Mizuho Cuts Brown & Brown (NYSE:BRO) Price Target to $83.00

by · The Cerbat Gem

Brown & Brown (NYSE:BRO – Free Report) had its price objective lowered by Mizuho from $86.00 to $83.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other analysts also recently commented on BRO. Jefferies Financial Group reiterated a “hold” rating on shares of Brown & Brown in a report on Wednesday, July 29th. The Goldman Sachs Group boosted their target price on Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. upped their price target on Brown & Brown from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Morgan Stanley reaffirmed an “underweight” rating and issued a $60.00 price target (up from $56.00) on shares of Brown & Brown in a report on Wednesday, August 19th. Finally, Keefe, Bruyette & Woods lifted their price objective on Brown & Brown from $72.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $76.60.

Read Our Latest Report on Brown & Brown

Brown & Brown Stock Down 0.3%

Shares of BRO opened at $64.92 on Wednesday. The company has a market capitalization of $21.72 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 2.00 and a beta of 0.58. Brown & Brown has a 52 week low of $53.81 and a 52 week high of $96.55. The stock’s 50-day moving average price is $70.00 and its 200-day moving average price is $65.74. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO – Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. Brown & Brown’s revenue was up 30.4% on a year-over-year basis. During the same quarter last year, the business earned $1.03 earnings per share. On average, sell-side analysts predict that Brown & Brown will post 4.5 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s dividend payout ratio (DPR) is presently 20.82%.

Institutional Trading of Brown & Brown

Several hedge funds have recently added to or reduced their stakes in the company. Capital World Investors boosted its holdings in shares of Brown & Brown by 2.3% in the 4th quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider’s stock valued at $1,425,546,000 after buying an additional 407,006 shares in the last quarter. BlackRock Inc. acquired a new stake in Brown & Brown during the 2nd quarter worth $1,418,571,000. Principal Financial Group Inc. raised its stake in Brown & Brown by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider’s stock worth $1,017,847,000 after acquiring an additional 246,172 shares in the last quarter. Geode Capital Management LLC raised its stake in Brown & Brown by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider’s stock worth $631,495,000 after acquiring an additional 118,225 shares in the last quarter. Finally, Norges Bank purchased a new stake in Brown & Brown in the fourth quarter valued at $516,837,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

About Brown & Brown

(Get Free Report)

Brown & Brown, Inc is an independent insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk by providing insurance products and related advisory services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialty insurance programs. Brown & Brown also operates wholesale brokerage and managing general agency businesses, which provide specialized coverage and market access to retail insurance agents and brokers.

Founded in 1939 by J.

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