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

Brown & Brown (NYSE:BROGet Rating) posted its earnings results on Tuesday. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.04, MarketWatch Earnings reports. Brown & Brown had a net margin of 18.42% and a return on equity of 14.67%. The firm had revenue of $901.40 million during the quarter, compared to the consensus estimate of $897.98 million. During the same period last year, the firm posted $0.42 EPS. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis.

Brown & Brown Trading Up 0.4 %

Shares of BRO stock opened at $61.96 on Tuesday. The stock has a market cap of $17.55 billion, a price-to-earnings ratio of 28.04 and a beta of 0.74. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.94. Brown & Brown has a fifty-two week low of $52.91 and a fifty-two week high of $74.00. The firm’s 50 day moving average price is $58.26 and its two-hundred day moving average price is $60.61.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Friday, February 3rd will be given a dividend of $0.115 per share. The ex-dividend date is Thursday, February 2nd. This represents a $0.46 dividend on an annualized basis and a yield of 0.74%. Brown & Brown’s dividend payout ratio (DPR) is 20.81%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Friday, October 28th. Morgan Stanley lowered their price target on shares of Brown & Brown from $69.00 to $65.00 and set an “equal weight” rating for the company in a report on Tuesday, November 22nd. Citigroup assumed coverage on shares of Brown & Brown in a report on Wednesday, December 14th. They set a “neutral” rating and a $62.00 price target for the company. Royal Bank of Canada lowered their price target on shares of Brown & Brown from $66.00 to $62.00 and set a “sector perform” rating for the company in a report on Wednesday, October 26th. Finally, Wells Fargo & Company lowered their target price on shares of Brown & Brown from $66.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, October 26th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $66.40.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. lifted its position in shares of Brown & Brown by 658.3% during the second quarter. Goldman Sachs Group Inc. now owns 2,975,944 shares of the financial services provider’s stock worth $173,617,000 after purchasing an additional 2,583,481 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Brown & Brown by 431.3% during the first quarter. Wellington Management Group LLP now owns 814,770 shares of the financial services provider’s stock worth $58,883,000 after purchasing an additional 661,425 shares in the last quarter. National Pension Service lifted its position in shares of Brown & Brown by 1,482,265.4% during the first quarter. National Pension Service now owns 385,415 shares of the financial services provider’s stock worth $27,854,000 after purchasing an additional 385,389 shares in the last quarter. Invesco Ltd. lifted its position in shares of Brown & Brown by 9.7% during the first quarter. Invesco Ltd. now owns 3,207,698 shares of the financial services provider’s stock worth $231,821,000 after purchasing an additional 284,786 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Brown & Brown by 345.9% during the second quarter. Millennium Management LLC now owns 353,535 shares of the financial services provider’s stock worth $20,625,000 after purchasing an additional 274,258 shares in the last quarter. 69.52% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Company Profile

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Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.

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Earnings History for Brown & Brown (NYSE:BRO)

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