Brown & Brown (NYSE:BRO) Upgraded by StockNews.com to Buy

Posted by Defense World Staff on Jun 23rd, 2023

Brown & Brown (NYSE:BRO – Get Rating) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

A number of other analysts have also recently weighed in on the stock. Jefferies Financial Group decreased their price target on shares of Brown & Brown from $69.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, April 10th. Keefe, Bruyette & Woods increased their price objective on shares of Brown & Brown from $66.00 to $69.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 18th. Finally, Citigroup upgraded shares of 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 note on Tuesday, April 18th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Moderate Buy” and an average price target of $66.64.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $65.99 on Friday. The business’s 50 day simple moving average is $64.03 and its 200-day simple moving average is $59.80. The firm has a market capitalization of $18.72 billion, a price-to-earnings ratio of 27.27 and a beta of 0.75. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.49 and a quick ratio of 2.49. Brown & Brown has a 12 month low of $52.82 and a 12 month high of $68.43.

Brown & Brown (NYSE:BRO – Get Rating) last issued its quarterly earnings data on Monday, April 24th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.06 billion. Brown & Brown had a return on equity of 14.80% and a net margin of 18.15%. As a group, equities analysts forecast that Brown & Brown will post 2.52 earnings per share for the current fiscal year.

Insider Transactions at Brown & Brown

In other news, Director Bronislaw Edmund Masojada purchased 4,000 shares of the company’s stock in a transaction on Wednesday, June 21st. The shares were purchased at an average cost of $65.78 per share, with a total value of $263,120.00. Following the completion of the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $263,120. The transaction was disclosed in a filing with the SEC, which is available through this link. 17.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Brown & Brown

A number of institutional investors have recently added to or reduced their stakes in the stock. My Personal CFO LLC bought a new stake in shares of Brown & Brown in the 4th quarter valued at $25,000. Clear Street Markets LLC boosted 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 purchasing an additional 223 shares during the period. Asset Dedication LLC bought a new position in shares of Brown & Brown in the fourth quarter valued at approximately $29,000. U.S. Capital Wealth Advisors LLC bought a new position in shares of Brown & Brown in the fourth quarter valued at approximately $42,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in shares of Brown & Brown in the first quarter valued at approximately $45,000. 69.90% of the stock is currently owned by institutional investors and hedge funds.

About Brown & Brown

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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.