Brown & Brown (NYSE:BRO) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Brown & Brown (NYSE:BROGet Rating) posted its earnings results on Monday. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.04, MarketWatch Earnings reports. The business had revenue of $901.40 million for the quarter, compared to analyst estimates of $897.98 million. Brown & Brown had a net margin of 18.42% and a return on equity of 14.67%. The business’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.42 EPS.

Brown & Brown Trading Down 5.2 %

Shares of BRO stock traded down $3.25 during trading hours on Tuesday, reaching $58.71. 2,641,181 shares of the stock traded hands, compared to its average volume of 1,193,507. Brown & Brown has a 1-year low of $52.91 and a 1-year high of $74.00. The business has a fifty day moving average price of $58.26 and a 200 day moving average price of $60.61. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $16.63 billion, a PE ratio of 26.33 and a beta of 0.74.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Friday, February 3rd will be issued a $0.115 dividend. The ex-dividend date is Thursday, February 2nd. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.78%. Brown & Brown’s payout ratio is currently 20.81%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Atlas Capital Advisors LLC bought a new stake in Brown & Brown in the second quarter worth approximately $52,000. Global Wealth Management Investment Advisory Inc. bought a new stake in Brown & Brown in the first quarter worth approximately $52,000. Covestor Ltd grew its position in Brown & Brown by 63.9% in the first quarter. Covestor Ltd now owns 1,536 shares of the financial services provider’s stock worth $111,000 after acquiring an additional 599 shares in the last quarter. Group One Trading L.P. bought a new stake in shares of Brown & Brown during the 1st quarter worth $201,000. Finally, Ethic Inc. bought a new stake in shares of Brown & Brown during the 1st quarter worth $207,000. Institutional investors and hedge funds own 69.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada dropped their target price on shares of Brown & Brown from $66.00 to $62.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 26th. Raymond James lowered their price objective on shares of Brown & Brown from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. Citigroup assumed coverage on shares of Brown & Brown in a research report on Wednesday, December 14th. They set a “neutral” rating and a $62.00 price objective for the company. Morgan Stanley lowered their price objective on shares of Brown & Brown from $69.00 to $65.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 22nd. Finally, UBS Group lowered their price objective on shares of Brown & Brown to $62.00 in a research report on Friday, November 4th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and a consensus target price of $66.40.

About Brown & Brown

(Get Rating)

Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.

See Also

Earnings History for Brown & Brown (NYSE:BRO)

Receive News & Ratings for Brown & Brown Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brown & Brown and related companies with MarketBeat.com's FREE daily email newsletter.