Brown & Brown (NYSE:BRO) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

by · The Cerbat Gem

Brown & Brown (NYSE:BRO – Get Free Report) issued its earnings results on Monday. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02, Zacks reports. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%.

Brown & Brown Stock Performance

Brown & Brown stock traded up $0.46 during mid-day trading on Monday, reaching $79.64. 2,805,457 shares of the company were exchanged, compared to its average volume of 2,751,714. The firm’s 50-day simple moving average is $79.88 and its two-hundred day simple moving average is $88.31. Brown & Brown has a twelve month low of $76.17 and a twelve month high of $125.68. The firm has a market cap of $27.19 billion, a PE ratio of 23.85, a price-to-earnings-growth ratio of 1.85 and a beta of 0.81. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.10 and a current ratio of 2.10.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 11th. Shareholders of record on Wednesday, February 4th will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, February 4th. This represents a $0.66 annualized dividend and a yield of 0.8%. Brown & Brown’s dividend payout ratio is currently 19.76%.

Institutional Investors Weigh In On Brown & Brown

Several hedge funds have recently modified their holdings of BRO. Darwin Wealth Management LLC acquired a new position in Brown & Brown during the second quarter worth about $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Brown & Brown during the 3rd quarter worth approximately $76,000. MUFG Securities EMEA plc acquired a new stake in shares of Brown & Brown in the 2nd quarter worth approximately $92,000. Headlands Technologies LLC acquired a new stake in shares of Brown & Brown in the 2nd quarter worth approximately $100,000. Finally, Cary Street Partners Financial LLC increased its stake in Brown & Brown by 60.9% in the 2nd 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 in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BRO has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price objective on Brown & Brown from $79.00 to $80.00 and gave the company an “underperform” rating in a report on Tuesday, January 6th. Mizuho set a $89.00 price target on Brown & Brown and gave the company a “neutral” rating in a report on Monday, December 15th. Truist Financial dropped their price target on shares of Brown & Brown from $114.00 to $105.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. Barclays reduced their price target on shares of Brown & Brown from $84.00 to $83.00 and set an “equal weight” rating for the company in a research report on Thursday, January 8th. Finally, UBS Group decreased their price objective on shares of Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $98.67.

Check Out Our Latest Research Report on BRO

About Brown & Brown

(Get Free Report)

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.

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