Brown & Brown, Inc. (NYSE:BRO) Announces Quarterly Dividend of $0.13

Brown & Brown, Inc. (NYSE:BRO) announced a quarterly dividend on Monday, April 22nd, Zacks reports. Stockholders of record on Monday, May 6th will be paid a dividend of 0.13 per share by the financial services provider on Wednesday, May 15th. This represents a $0.52 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Friday, May 3rd.

Brown & Brown has increased its dividend payment by an average of 11.0% annually over the last three years and has raised its dividend every year for the last 30 years. Brown & Brown has a dividend payout ratio of 13.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Brown & Brown to earn $3.90 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 13.3%.

Brown & Brown Trading Up 1.4 %

Shares of NYSE:BRO opened at $82.70 on Thursday. The business’s 50-day moving average is $84.22 and its 200 day moving average is $77.41. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 1.97. Brown & Brown has a 1 year low of $61.71 and a 1 year high of $87.99. The firm has a market capitalization of $23.59 billion, a P/E ratio of 25.45, a P/E/G ratio of 2.23 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.22 billion. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The company’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 earnings per share. On average, research analysts predict that Brown & Brown will post 3.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 144,323 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the completion of the transaction, the chairman now directly owns 37,460,605 shares in the company, valued at approximately $3,220,113,605.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.02% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BRO has been the subject of several research reports. UBS Group lifted their price objective on shares of Brown & Brown from $75.00 to $81.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research note on Sunday, March 17th. Bank of America cut Brown & Brown from a “neutral” rating to an “underperform” rating and raised their price objective for the stock from $80.00 to $86.00 in a research note on Wednesday, March 13th. Royal Bank of Canada upped their target price on Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. Finally, The Goldman Sachs Group raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $84.00 to $83.00 in a research report on Monday, January 8th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $87.10.

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.