Keefe, Bruyette & Woods reissued their hold rating on shares of Brown & Brown, Inc. (NYSE:BRO) in a research report report published on Monday, October 16th. The firm currently has a $45.00 price target on the financial services provider’s stock.
Several other analysts also recently issued reports on BRO. BidaskClub raised shares of Brown & Brown from a sell rating to a hold rating in a report on Wednesday, August 16th. Wells Fargo & Company reaffirmed a hold rating on shares of Brown & Brown in a report on Tuesday, August 15th. Zacks Investment Research downgraded shares of Brown & Brown from a hold rating to a sell rating in a report on Monday, July 31st. Citigroup Inc. upped their price objective on shares of Brown & Brown from $45.00 to $46.00 and gave the company a neutral rating in a research note on Thursday, July 13th. Finally, Barclays PLC upped their price objective on shares of Brown & Brown from $39.00 to $43.00 and gave the company an underweight rating in a research note on Monday, October 16th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Brown & Brown has an average rating of Hold and an average price target of $44.75.
Shares of Brown & Brown (NYSE:BRO) opened at 49.38 on Monday. The firm has a 50 day moving average price of $48.12 and a 200-day moving average price of $44.61. The company has a market cap of $6.89 billion, a price-to-earnings ratio of 25.98 and a beta of 0.79. Brown & Brown has a 12-month low of $36.05 and a 12-month high of $50.24.
Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, October 16th. The financial services provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The firm had revenue of $475.60 million for the quarter, compared to the consensus estimate of $475.13 million. Brown & Brown had a net margin of 14.66% and a return on equity of 10.99%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.50 earnings per share. On average, equities analysts expect that Brown & Brown will post $1.88 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 8th. Stockholders of record on Friday, October 27th will be given a $0.15 dividend. The ex-dividend date is Thursday, October 26th. This represents a $0.60 annualized dividend and a dividend yield of 1.22%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.14. Brown & Brown’s dividend payout ratio is presently 28.57%.
In other news, EVP Anthony T. Strianese sold 18,870 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $44.49, for a total value of $839,526.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.98% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in Brown & Brown by 5,821.6% during the 1st quarter. BlackRock Inc. now owns 9,491,726 shares of the financial services provider’s stock valued at $395,994,000 after purchasing an additional 9,331,437 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Brown & Brown by 2,090.1% during the 1st quarter. Renaissance Technologies LLC now owns 1,086,300 shares of the financial services provider’s stock valued at $45,320,000 after purchasing an additional 1,036,700 shares in the last quarter. Vanguard Group Inc. grew its holdings in Brown & Brown by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 10,758,271 shares of the financial services provider’s stock valued at $448,836,000 after purchasing an additional 745,912 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Brown & Brown by 31.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,091,303 shares of the financial services provider’s stock valued at $90,072,000 after purchasing an additional 499,043 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Brown & Brown by 7.3% during the 2nd quarter. Wells Fargo & Company MN now owns 5,673,614 shares of the financial services provider’s stock valued at $244,362,000 after purchasing an additional 388,294 shares in the last quarter. 72.04% of the stock is owned by institutional investors.
Brown & Brown Company Profile
Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.
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