Brown & Brown (NYSE:BRO) Stock Rating Lowered by StockNews.com

Posted by Defense World Staff on Apr 26th, 2023

Brown & Brown (NYSE:BRO – Get Rating) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Several other brokerages have also issued reports on BRO. Keefe, Bruyette & Woods increased their price objective on Brown & Brown from $66.00 to $69.00 and gave the stock an “outperform” rating in a report on Tuesday, April 18th. Citigroup raised Brown & Brown from a “neutral” rating to a “buy” rating and raised their price target for the company from $62.00 to $69.00 in a research report on Tuesday, April 18th. Wells Fargo & Company reduced their target price on shares of Brown & Brown from $60.00 to $59.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 25th. BMO Capital Markets began coverage on shares of Brown & Brown in a research note on Thursday, January 19th. They issued an “outperform” rating and a $67.00 target price for the company. Finally, Jefferies Financial Group cut their target price on shares of Brown & Brown from $69.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, April 10th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.64.

Brown & Brown Stock Performance

NYSE:BRO opened at $63.01 on Wednesday. Brown & Brown has a twelve month low of $52.82 and a twelve month high of $68.85. The firm has a market capitalization of $17.88 billion, a price-to-earnings ratio of 26.70 and a beta of 0.74. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.80. The firm’s fifty day simple moving average is $57.19 and its 200 day simple moving average is $58.02.

Brown & Brown (NYSE:BRO – Get Rating) last issued its earnings results on Tuesday, January 24th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.04. The company had revenue of $901.40 million during the quarter, compared to the consensus estimate of $897.98 million. Brown & Brown had a return on equity of 14.88% and a net margin of 18.80%. The company’s revenue was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.42 earnings per share. As a group, equities research analysts expect that Brown & Brown will post 2.46 earnings per share for the current fiscal year.

Insider Activity at Brown & Brown

In related news, Director Lawrence L. Gellerstedt III acquired 3,400 shares of the company’s stock in a transaction that occurred on Friday, February 10th. The stock was acquired at an average price of $57.92 per share, with a total value of $196,928.00. Following the purchase, the director now directly owns 16,284 shares in the company, valued at $943,169.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 16.58% of the stock is owned by insiders.

Institutional Investors Weigh In On Brown & Brown

Several large investors have recently modified their holdings of the company. Group One Trading L.P. acquired a new stake in Brown & Brown in the first quarter worth $201,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Brown & Brown by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,373 shares of the financial services provider’s stock valued at $2,267,000 after buying an additional 1,950 shares in the last quarter. Cibc World Market Inc. bought a new position in shares of Brown & Brown in the first quarter valued at $354,000. Vontobel Holding Ltd. lifted its stake in shares of Brown & Brown by 37.1% in the first quarter. Vontobel Holding Ltd. now owns 5,550 shares of the financial services provider’s stock valued at $404,000 after buying an additional 1,502 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in shares of Brown & Brown by 608.0% in the first quarter. Sei Investments Co. now owns 43,409 shares of the financial services provider’s stock valued at $3,135,000 after buying an additional 37,278 shares in the last quarter. 69.52% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Company Profile

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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.

Analyst Recommendations for Brown & Brown (NYSE:BRO)

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