Brown & Brown Inc. (BRO) Hits New 12-Month High at $37.98
Brown & Brown Inc. (NYSE:BRO)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $37.98 and last traded at $37.86, with a volume of 162,076 shares. The stock had previously closed at $37.58.
A number of equities analysts have recently issued reports on the stock. Barclays PLC raised their target price on shares of Brown & Brown from $30.00 to $31.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 19th. Compass Point lifted their price objective on shares of Brown & Brown from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, July 20th. BMO Capital Markets set a $38.00 price objective on shares of Brown & Brown and gave the company a “hold” rating in a research report on Wednesday, July 20th. Zacks Investment Research upgraded shares of Brown & Brown from a “sell” rating to a “buy” rating and set a $39.00 price objective on the stock in a research report on Tuesday, June 28th. Finally, RBC Capital Markets reiterated a “sector perform” rating and issued a $37.00 price objective (up from $35.00) on shares of Brown & Brown in a research report on Wednesday, July 20th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Brown & Brown has an average rating of “Hold” and an average price target of $35.00.
The stock has a market capitalization of $5.30 billion and a price-to-earnings ratio of 21.20. The stock has a 50-day moving average of $36.78 and a 200-day moving average of $35.50.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 18th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.05. The firm had revenue of $446.50 million for the quarter, compared to analyst estimates of $439.70 million. During the same period in the prior year, the company posted $0.43 earnings per share. On average, analysts forecast that Brown & Brown Inc. will post $1.81 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Investors of record on Tuesday, August 9th were given a dividend of $0.1225 per share. This represents a $0.49 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Friday, August 5th.
In related news, EVP Richard Freebourn sold 27,569 shares of the company’s stock in a transaction on Friday, June 24th. The stock was sold at an average price of $35.69, for a total transaction of $983,937.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Anthony T. Strianese sold 1,444 shares of the company’s 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 disclosure for this sale can be found here.
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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