Brown & Brown (NYSE:BRO) Reaches New 1-Year High – Time to Buy?

Brown & Brown, Inc. (NYSE:BRO) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $106.80 and last traded at $106.80, with a volume of 522 shares. The stock had previously closed at $105.94.

Wall Street Analysts Forecast Growth

BRO has been the subject of a number of recent research reports. Royal Bank of Canada raised their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Barclays assumed coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price objective for the company. Truist Financial upped their target price on shares of Brown & Brown from $112.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday. Keefe, Bruyette & Woods lifted their price target on Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research report on Friday, July 26th. Finally, Bank of America increased their price target on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $105.67.

Brown & Brown Trading Up 0.5 %

The stock has a market capitalization of $30.33 billion, a P/E ratio of 32.72, a PEG ratio of 2.45 and a beta of 0.83. The stock’s fifty day moving average price is $103.17 and its 200 day moving average price is $94.12. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35.

Brown & Brown (NYSE:BRO) last issued its 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. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the firm earned $0.68 EPS. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts forecast that Brown & Brown, Inc. will post 3.69 earnings per share for the current year.

Insiders Place Their Bets

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the transaction, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at $8,872,802.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by company insiders.

Institutional Trading of Brown & Brown

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Crewe Advisors LLC boosted its position in Brown & Brown by 330.4% during the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 228 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Brown & Brown in the 1st quarter valued at about $32,000. Alaska Permanent Fund Corp purchased a new position in shares of Brown & Brown in the 1st quarter worth approximately $36,000. First PREMIER Bank bought a new position in shares of Brown & Brown during the 1st quarter worth approximately $40,000. Finally, Larson Financial Group LLC lifted its position in Brown & Brown by 65.7% during the second quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 211 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Company Profile

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.