Brown & Brown (NYSE:BRO) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Brown & Brown (NYSE:BRO) released its quarterly earnings results on Tuesday. The financial services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.07 by $0.07, Briefing.com reports. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the business earned $0.84 earnings per share. The company’s quarterly revenue was up 12.7% compared to the same quarter last year.

Brown & Brown Stock Down 1.0 %

Brown & Brown stock opened at $82.13 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.95 and a current ratio of 1.97. The firm has a market capitalization of $23.43 billion, a price-to-earnings ratio of 25.27, a price-to-earnings-growth ratio of 2.49 and a beta of 0.78. Brown & Brown has a fifty-two week low of $60.00 and a fifty-two week high of $87.99. The stock’s fifty day moving average is $84.30 and its two-hundred day moving average is $77.02.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.63%. The ex-dividend date is Friday, May 3rd. Brown & Brown’s dividend payout ratio (DPR) is 16.00%.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total value of $12,406,005.08. Following the sale, the chairman now owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.02% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BRO shares. Truist Financial upped their price target on Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Financial Group cut Brown & Brown from a “buy” rating to a “hold” rating and cut their price target for the stock from $85.00 to $78.00 in a research note on Tuesday, January 9th. Bank of America cut Brown & Brown from a “neutral” rating to an “underperform” rating and increased their price objective for the stock from $80.00 to $86.00 in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods increased their price objective on Brown & Brown from $75.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 10th. Finally, Citigroup increased their price objective on Brown & Brown from $89.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus target price of $87.10.

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.