Truist analyst Mark Hughes raised the firm’s price target on Brown & Brown to $92 from $85 and keeps a Buy rating on the shares after its Q4 earnings beat. The company’s organic growth would have been 9.9%, 220 bps better than reported, but the management announced a change in reinsurance in the National Programs segment, which served to reduce revenue by $19M, the analyst tells investors in a research note. The new reinsurance program is expected to reduce volatility in 2024 however, with the new expected loss in a large storm seen at $15M-$20M rather than $25M previously, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on BRO:
- Brown & Brown price target raised to $80 from $77 at BofA
- Brown & Brown, Inc. announces fourth quarter 2023 results, including total revenues of $1,026.2 million, an increase of 13.8%; Organic Revenue growth of 7.7%; diluted net income per share of $0.94; Diluted Net Income Per Share – Adjusted of $0.58; and a new alignment of its businesses into three segments
- Brown & Brown up 2.5% after Q4 earnings beat at $77.20
- Brown & Brown reports Q4 EPS 58c, consensus 53c
- Options Volatility and Implied Earnings Moves Today, January 22, 2024
