JP Morgan Initiates Coverage on Brown & Brown to Underweight

JP Morgan Initiates Coverage on Brown & Brown(NYSE:BRO). The shares have been rated Underweight. The rating by JP Morgan was issued on Jun 28, 2016.

In a different note, On Apr 8, 2016, Citigroup said it Maintains its rating on Brown & Brown. In the research note, the firm Raises the price-target to $34.00 per share. The shares have been rated ‘Neutral’ by the firm.

Brown & Brown (BRO) shares turned negative on Fridays trading session with the shares closing down -0.37 points or -0.99% at a volume of 8,16,796. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $37.5. The peak price level was also seen at $37.5 while the days lowest was $36.925. Finally the shares closed at $37.1. The 52-week high of the shares is $37.5 while the 52-week low is $28.41. According to the latest information available, the market cap of the company is $5,195 M.

Brown & Brown(BRO) last announced its earnings results on Apr 18, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $424.20M. Analysts had an estimated revenue of $426.62M. Earnings per share were $0.44. Analysts had estimated an EPS of $0.42.

Several Insider Transactions has been reported to the SEC. On Jun 27, 2016, Richard Freebourn (EVP and People Officer) sold 27,569 shares at $35.69 per share price.Also, On May 26, 2016, Anthony T Strianese (EVP and Pres. Wholesale Div.) sold 2,700 shares at $35.64 per share price.On Mar 15, 2016, Jerome Scott Penny (Chief Acquisitions Officer) sold 15,000 shares at $33.39 per share price, according to the Form-4 filing with the securities and exchange commission.

Brown & Brown Inc. is a diversified insurance agency wholesale brokerage insurance programs and service organization. The Company markets and sells insurance products and services in the property casualty and employee benefits areas. The Company’s has four operating segments: the Retail Division provides insurance products and services to commercial public entity professional and individual customers; the National Programs Division provides professional liability and related package products for certain professionals and markets targeted products and services to industries trade groups public entities and market niches; the Wholesale Brokerage Division markets and sells excess and surplus commercial and personal insurance and reinsurance through agents and brokers; and the Services Division provides customers with thirdparty claims administration consulting for the workers compensation insurance market comprehensive medical utilization management services.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *