Brown & Brown (NYSE:BRO) Posts Quarterly Earnings Results

Brown & Brown (NYSE:BRO) announced its quarterly earnings results on Monday. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.88 by $0.05, RTT News reports. Brown & Brown had a net margin of 21.95% and a return on equity of 17.40%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the business earned $0.68 earnings per share. Brown & Brown’s revenue was up 12.5% compared to the same quarter last year.

Brown & Brown Price Performance

NYSE:BRO traded down $0.11 during trading hours on Wednesday, reaching $97.94. 1,028,831 shares of the company’s stock were exchanged, compared to its average volume of 1,260,392. The company has a market capitalization of $27.94 billion, a P/E ratio of 30.00, a price-to-earnings-growth ratio of 2.47 and a beta of 0.82. Brown & Brown has a 12 month low of $66.73 and a 12 month high of $99.08. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.52. The business’s 50-day simple moving average is $90.75 and its two-hundred day simple moving average is $85.09.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date is Wednesday, August 7th. Brown & Brown’s payout ratio is 16.00%.

Analyst Upgrades and Downgrades

Several 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 company an “outperform” rating in a report on Wednesday. Citigroup increased their price objective on shares of Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Wells Fargo & Company increased their price objective on shares of Brown & Brown from $88.00 to $94.00 and gave the company an “equal weight” rating in a report on Wednesday. Bank of America upgraded shares of Brown & Brown from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $91.00 to $101.00 in a report on Wednesday, May 22nd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Brown & Brown from $80.00 to $82.00 and gave the company an “underperform” rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $94.90.

Insider Buying and Selling

In related news, EVP Julie Turpin sold 3,350 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $89.92, for a total value of $301,232.00. Following the completion of the transaction, the executive vice president now owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 17.02% of the stock is currently owned by insiders.

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.