Brown & Brown (BRO) Hits New 12-Month High and Low After Analyst Upgrade
Brown & Brown (NYSE:BRO) shares reached a new 52-week high and low during mid-day trading on Friday after Raymond James raised their price target on the stock from $29.00 to $30.00. Raymond James currently has an outperform rating on the stock. Brown & Brown traded as low as $27.55 and last traded at $27.55, with a volume of 313335 shares changing hands. The stock had previously closed at $27.42.
A number of other research analysts also recently issued reports on the stock. Wells Fargo set a $26.00 target price on shares of Brown & Brown and gave the company a “hold” rating in a research report on Monday, April 23rd. Zacks Investment Research downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Wednesday, April 4th. Morgan Stanley boosted their target price on shares of Brown & Brown from $12.50 to $25.00 and gave the company an “underweight” rating in a research report on Tuesday, April 3rd. Barclays restated a “sell” rating and set a $23.00 target price (down from $46.00) on shares of Brown & Brown in a research report on Friday, March 30th. Finally, ValuEngine downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Thursday, March 29th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $25.45.
In other Brown & Brown news, Chairman Hyatt J. Brown sold 140,000 shares of the company’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $52.85, for a total value of $7,399,000.00. Following the completion of the transaction, the chairman now owns 27,957 shares in the company, valued at $1,477,527.45. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Hyatt J. Brown sold 35,561 shares of the company’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $53.13, for a total transaction of $1,889,355.93. Following the completion of the transaction, the chairman now owns 27,957 shares of the company’s stock, valued at approximately $1,485,355.41. The disclosure for this sale can be found here. Corporate insiders own 17.12% of the company’s stock.
The stock has a market capitalization of $7,394.38, a price-to-earnings ratio of 28.64, a PEG ratio of 2.23 and a beta of 0.69. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.94 and a current ratio of 1.03.
Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, April 23rd. The financial services provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. Brown & Brown had a net margin of 21.92% and a return on equity of 12.04%. The firm had revenue of $501.50 million during the quarter, compared to the consensus estimate of $491.00 million. During the same quarter in the prior year, the firm earned $0.22 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. research analysts expect that Brown & Brown will post 1.2 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 18th. Investors of record on Wednesday, May 9th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, May 8th. This represents a $0.30 annualized dividend and a dividend yield of 1.08%. Brown & Brown’s dividend payout ratio (DPR) is presently 31.25%.
Brown & Brown Company Profile
Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.
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