Brown & Brown Inc. (BRO) Plans Quarterly Dividend of $0.14
Brown & Brown Inc. (NYSE:BRO) declared a quarterly dividend on Wednesday, October 12th. Investors of record on Friday, October 28th will be paid a dividend of 0.135 per share on Wednesday, November 9th. This represents a $0.54 dividend on an annualized basis and a yield of 1.44%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.12.
Brown & Brown (NYSE:BRO) opened at 37.61 on Thursday. The company has a 50-day moving average of $37.46 and a 200-day moving average of $36.33. Brown & Brown has a 52 week low of $28.41 and a 52 week high of $38.69. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 21.01 and a beta of 0.93.
Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, July 18th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. Brown & Brown had a net margin of 14.87% and a return on equity of 11.68%. The business earned $446.50 million during the quarter, compared to the consensus estimate of $439.70 million. During the same quarter last year, the firm earned $0.43 earnings per share. On average, equities analysts forecast that Brown & Brown will post $1.81 earnings per share for the current fiscal year.
Several equities research analysts have weighed in on BRO shares. Zacks Investment Research raised shares of Brown & Brown from a “sell” rating to a “buy” rating and set a $39.00 price target for the company in a research note on Tuesday, June 28th. BMO Capital Markets set a $38.00 price target on shares of Brown & Brown and gave the company a “hold” rating in a research note on Wednesday, July 20th. Citigroup Inc. lifted their price target on shares of Brown & Brown from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday. Compass Point lifted their price target on shares of Brown & Brown from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, July 20th. Finally, RBC Capital Markets reaffirmed a “sector perform” rating and issued a $37.00 price target (up from $35.00) on shares of Brown & Brown in a research note on Wednesday, July 20th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $35.67.
In related news, EVP Robert W. Lloyd sold 2,971 shares of the business’s stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $37.32, for a total transaction of $110,877.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 17.49% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Fund Advisors boosted its position in Brown & Brown by 5.1% in the second quarter. BlackRock Fund Advisors now owns 4,104,836 shares of the company’s stock valued at $153,808,000 after buying an additional 199,441 shares during the period. FMR LLC boosted its position in 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 last quarter. Martingale Asset Management L P boosted its position in 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 last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Brown & Brown by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,485,448 shares of the company’s stock worth $130,600,000 after buying an additional 63,315 shares during the last quarter. Finally, Raymond James & Associates boosted its position in 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 last quarter. Institutional investors and hedge funds own 72.81% of the company’s stock.
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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