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

Brown & Brown, Inc. (NYSE:BRO) announced 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 increased its dividend payment by an average of 11.0% annually over the last three years and has increased its dividend every year for the last 30 years. Brown & Brown has a dividend payout ratio of 13.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Down 1.0 %

Shares of Brown & Brown stock traded down $0.84 on Wednesday, hitting $82.09. The company had a trading volume of 221,360 shares, compared to its average volume of 1,325,693. The stock has a market capitalization of $23.42 billion, a price-to-earnings ratio of 25.16, a P/E/G ratio of 2.48 and a beta of 0.78. 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 $84.30 and a 200-day moving average of $76.99. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.95 and a current ratio of 1.95.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on BRO shares. Keefe, Bruyette & Woods increased their price objective on Brown & Brown from $75.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 10th. Citigroup upped their target price on Brown & Brown from $89.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. UBS Group upped their target price on Brown & Brown from $75.00 to $81.00 and gave the company a “neutral” rating in a report on Monday, January 29th. Wells Fargo & Company upped their target price on Brown & Brown from $84.00 to $85.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Raymond James upped their target price on Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $87.10.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the completion of the transaction, the chairman now directly owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 16.43% of the stock is owned by corporate insiders.

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.