Brown & Brown (NYSE:BRO) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

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

Brown & Brown Trading Down 0.5 %

Brown & Brown stock traded down $0.49 during trading hours on Wednesday, reaching $97.56. 1,728,873 shares of the company’s stock were exchanged, compared to its average volume of 1,261,714. The firm has a market capitalization of $27.83 billion, a PE ratio of 30.00, a PEG ratio of 2.47 and a beta of 0.82. The firm’s 50 day simple moving average is $90.75 and its 200 day simple moving average is $85.09. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.52. Brown & Brown has a twelve month low of $66.73 and a twelve month high of $99.08.

Brown & Brown Dividend Announcement

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

Insider Transactions at Brown & Brown

In other news, EVP Julie Turpin sold 3,350 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $89.92, for a total transaction of $301,232.00. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 17.02% of the company’s stock.

Wall Street Analyst Weigh In

BRO has been the subject of several research analyst reports. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Thursday, July 18th. Keefe, Bruyette & Woods upped their price target on shares of Brown & Brown from $80.00 to $82.00 and gave the stock an “underperform” rating in a report on Friday, May 3rd. Truist Financial increased their price objective on Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada increased their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Raymond James increased their price objective on Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $94.90.

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.