Brown & Brown (NYSE:BRO) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Brown & Brown (NYSE:BRO) issued its quarterly earnings data 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. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm posted $0.71 EPS. Brown & Brown’s quarterly revenue was up 11.0% compared to the same quarter last year.

Brown & Brown Trading Up 0.8 %

NYSE BRO opened at $105.84 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. Brown & Brown has a twelve month low of $68.42 and a twelve month high of $107.67. The firm’s 50 day moving average price is $104.09 and its two-hundred day moving average price is $95.60. The stock has a market cap of $30.19 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 2.45 and a beta of 0.83.

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.57%. The ex-dividend date is Wednesday, November 6th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio is 14.94%.

Wall Street Analyst Weigh In

BRO has been the subject of several recent analyst reports. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Royal Bank of Canada raised their price objective on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday. Bank of America upped their target price on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Jefferies Financial Group boosted their price objective on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Truist Financial lifted their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $106.50.

Insider Activity

In other news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the transaction, the chief financial officer now directly owns 88,445 shares in the company, valued at $8,872,802.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the sale, the chief financial officer now owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction on Thursday, August 29th. The stock was 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. 16.43% of the stock is owned by corporate insiders.

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.