Bank of America upgrades Brown & Brown (NYSE:BRO) to Neutral

Brown & Brown (NYSE:BRO – Get Free Report) was upgraded by Bank of America equity researchers from an “underperform” rating to a “neutral” rating in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage now has a price target of $101.00 for the financial services provider’s stock, down from the previous price target of $91.00. Bank of America’s price target indicates a potential upside of 13.34% from the company’s current price.

Several other brokerages also commented on BRO. Wells Fargo & Company raised their target price on shares of Brown & Brown from $84.00 to $85.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 24. Raymond James raised their price target on Brown & Brown from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, March 26th. Royal Bank of Canada increased their price target on Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, March 20. Truist Financial raised their target price on shares of Brown & Brown from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Wednesday, April 24. Finally, UBS Group increased their price target on shares of Brown & Brown from $75.00 to $81.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. One equity research analyst rated the company with a sell rating, five rated the company with a hold rating, and five rated the company with a buy rating. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $88.80.

See our latest research report on BRO

Brown & Brown Stocks Down 2.2%

BRO shares opened Wednesday at $89.11. The company’s fifty-day moving average price is $85.07 and its two-hundred-day moving average price is $79.40. Brown & Brown has a 1-year low of $61.71 and a 1-year high of $91.70. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt to equity ratio of 0.52. The company has a market capitalization of $25.42 billion, a P/E ratio of 27.42, a PEG ratio of 2.46 and a beta of 0.79.

Brown & Brown (NYSE:BRO – Get Free Report) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, $0.07 above the consensus estimate of $1.07. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.22 billion. Brown & Brown achieved a net margin of 21.09% and a return on equity of 16.43%. Brown & Brown revenues increased 12.7% year-over-year. During the same period last year, the company saw an EPS of $0.84. On average, equity analysts predict that Brown & Brown will report EPS of 3.61 for the current fiscal year.

Confidential activity

In other Brown & Brown news, Hyatt CEO J. Brown sold 144,323 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total transaction amount of $12,406,005.08. Following the completion of the transaction, the CEO now owns 37,460,605 shares of the company’s stock, valued at approximately $3,220,113,605.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC’s website. 17.02% of shares are owned by corporate insiders.

Institutional inflows and outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BRO. The Alaska Department of Revenue increased its position in Brown & Brown by 0.5% during the first quarter. The Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock valued at $2,243,000 after purchasing an additional 125 shares in the last quarter. Legacy Capital Wealth Partners LLC increased its holdings in shares of Brown & Brown by 2.6% during the 4th quarter. Legacy Capital Wealth Partners LLC now owns 6,316 shares of the financial services provider’s stock valued at $449,000 after purchasing an additional 158 shares in the last quarter. Tributary Capital Management LLC increased its position in shares of Brown & Brown by 1.1% during the fourth quarter. Tributary Capital Management LLC now owns 16,677 shares of the financial services provider’s stock valued at $1,186,000 after purchasing an additional 174 shares in the last quarter. In the fourth quarter, First Horizon Advisors Inc. strengthened its position in Brown & Brown shares by 22.8%. First Horizon Advisors Inc. now owns 1,008 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 187 shares in the last quarter. Finally, Summit Financial LLC raised its position in Brown & Brown by 6.0% in the 3rd quarter. Summit Financial LLC now owns 3,395 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 191 shares in the last quarter. 71.01% of the shares are held by institutional investors and hedge funds.

About Brown and Brown

(Get the 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 in four segments: Retail, Domestic Programs, Wholesale Brokerage and Services. The Retail Segment offers products in the field of property and casualty insurance, employee benefits, personal insurance, specialized insurance products, risk management strategies, loss control research and analysis, consulting and claims management services.

Brown & Brown Stocks Down 2.2%

Confidential activity

Institutional inflows and outflows

About Brown and Brown

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