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

Brown & Brown (NYSE:BRO) announced its earnings results on Monday. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.07, Briefing.com reports. Brown & Brown had a net margin of 20.44% and a return on equity of 15.46%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the firm posted $0.84 earnings per share. Brown & Brown’s revenue was up 12.7% compared to the same quarter last year.

Brown & Brown Stock Up 0.4 %

BRO stock opened at $82.51 on Tuesday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.58. Brown & Brown has a twelve month low of $60.00 and a twelve month high of $87.99. The company’s 50 day moving average is $84.23 and its two-hundred day moving average is $76.82. The stock has a market cap of $23.54 billion, a P/E ratio of 26.96, a PEG ratio of 2.47 and a beta of 0.78.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Brown & Brown from $75.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, April 10th. Wells Fargo & Company raised their price objective on shares of Brown & Brown from $81.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. The Goldman Sachs Group raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and reduced their target price for the company from $84.00 to $83.00 in a report on Monday, January 8th. Jefferies Financial Group cut shares of Brown & Brown from a “buy” rating to a “hold” rating and reduced their target price for the company from $85.00 to $78.00 in a report on Tuesday, January 9th. Finally, Raymond James raised their target price on shares of Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $86.80.

Insiders Place Their Bets

In other news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the transaction, the chairman now directly owns 37,460,605 shares of the company’s stock, valued at approximately $3,220,113,605.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.