Brown & Brown (NYSE:BRO) Raised to “Buy” at StockNews.com

Posted by Defense World Staff on Jul 28th, 2023

StockNews.com upgraded shares of Brown & Brown (NYSE:BRO – Free Report) from a hold rating to a buy rating in a report released on Tuesday morning.

BRO has been the subject of several other reports. 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 report on Monday, April 10th. Citigroup upgraded Brown & Brown from a neutral rating to a buy rating and increased their price objective for the stock from $62.00 to $69.00 in a report on Tuesday, April 18th. Keefe, Bruyette & Woods boosted their target price on Brown & Brown from $66.00 to $69.00 and gave the company an outperform rating in a research note on Tuesday, April 18th. Finally, Truist Financial upped their target price on Brown & Brown from $73.00 to $82.00 and gave the stock a buy rating in a research report on Wednesday, July 19th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of Moderate Buy and an average price target of $70.80.

Brown & Brown Trading Down 1.5 %

Brown & Brown stock opened at $70.55 on Tuesday. The company has a 50 day moving average price of $66.59 and a 200 day moving average price of $61.82. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.49 and a current ratio of 2.78. Brown & Brown has a 52 week low of $52.82 and a 52 week high of $72.99. The firm has a market capitalization of $20.01 billion, a price-to-earnings ratio of 27.35 and a beta of 0.77.

Brown & Brown (NYSE:BRO – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.08. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $997.51 million. Brown & Brown had a return on equity of 15.19% and a net margin of 18.34%. Brown & Brown’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 earnings per share. Research analysts forecast that Brown & Brown will post 2.63 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 9th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date is Tuesday, August 8th. Brown & Brown’s dividend payout ratio (DPR) is 17.83%.

Insider Activity

In other Brown & Brown news, Director Bronislaw Edmund Masojada bought 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The stock was purchased at an average price of $65.78 per share, for a total transaction of $263,120.00. Following the purchase, the director now directly owns 4,000 shares in the company, valued at $263,120. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 17.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Clear Street Markets LLC lifted its position in shares of Brown & Brown by 93.7% in the 1st 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. Asset Dedication LLC acquired a new stake in Brown & Brown during the fourth quarter worth $29,000. PSI Advisors LLC acquired a new position in shares of Brown & Brown in the 2nd quarter valued at $36,000. Global Retirement Partners LLC lifted its holdings in shares of Brown & Brown by 1,427.8% during the 2nd quarter. Global Retirement Partners LLC now owns 550 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 514 shares during the period. Finally, U.S. Capital Wealth Advisors LLC acquired a new stake in shares of Brown & Brown during the 4th quarter valued at about $42,000. Institutional investors own 69.90% of the company’s stock.

About Brown & Brown

(Get Free Report)

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.