Wells Fargo & Company Boosts Brown & Brown (NYSE:BRO) Price Target to $94.00

Brown & Brown (NYSE:BRO) had its target price boosted by Wells Fargo & Company from $88.00 to $94.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the stock. Truist Financial boosted their price objective on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a buy rating in a report on Wednesday. Keefe, Bruyette & Woods boosted their price target on Brown & Brown from $80.00 to $82.00 and gave the company an underperform rating in a research note on Friday, May 3rd. StockNews.com downgraded Brown & Brown from a buy rating to a hold rating in a research report on Thursday, July 18th. UBS Group boosted their price objective on Brown & Brown from $91.00 to $94.00 and gave the company a neutral rating in a research report on Tuesday, July 9th. Finally, Raymond James upped their target price on Brown & Brown from $90.00 to $95.00 and gave the company an outperform rating in a research note on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $97.40.

Brown & Brown Trading Up 1.8 %

Brown & Brown stock opened at $99.17 on Wednesday. The business’s 50-day simple moving average is $91.09 and its 200-day simple moving average is $85.26. Brown & Brown has a 52 week low of $66.73 and a 52 week high of $99.26. The firm has a market capitalization of $28.29 billion, a PE ratio of 30.51, a PEG ratio of 2.36 and a beta of 0.82. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.97 and a current ratio of 2.35.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.05. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.68 earnings per share. Equities research analysts forecast that Brown & Brown will post 3.66 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend is Wednesday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

Insider Buying and Selling at Brown & Brown

In other news, EVP Julie Turpin sold 3,350 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $89.92, for a total transaction of $301,232.00. Following the completion of the sale, the executive vice president now owns 23,597 shares of the company’s stock, valued at $2,121,842.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 17.02% of the company’s stock.

Institutional Trading of Brown & Brown

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Brown & Brown during the 4th quarter worth about $217,663,000. Congress Asset Management Co. MA acquired a new position in shares of Brown & Brown during the fourth quarter worth approximately $82,445,000. The Manufacturers Life Insurance Company grew its stake in shares of Brown & Brown by 76.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock valued at $142,236,000 after purchasing an additional 865,082 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in shares of Brown & Brown in the first quarter valued at approximately $49,598,000. Finally, Allianz Asset Management GmbH raised its position in Brown & Brown by 339.1% in the 4th quarter. Allianz Asset Management GmbH now owns 648,550 shares of the financial services provider’s stock worth $46,118,000 after purchasing an additional 500,847 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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.