Brown & Brown, Inc. (BRO) Increases Dividend to $0.15 Per Share
Brown & Brown, Inc. (NYSE:BRO) declared a quarterly dividend on Thursday, October 12th, RTT News reports. Stockholders of record on Friday, October 27th will be given a dividend of 0.15 per share by the financial services provider on Wednesday, November 8th. This represents a $0.60 annualized dividend and a dividend yield of 1.22%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.14.
Brown & Brown has increased its dividend by an average of 10.7% per year over the last three years and has increased its dividend every year for the last 16 years. Brown & Brown has a payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Brown & Brown to earn $2.01 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 26.9%.
Brown & Brown (BRO) traded up 0.59% during mid-day trading on Thursday, reaching $49.18. The company’s stock had a trading volume of 376,726 shares. Brown & Brown has a 1-year low of $36.04 and a 1-year high of $49.44. The stock has a market capitalization of $6.88 billion, a P/E ratio of 26.30 and a beta of 0.79. The stock’s 50 day moving average price is $46.92 and its 200 day moving average price is $44.09.
Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, July 17th. The financial services provider reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. Brown & Brown had a net margin of 14.52% and a return on equity of 11.10%. The company had revenue of $466.30 million during the quarter, compared to the consensus estimate of $465.48 million. During the same period in the previous year, the firm posted $0.47 earnings per share. The company’s revenue was up 4.4% on a year-over-year basis. Analysts expect that Brown & Brown will post $1.84 EPS for the current fiscal year.
Several equities research analysts have recently commented on BRO shares. BidaskClub cut shares of Brown & Brown from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Citigroup Inc. boosted their price objective on shares of Brown & Brown from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 13th. Wells Fargo & Company restated a “hold” rating on shares of Brown & Brown in a report on Monday, July 17th. Zacks Investment Research upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Thursday, July 20th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $43.00 price objective on shares of Brown & Brown in a report on Friday, August 18th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. Brown & Brown presently has a consensus rating of “Hold” and a consensus price target of $43.43.
In other news, EVP Anthony T. Strianese sold 18,870 shares of the business’s 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. 16.98% of the stock is owned by corporate insiders.
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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