Brown & Brown (NYSE:BRO) Releases Earnings Results, Beats Estimates By $0.03 EPS

Brown & Brown (NYSE:BRO) issued its quarterly earnings results on Monday. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03, Briefing.com reports. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. Brown & Brown’s revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.71 EPS.

Brown & Brown Stock Performance

BRO stock traded up $3.21 during midday trading on Tuesday, hitting $106.56. The stock had a trading volume of 548,676 shares, compared to its average volume of 1,317,272. Brown & Brown has a 52 week low of $67.65 and a 52 week high of $107.67. The firm has a market capitalization of $30.40 billion, a price-to-earnings ratio of 30.13, a P/E/G ratio of 2.45 and a beta of 0.83. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56. The stock has a 50-day simple moving average of $104.03 and a 200 day simple moving average of $95.29.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio (DPR) is presently 14.94%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada increased their price objective on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Jefferies Financial Group increased their price objective on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. UBS Group lifted their target price on Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Truist Financial raised their price target on shares of Brown & Brown from $112.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, Argus assumed coverage on Brown & Brown in a report on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $105.67.

Insider Buying and Selling

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Company insiders own 16.43% of the company’s stock.

About Brown & Brown

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.