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

Posted by Defense World Staff on Sep 23rd, 2023

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

Other analysts have also issued reports about the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 price objective on shares of Brown & Brown in a report on Friday, September 15th. Truist Financial restated a “buy” rating and issued a $85.00 price objective on shares of Brown & Brown in a report on Friday, September 15th. Keefe, Bruyette & Woods lowered shares of Brown & Brown from an “outperform” rating to a “market perform” rating and raised their price objective for the stock from $73.00 to $76.00 in a report on Tuesday, August 1st. Citigroup raised their price objective on shares of Brown & Brown from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Raymond James raised their price objective on shares of Brown & Brown from $70.00 to $76.00 and gave the stock an “outperform” rating in a report on Wednesday, July 26th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.90.

Check Out Our Latest Report on BRO

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $72.25 on Thursday. The company has a market cap of $20.49 billion, a price-to-earnings ratio of 28.00 and a beta of 0.75. The company has a 50-day moving average price of $71.97 and a 200-day moving average price of $65.72. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.74. Brown & Brown has a 12 month low of $52.82 and a 12 month high of $74.57.

Brown & Brown (NYSE:BRO – Get Free Report) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, beating the consensus estimate of $0.60 by $0.08. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $997.51 million. Brown & Brown had a net margin of 18.34% and a return on equity of 15.19%. The company’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 earnings per share. As a group, equities analysts anticipate that Brown & Brown will post 2.69 EPS for the current year.

Institutional Investors Weigh In On Brown & Brown

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Brown & Brown by 1.3% during the first quarter. BlackRock Inc. now owns 16,764,258 shares of the financial services provider’s stock valued at $962,604,000 after acquiring an additional 218,939 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Brown & Brown by 2.3% during the second quarter. Principal Financial Group Inc. now owns 12,025,025 shares of the financial services provider’s stock valued at $827,803,000 after acquiring an additional 274,289 shares in the last quarter. Morgan Stanley increased its position in shares of Brown & Brown by 187.2% during the fourth quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock valued at $540,728,000 after acquiring an additional 6,186,323 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Brown & Brown by 1.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,761,173 shares of the financial services provider’s stock valued at $330,807,000 after acquiring an additional 96,271 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Brown & Brown by 2.1% during the first quarter. Geode Capital Management LLC now owns 5,287,929 shares of the financial services provider’s stock valued at $303,385,000 after acquiring an additional 108,521 shares in the last quarter. Institutional investors own 70.33% of the company’s stock.

Brown & Brown Company Profile

(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.