Brown & Brown, Inc. (NYSE:BRO) – Equities researchers at William Blair lowered their Q4 2017 EPS estimates for Brown & Brown in a research note issued on Tuesday. William Blair analyst A. Klauber now forecasts that the financial services provider will post earnings of $0.41 per share for the quarter, down from their prior estimate of $0.42. William Blair also issued estimates for Brown & Brown’s Q2 2018 earnings at $0.51 EPS, Q3 2018 earnings at $0.54 EPS, Q4 2018 earnings at $0.43 EPS, FY2018 earnings at $1.93 EPS and FY2019 earnings at $2.10 EPS.
Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 16th. The financial services provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.49 by $0.04. The company had revenue of $475.60 million during 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 for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.50 earnings per share.
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BRO has been the subject of several other reports. BidaskClub lowered shares of Brown & Brown from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Wells Fargo & Company reiterated a “hold” rating on shares of Brown & Brown in a research note on Tuesday, August 15th. Citigroup Inc. raised 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. Barclays PLC raised 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. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $43.00 price objective on shares of Brown & Brown in a research note on Friday, August 18th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. Brown & Brown has a consensus rating of “Hold” and a consensus price target of $44.22.
Brown & Brown (BRO) traded down 0.49% during midday trading on Thursday, hitting $48.70. 91,802 shares of the stock traded hands. Brown & Brown has a 52 week low of $36.05 and a 52 week high of $49.62. The stock’s 50-day moving average price is $47.60 and its 200-day moving average price is $44.34. The stock has a market capitalization of $6.79 billion, a P/E ratio of 25.62 and a beta of 0.79.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 8th. Shareholders of record on Friday, October 27th will be paid a dividend of $0.15 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Thursday, October 26th. Brown & Brown’s dividend payout ratio (DPR) is currently 28.57%.
In other Brown & Brown news, EVP Anthony T. Strianese sold 18,870 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $44.49, for a total transaction of $839,526.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 16.98% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Crow Point Partners LLC grew its stake in shares of Brown & Brown by 38.4% in the third quarter. Crow Point Partners LLC now owns 8,885 shares of the financial services provider’s stock worth $429,000 after acquiring an additional 2,467 shares during the period. Tandem Investment Advisors Inc. grew its stake in shares of Brown & Brown by 12.0% in the second quarter. Tandem Investment Advisors Inc. now owns 230,055 shares of the financial services provider’s stock worth $9,908,000 after acquiring an additional 24,576 shares during the period. BB&T Investment Services Inc. bought a new stake in shares of Brown & Brown in the second quarter worth approximately $434,000. Ameritas Investment Partners Inc. grew its stake in shares of Brown & Brown by 1.7% in the second quarter. Ameritas Investment Partners Inc. now owns 34,420 shares of the financial services provider’s stock worth $1,482,000 after acquiring an additional 582 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in shares of Brown & Brown in the second quarter worth approximately $382,000. Hedge funds and other institutional investors own 72.18% of the company’s stock.
About Brown & Brown
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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