114.69.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $92.08 on Monday. Brown & Brown has a 1-year low of $90.55 and a 1-year high of $125.68. 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 business's 50 day moving average is $106.64 and its 200-day moving average is $111.28. The firm has a market cap of $30.37 billion, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 2.09 and a beta of 0.78.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business 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 business posted $0.93 earnings per share. Brown & Brown's revenue was up 9.1% compared to the same quarter last year. Equities research analysts predict that Brown & Brown will post 4.18 earnings per share for the current year.

Hedge Funds Weigh In On Brown & Brown

Hedge funds have recently made changes to their positions in the stock. Bares Capital Management Inc. purchased a new position in Brown & Brown during the 1st quarter valued at about $26,000. Johnson Financial Group Inc. increased its holdings in Brown & Brown by 534.1% during the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after acquiring an additional 235 shares during the period. ST Germain D J Co. Inc. boosted its stake in Brown & Brown by 298.5% during 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 during the period. Sunbelt Securities Inc. grew its position in Brown & Brown by 581.8% during the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after buying an additional 256 shares in the last quarter. Finally, Optimum Investment Advisors bought a new position in Brown & Brown in the 1st quarter worth about $31,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

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.

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