UBS Group Cuts Brown & Brown (NYSE:BRO) Price Target to $106.00

Key Points

• UBS Group has lowered its price target for Brown & Brown (NYSE:BRO) from $120.00 to $106.00, maintaining a "neutral" rating on the company's stock.
• Research analysts show mixed ratings for BRO, with seven rating it as a buy, eight as hold, and one as sell, leading to an average target price of $109.92.
• Brown & Brown reported $1.03 earnings per share for the last quarter, surpassing expectations, while its stock has a market cap of $31.64 billion.

Brown & Brown (NYSE:BRO - Get Free Report) had its price target lowered by analysts at UBS Group from $120.00 to $106.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. UBS Group's price objective would indicate a potential upside of 10.49% from the company's current price.

A number of other research analysts also recently issued reports on BRO. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and raised their price target for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Barclays reduced their price target on shares of Brown & Brown from $108.00 to $102.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Wall Street Zen upgraded shares of Brown & Brown from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Morgan Stanley dropped their price objective on shares of Brown & Brown from $105.00 to $100.00 and set an "equal weight" rating on the stock in a report on Tuesday. Finally, Argus reaffirmed a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $109.92.

Brown & Brown Stock Up 0.4%

Shares of BRO stock traded up $0.39 on Wednesday, hitting $95.94. The stock had a trading volume of 2,555,357 shares, compared to its average volume of 2,634,786. The firm has a market capitalization of $31.64 billion, a price-to-earnings ratio of 27.65, a P/E/G ratio of 2.16 and a beta of 0.79. The stock's 50 day moving average is $94.18 and its 200-day moving average is $105.36. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown has a 52-week low of $89.99 and a 52-week high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its earnings results 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 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 the consensus estimate of $1.28 billion. During the same period in the prior year, the firm earned $0.93 earnings per share. The business's quarterly revenue was up 9.1% compared to the same quarter last year. As a group, research analysts expect that Brown & Brown will post 4.18 earnings per share for the current year.

Insider Activity

In other Brown & Brown news, Director Paul J. Krump acquired 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the transaction, the director owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents 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 Brown & Brown stock in a transaction dated Wednesday, August 6th. The shares were acquired at an average price of $91.44 per share, with a total value of $91,440.00. Following the transaction, the director owned 5,000 shares in the company, valued at approximately $457,200. This represents a 25.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company's stock.

Hedge Funds 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 position in shares of Brown & Brown in the first quarter valued at approximately $26,000. ST Germain D J Co. Inc. increased its position 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 worth $30,000 after acquiring an additional 200 shares during the period. Darwin Wealth Management LLC acquired a new stake in Brown & Brown during the second quarter worth $30,000. Optimum Investment Advisors acquired a new stake in Brown & Brown during the first quarter worth $31,000. Finally, SouthState Corp boosted its stake in Brown & Brown by 188.6% during the first quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after buying an additional 166 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

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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