Brown & Brown, Inc. (NYSE:BRO) Plans Quarterly Dividend of $0.13

Brown & Brown, Inc. (NYSE:BRO) declared a quarterly dividend on Monday, April 22nd, Zacks reports. Stockholders of record on Monday, May 6th will be paid a dividend of 0.13 per share by the financial services provider on Wednesday, May 15th. This represents a $0.52 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Friday, May 3rd.

Brown & Brown has raised its dividend by an average of 11.0% annually over the last three years and has raised its dividend annually for the last 30 consecutive years. Brown & Brown has a payout ratio of 13.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Brown & Brown to earn $3.86 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 13.5%.

Brown & Brown Price Performance

BRO traded down $0.82 during trading on Wednesday, reaching $82.11. The stock had a trading volume of 97,040 shares, compared to its average volume of 1,323,693. The firm has a market capitalization of $23.43 billion, a price-to-earnings ratio of 25.52, a price-to-earnings-growth ratio of 2.48 and a beta of 0.78. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.58. Brown & Brown has a 1-year low of $60.00 and a 1-year high of $87.99. The stock has a 50 day moving average of $84.26 and a two-hundred day moving average of $76.90.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.07. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Brown & Brown had a return on equity of 16.82% and a net margin of 21.09%. The firm’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 earnings per share. As a group, equities analysts anticipate that Brown & Brown will post 3.55 EPS for the current fiscal year.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the completion of the sale, the chairman now directly owns 37,460,605 shares in the company, valued at $3,220,113,605.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 16.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on BRO. Jefferies Financial Group downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating and cut their target price for the company from $85.00 to $78.00 in a research note on Tuesday, January 9th. The Goldman Sachs Group raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $84.00 to $83.00 in a research note on Monday, January 8th. Bank of America downgraded shares of Brown & Brown from a “neutral” rating to an “underperform” rating and upped their price target for the stock from $80.00 to $86.00 in a research note on Wednesday, March 13th. Citigroup upped their price target on shares of Brown & Brown from $89.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Finally, Truist Financial upped their price target on shares of Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued 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 $87.00.

Brown & Brown Company Profile

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