Brown & Brown, Inc. (NYSE:BRO) – Langen Mcalenn reduced their Q2 2018 earnings estimates for Brown & Brown in a research report issued to clients and investors on Monday. Langen Mcalenn analyst R. Glasspiegel now expects that the financial services provider will earn $0.55 per share for the quarter, down from their previous forecast of $0.64. Langen Mcalenn has a “Buy” rating on the stock. Langen Mcalenn also issued estimates for Brown & Brown’s Q1 2019 earnings at $0.64 EPS, Q2 2019 earnings at $0.61 EPS and Q3 2019 earnings at $0.80 EPS.
BRO has been the subject of several other reports. SunTrust Banks raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a report on Wednesday, December 6th. Wells Fargo & Co reissued a “hold” rating and set a $52.00 price target on shares of Brown & Brown in a report on Monday, January 22nd. Zacks Investment Research downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Citigroup set a $49.00 price target on shares of Brown & Brown and gave the company a “sell” rating in a report on Friday, February 9th. Finally, Royal Bank of Canada reissued a “hold” rating and set a $53.00 price target on shares of Brown & Brown in a report on Wednesday, January 24th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $48.63.
Brown & Brown shares are going to split on the morning of Thursday, March 29th. The 2-1 split was announced on Monday, February 26th. The newly minted shares will be issued to shareholders after the market closes on Wednesday, March 28th.
Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, January 22nd. The financial services provider reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The company had revenue of $474.30 million during the quarter, compared to the consensus estimate of $449.89 million. Brown & Brown had a net margin of 21.24% and a return on equity of 11.19%. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS.
Several hedge funds and other institutional investors have recently made changes to their positions in BRO. Citadel Advisors LLC grew its position in shares of Brown & Brown by 224.2% during the 4th quarter. Citadel Advisors LLC now owns 1,438,943 shares of the financial services provider’s stock worth $74,048,000 after buying an additional 995,031 shares during the period. Millennium Management LLC grew its holdings in Brown & Brown by 275.8% during the fourth quarter. Millennium Management LLC now owns 1,049,650 shares of the financial services provider’s stock valued at $54,015,000 after purchasing an additional 770,376 shares during the period. Deutsche Bank AG grew its holdings in Brown & Brown by 1,280.2% during the fourth quarter. Deutsche Bank AG now owns 757,949 shares of the financial services provider’s stock valued at $39,001,000 after purchasing an additional 703,032 shares during the period. Renaissance Technologies LLC grew its holdings in Brown & Brown by 28.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,855,300 shares of the financial services provider’s stock valued at $95,474,000 after purchasing an additional 414,200 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Brown & Brown during the fourth quarter valued at approximately $13,463,000. 72.22% of the stock is owned by institutional investors.
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Friday, February 2nd were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend was Thursday, February 1st. Brown & Brown’s dividend payout ratio is presently 21.43%.
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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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