Brown & Brown (NYSE:BRO) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Brown & Brown (NYSE:BRO) announced its quarterly earnings data on Monday. The financial services provider reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01), FiscalAI reports. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.76 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the business earned $1.05 EPS.

Brown & Brown Stock Down 2.1%

BRO traded down $1.53 during trading on Monday, hitting $71.44. 5,370,850 shares of the company’s stock were exchanged, compared to its average volume of 2,933,676. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average is $67.25 and its two-hundred day moving average is $65.13. Brown & Brown has a fifty-two week low of $53.81 and a fifty-two week high of $89.05. The stock has a market cap of $23.90 billion, a P/E ratio of 22.54, a PEG ratio of 2.27 and a beta of 0.60.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th will be issued a dividend of $0.18 per share. The ex-dividend date is Wednesday, November 4th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. This represents a $0.72 annualized dividend and a yield of 1.0%. Brown & Brown’s dividend payout ratio is currently 20.82%.

Analysts Set New Price Targets

BRO has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upgraded shares of Brown & Brown from an “underperform” rating to an “outperform” rating and set a $77.00 price target for the company in a report on Monday, October 12th. The Goldman Sachs Group lifted their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Citizens Jmp dropped their price objective on shares of Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating on the stock in a report on Monday, October 12th. Finally, Weiss Ratings raised shares of Brown & Brown from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Brown & Brown currently has an average rating of “Hold” and a consensus target price of $76.00.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.