Brown & Brown Inc. (BRO) Reaches New 12-Month High at $37.52
Shares of Brown & Brown Inc. (NYSE:BRO) hit a new 52-week high on Monday . The company traded as high as $37.52 and last traded at $37.13, with a volume of 574,519 shares trading hands. The stock had previously closed at $37.34.
A number of analysts have weighed in on the company. Deutsche Bank AG reiterated a “buy” rating on shares of Brown & Brown in a research report on Sunday, April 17th. BMO Capital Markets reissued a “market perform” rating and issued a $37.00 price objective (up previously from $34.00) on shares of Brown & Brown in a research note on Tuesday. JPMorgan Chase & Co. started coverage on Brown & Brown in a research note on Tuesday, June 28th. They issued an “underweight” rating and a $32.00 price objective on the stock. Zacks Investment Research lowered Brown & Brown from a “hold” rating to a “sell” rating in a research note on Tuesday, June 21st. Finally, William Blair raised Brown & Brown from an “underperform” rating to a “market perform” rating in a research note on Monday, March 21st. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Brown & Brown currently has a consensus rating of “Hold” and a consensus price target of $33.70.
The stock has a market cap of $5.17 billion and a price-to-earnings ratio of 21.09. The stock’s 50-day moving average is $36.25 and its 200 day moving average is $33.97.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, April 18th. The company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.02. The company earned $424.20 million during the quarter, compared to analyst estimates of $425.86 million. During the same period in the prior year, the firm earned $0.39 earnings per share. Brown & Brown’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts forecast that Brown & Brown Inc. will post $1.77 EPS for the current fiscal year.
In other Brown & Brown news, EVP Anthony T. Strianese sold 1,444 shares of Brown & Brown stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $37.02, for a total value of $53,456.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Richard Freebourn sold 27,569 shares of Brown & Brown stock in a transaction on Friday, June 24th. The shares were sold at an average price of $35.69, for a total value of $983,937.61. The disclosure for this sale can be found here.
A number of institutional investors recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Brown & Brown by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 33,922 shares of the company’s stock valued at $1,089,000 after buying an additional 167 shares in the last quarter. US Bancorp DE raised its position in shares of Brown & Brown by 3.5% in the fourth quarter. US Bancorp DE now owns 39,001 shares of the company’s stock valued at $1,252,000 after buying an additional 1,321 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Brown & Brown by 16.5% in the fourth quarter. ProShare Advisors LLC now owns 41,385 shares of the company’s stock valued at $1,328,000 after buying an additional 5,876 shares during the last quarter. SECOR Capital Advisors LP acquired a new position in shares of Brown & Brown during the fourth quarter valued at about $1,470,000. Finally, Suntrust Banks Inc. raised its position in shares of Brown & Brown by 127.7% in the fourth quarter. Suntrust Banks Inc. now owns 73,317 shares of the company’s stock valued at $2,352,000 after buying an additional 41,111 shares during the last quarter.
Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services in the property, casualty and employee benefits areas. It provides customers with non-investment insurance contracts, as well as other targeted, customized risk management products and services.
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