Brown & Brown’s (BRO) “Buy” Rating Reaffirmed at Truist Financial

Truist Financial reissued their buy rating on shares of Brown & Brown (NYSE:BRO) in a research report report published on Friday, Benzinga reports. The brokerage currently has a $85.00 price objective on the financial services provider’s stock.

BRO has been the subject of a number of other reports. Keefe, Bruyette & Woods lowered shares of Brown & Brown from an outperform rating to a market perform rating and upped their price target for the stock from $73.00 to $76.00 in a research report on Tuesday, August 1st. Wells Fargo & Company raised their target price on shares of Brown & Brown from $62.00 to $70.00 in a research note on Wednesday, July 26th. Citigroup raised their target price on shares of Brown & Brown from $72.00 to $81.00 and gave the company a buy rating in a research note on Wednesday, August 9th. Raymond James raised their target price on shares of Brown & Brown from $70.00 to $76.00 and gave the company an outperform rating in a research note on Wednesday, July 26th. Finally, StockNews.com raised shares of Brown & Brown from a hold rating to a buy rating in a research note on Tuesday, August 29th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $72.70.

Brown & Brown Stock Up 1.0 %

Shares of BRO stock opened at $73.33 on Friday. Brown & Brown has a 12 month low of $52.82 and a 12 month high of $74.57. The stock has a market cap of $20.80 billion, a P/E ratio of 28.42 and a beta of 0.75. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.74. The company has a 50 day simple moving average of $71.63 and a two-hundred day simple moving average of $65.39.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.08. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $997.51 million. Brown & Brown had a net margin of 18.34% and a return on equity of 15.19%. The company’s revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 earnings per share. On average, research analysts expect that Brown & Brown will post 2.69 earnings per share for the current year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.63%. The ex-dividend date was Tuesday, August 8th. Brown & Brown’s dividend payout ratio (DPR) is currently 17.83%.

Insider Activity

In other Brown & Brown news, Director Bronislaw Edmund Masojada acquired 4,000 shares of the company’s stock in a transaction dated Wednesday, June 21st. The shares were acquired at an average cost of $65.78 per share, with a total value of $263,120.00. Following the acquisition, the director now directly owns 4,000 shares of the company’s stock, valued at $263,120. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 17.02% of the company’s stock.

Hedge Funds Weigh In On Brown & Brown

Large investors have recently made changes to their positions in the company. First Capital Advisors Group LLC. acquired a new position in shares of Brown & Brown in the 2nd quarter valued at $26,000. West Tower Group LLC acquired a new position in shares of Brown & Brown in the 2nd quarter valued at $27,000. Quilter Plc acquired a new position in Brown & Brown during the first quarter worth $438,906,000. Clear Street Markets LLC raised its position in Brown & Brown by 93.7% during the first quarter. Clear Street Markets LLC now owns 461 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 223 shares during the period. Finally, PSI Advisors LLC acquired a new position in Brown & Brown during the second quarter worth $36,000. 70.33% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.