Brown & Brown Inc. (BRO) Announces Quarterly Dividend of $0.14
Brown & Brown Inc. (NYSE:BRO) announced a quarterly dividend on Wednesday, October 12th. Shareholders of record on Friday, October 28th will be given a dividend of 0.135 per share on Wednesday, November 9th. This represents a $0.54 annualized dividend and a yield of 1.44%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.12.
Brown & Brown (NYSE:BRO) traded up 0.94% during mid-day trading on Wednesday, reaching $37.61. 415,697 shares of the company’s stock traded hands. Brown & Brown has a 12 month low of $28.41 and a 12 month high of $38.69. The stock has a market capitalization of $5.26 billion, a PE ratio of 21.01 and a beta of 0.93. The firm’s 50-day moving average price is $37.44 and its 200 day moving average price is $36.32.
Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, July 18th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. The firm earned $446.50 million during the quarter, compared to analysts’ expectations of $439.70 million. Brown & Brown had a return on equity of 11.68% and a net margin of 14.87%. During the same quarter in the prior year, the business earned $0.43 earnings per share. Equities research analysts predict that Brown & Brown will post $1.81 EPS for the current year.
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In other Brown & Brown news, EVP Robert W. Lloyd sold 2,971 shares of the stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $37.32, for a total transaction of $110,877.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 17.49% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisor Group Inc. bought a new position in Brown & Brown during the second quarter valued at about $848,000. Rhumbline Advisers raised its stake in shares of Brown & Brown by 6.5% in the second quarter. Rhumbline Advisers now owns 196,253 shares of the company’s stock worth $7,354,000 after buying an additional 12,049 shares during the period. Raymond James & Associates raised its stake in shares of Brown & Brown by 16.6% in the second quarter. Raymond James & Associates now owns 348,930 shares of the company’s stock worth $13,074,000 after buying an additional 49,645 shares during the period. FMR LLC raised its stake in shares of Brown & Brown by 2.0% in the second quarter. FMR LLC now owns 5,491,143 shares of the company’s stock worth $205,753,000 after buying an additional 107,098 shares during the period. Finally, Martingale Asset Management L P raised its stake in shares of Brown & Brown by 18.9% in the second quarter. Martingale Asset Management L P now owns 443,999 shares of the company’s stock worth $16,638,000 after buying an additional 70,710 shares during the period. Hedge funds and other institutional investors own 72.81% of the company’s stock.
A number of equities research analysts have issued reports on the company. Citigroup Inc. upped their target price on Brown & Brown from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday. RBC Capital Markets reaffirmed a “sector perform” rating and set a $37.00 target price (up previously from $35.00) on shares of Brown & Brown in a research report on Wednesday, July 20th. Compass Point upped their target price on Brown & Brown from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 20th. Royal Bank Of Canada increased their price objective on Brown & Brown from $35.00 to $37.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 20th. Finally, Barclays PLC increased their price objective on Brown & Brown from $31.00 to $33.00 and gave the company an “underweight” rating in a research report on Friday, September 30th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $35.67.
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 customers with non-investment insurance contracts, as well as other targeted, customized risk management products and services.
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