Brown & Brown Inc. (BRO) Receives Average Recommendation of “Hold” from Brokerages
Shares of Brown & Brown Inc. (NYSE:BRO) have earned an average recommendation of “Hold” from the fourteen ratings firms that are covering the stock. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $35.91.
BRO has been the subject of a number of recent analyst reports. Royal Bank Of Canada raised their price objective on shares of Brown & Brown from $35.00 to $37.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 20th. Compass Point raised their price objective on shares of Brown & Brown from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, July 20th. Deutsche Bank AG downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating and set a $40.00 price objective for the company. in a research report on Monday, October 24th. BMO Capital Markets downgraded shares of Brown & Brown from a “market perform” rating to an “underperform” rating and reduced their price objective for the company from $39.00 to $37.00 in a research report on Friday, November 4th. Finally, Barclays PLC raised their price objective on shares of Brown & Brown from $30.00 to $31.00 and gave the company an “underweight” rating in a research report on Tuesday, July 19th.
Shares of Brown & Brown (NYSE:BRO) opened at 40.20 on Thursday. The stock has a 50 day moving average price of $37.31 and a 200-day moving average price of $36.63. Brown & Brown has a 52-week low of $28.41 and a 52-week high of $40.27. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 22.10 and a beta of 0.67.
Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Thursday, October 20th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.03. Brown & Brown had a return on equity of 11.80% and a net margin of 14.84%. The firm had revenue of $462.30 million for the quarter, compared to analyst estimates of $455.56 million. During the same quarter last year, the company posted $0.47 earnings per share. The business’s revenue was up 7.0% on a year-over-year basis. On average, equities research analysts predict that Brown & Brown will post $1.83 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 9th. Investors of record on Friday, October 28th were given a dividend of $0.135 per share. This is an increase from Brown & Brown’s previous quarterly dividend of $0.12. This represents a $0.54 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Wednesday, October 26th. Brown & Brown’s payout ratio is currently 29.67%.
In related news, EVP Robert W. Lloyd sold 2,971 shares of Brown & Brown stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $37.32, for a total transaction of $110,877.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 17.49% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Highbridge Capital Management LLC purchased a new stake in Brown & Brown during the third quarter valued at approximately $4,146,000. Clinton Group Inc. purchased a new stake in Brown & Brown during the third quarter valued at approximately $2,908,000. The Manufacturers Life Insurance Company purchased a new stake in Brown & Brown during the third quarter valued at approximately $5,947,000. TLP Group LLC purchased a new stake in Brown & Brown during the third quarter valued at approximately $113,000. Finally, Two Sigma Advisers LP purchased a new stake in Brown & Brown during the third quarter valued at approximately $234,000. Hedge funds and other institutional investors own 72.79% 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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