Morgan Stanley Begins Coverage on Brown & Brown (NYSE:BRO)

Equities research analysts at Morgan Stanley assumed coverage on shares of Brown & Brown (NYSE:BRO) in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $134.00 price target on the financial services provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 20.56% from the company’s current price.

BRO has been the subject of a number of other reports. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Wells Fargo & Company raised their price objective on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Bank of America raised their price objective on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Argus initiated coverage on Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 price objective for the company. Finally, Truist Financial raised their price objective on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $109.46.

Brown & Brown Trading Down 0.2 %

Shares of BRO opened at $111.15 on Thursday. The business’s 50-day moving average price is $107.71 and its 200 day moving average price is $100.30. The stock has a market capitalization of $31.78 billion, a P/E ratio of 30.29, a P/E/G ratio of 2.56 and a beta of 0.84. Brown & Brown has a 1-year low of $69.13 and a 1-year high of $114.15. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. Brown & Brown’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the business posted $0.71 EPS. Analysts expect that Brown & Brown will post 3.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its position in Brown & Brown by 0.7% in the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock worth $1,144,893,000 after buying an additional 86,824 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Brown & Brown by 0.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock valued at $405,638,000 after purchasing an additional 28,180 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Brown & Brown by 24.6% during the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after purchasing an additional 687,783 shares during the period. Barclays PLC increased its position in shares of Brown & Brown by 17.8% during the third quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock valued at $255,537,000 after purchasing an additional 371,980 shares during the period. Finally, Royal London Asset Management Ltd. increased its position in shares of Brown & Brown by 105.1% during the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after purchasing an additional 1,059,711 shares during the period. 71.01% of the stock is owned by institutional investors.

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.