Q3 2017 EPS Estimates for Brown & Brown, Inc. (BRO) Lowered by Langen Mcalenn
Brown & Brown, Inc. (NYSE:BRO) – Analysts at Langen Mcalenn dropped their Q3 2017 earnings per share (EPS) estimates for Brown & Brown in a report issued on Monday. Langen Mcalenn analyst R. Glasspiegel now expects that the financial services provider will post earnings per share of $0.50 for the quarter, down from their previous forecast of $0.51.
BRO has been the topic of several other reports. BidaskClub lowered Brown & Brown from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Wells Fargo & Company reaffirmed a “hold” rating on shares of Brown & Brown in a research report on Tuesday, August 15th. Citigroup Inc. increased their target price on Brown & Brown from $45.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $43.00 target price on shares of Brown & Brown in a research report on Friday, August 18th. Finally, Zacks Investment Research lowered Brown & Brown from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $43.43.
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Brown & Brown (BRO) opened at 49.18 on Wednesday. Brown & Brown has a 12-month low of $36.05 and a 12-month high of $49.44. The stock’s 50 day moving average is $47.08 and its 200 day moving average is $44.13. The company has a market cap of $6.88 billion, a P/E ratio of 26.30 and a beta of 0.79.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 17th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, topping the 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 for the quarter, compared to the consensus estimate of $465.48 million. During the same quarter in the previous year, the firm posted $0.47 EPS. The business’s revenue was up 4.4% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Crow Point Partners LLC increased its holdings in Brown & Brown by 38.4% in the 3rd quarter. Crow Point Partners LLC now owns 8,885 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 2,467 shares in the last quarter. Tandem Investment Advisors Inc. increased its holdings in Brown & Brown by 12.0% in the 2nd quarter. Tandem Investment Advisors Inc. now owns 230,055 shares of the financial services provider’s stock valued at $9,908,000 after purchasing an additional 24,576 shares in the last quarter. BB&T Investment Services Inc. acquired a new stake in Brown & Brown in the 2nd quarter valued at $434,000. Ameritas Investment Partners Inc. increased its holdings in Brown & Brown by 1.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 34,420 shares of the financial services provider’s stock valued at $1,482,000 after purchasing an additional 582 shares in the last quarter. Finally, Nomura Holdings Inc. acquired a new stake in Brown & Brown in the 2nd quarter valued at $382,000. Hedge funds and other institutional investors own 72.18% of the company’s stock.
In related news, EVP Anthony T. Strianese sold 18,870 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $44.49, for a total value of $839,526.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 16.98% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 8th. Investors of record on Friday, October 27th will be given a $0.15 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a dividend yield of 1.22%. Brown & Brown’s dividend payout ratio (DPR) is 29.03%.
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 its customers with non-investment insurance contracts, as well as other customized risk management products and services.
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