Brown & Brown (NYSE:BRO) Given Sector Perform Rating at Royal Bank of Canada

Brown & Brown (NYSE:BRO)‘s stock had its “sector perform” rating reissued by Royal Bank of Canada in a research note issued to investors on Friday, Benzinga reports. They presently have a $77.00 price objective on the financial services provider’s stock. Royal Bank of Canada’s target price points to a potential upside of 5.61% from the stock’s previous close.

A number of other equities research analysts also recently commented on the company. Citigroup upped their price objective on Brown & Brown from $72.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Keefe, Bruyette & Woods downgraded Brown & Brown from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $73.00 to $76.00 in a report on Tuesday, August 1st. Truist Financial reiterated a “buy” rating and set a $85.00 price objective on shares of Brown & Brown in a report on Friday. StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a report on Tuesday, August 29th. Finally, Wells Fargo & Company increased their price objective on Brown & Brown from $62.00 to $70.00 in a report on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $72.70.

Brown & Brown Price Performance

NYSE:BRO traded down $0.37 during mid-day trading on Friday, reaching $72.91. 399,997 shares of the stock were exchanged, compared to its average volume of 1,175,416. Brown & Brown has a 1-year low of $52.82 and a 1-year high of $74.57. The firm has a market capitalization of $20.68 billion, a PE ratio of 28.21 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 business has a fifty day moving average price of $71.44 and a 200 day moving average price of $65.02.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.60 by $0.08. The company 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%. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.51 EPS. Research analysts expect that Brown & Brown will post 2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Brown & Brown

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

Institutional Investors Weigh In On Brown & Brown

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in shares of Brown & Brown by 1.3% in the first quarter. BlackRock Inc. now owns 16,764,258 shares of the financial services provider’s stock worth $962,604,000 after purchasing an additional 218,939 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Brown & Brown by 2.3% in the 2nd quarter. Principal Financial Group Inc. now owns 12,025,025 shares of the financial services provider’s stock worth $827,803,000 after buying an additional 274,289 shares in the last quarter. Morgan Stanley grew its stake in shares of Brown & Brown by 187.2% during the 4th quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock valued at $540,728,000 after purchasing an additional 6,186,323 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Brown & Brown by 1.7% during the 1st 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 during the period. Finally, Geode Capital Management LLC lifted its holdings in Brown & Brown by 2.1% in the 1st quarter. Geode Capital Management LLC now owns 5,287,929 shares of the financial services provider’s stock worth $303,385,000 after purchasing an additional 108,521 shares in the last quarter. 70.33% of the stock is owned by hedge funds and other institutional investors.

About Brown & Brown

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.