Brown & Brown (NYSE:BRO) Issues Earnings Results

Brown & Brown (NYSE:BRO) released its earnings results on Monday. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01), FiscalAI reports. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion.

Brown & Brown Trading Up 2.9%

Brown & Brown stock traded up $1.97 during mid-day trading on Monday, hitting $69.63. The company’s stock had a trading volume of 2,780,187 shares, compared to its average volume of 3,252,780. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. The stock has a market cap of $23.60 billion, a price-to-earnings ratio of 22.39, a price-to-earnings-growth ratio of 3.12 and a beta of 0.60. The business has a 50 day moving average price of $62.28 and a 200-day moving average price of $66.65. Brown & Brown has a 12 month low of $53.81 and a 12 month high of $104.10.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, August 12th. Brown & Brown’s dividend payout ratio (DPR) is presently 21.22%.

Insider Activity

In related news, Director H Palmer Proctor, Jr. acquired 2,000 shares of Brown & Brown stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average cost of $57.10 per share, with a total value of $114,200.00. Following the completion of the purchase, the director owned 47,621 shares of the company’s stock, valued at $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 13.13% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

Institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC grew its position in Brown & Brown by 38.3% during the 1st quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock worth $4,132,000 after acquiring an additional 9,264 shares during the last quarter. Focus Partners Wealth lifted its position in Brown & Brown by 5.2% in the first quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock valued at $1,387,000 after purchasing an additional 547 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Brown & Brown by 1,824.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider’s stock valued at $5,888,000 after purchasing an additional 50,344 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Brown & Brown by 27.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider’s stock valued at $116,000 after purchasing an additional 223 shares during the period. Finally, Cary Street Partners Financial LLC boosted its stake in shares of Brown & Brown by 60.9% during the second quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 353 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BRO. The Goldman Sachs Group boosted their target price on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. JPMorgan Chase & Co. cut their price objective on Brown & Brown from $81.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, July 13th. Citigroup reaffirmed an “outperform” rating on shares of Brown & Brown in a research note on Friday, July 10th. Finally, UBS Group reiterated a “neutral” rating and set a $73.00 target price (up from $65.00) on shares of Brown & Brown in a research report on Wednesday, July 8th. Five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $78.62.

About Brown & Brown

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.