Brown & Brown (NYSE:BRO) Issues Earnings Results, Misses Estimates By $0.01 EPS

Brown & Brown (NYSE:BRO) posted its quarterly earnings results on Monday. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01), FiscalAI reports. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The business’s revenue was up 30.4% compared to the same quarter last year. During the same period last year, the company posted $1.03 earnings per share.

Brown & Brown Price Performance

BRO stock opened at $69.63 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. Brown & Brown has a 12 month low of $53.81 and a 12 month high of $104.10. The firm has a market cap of $23.60 billion, a P/E ratio of 22.39, a P/E/G ratio of 3.12 and a beta of 0.60. The company’s 50-day moving average price is $62.50 and its two-hundred day moving average price is $66.58.

Brown & Brown Announces Dividend

The business also recently declared 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. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. Brown & Brown’s dividend payout ratio (DPR) is presently 21.22%.

Insider Buying and Selling

In other Brown & Brown news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was bought at an average price of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 13.13% of the stock is currently owned by corporate insiders.

Institutional Trading of Brown & Brown

Several hedge funds and other institutional investors have recently made changes to their positions in BRO. AQR Capital Management LLC boosted 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 buying an additional 9,264 shares during the period. Focus Partners Wealth lifted its holdings in Brown & Brown by 5.2% during the 1st quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock worth $1,387,000 after buying an additional 547 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings 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 acquiring an additional 50,344 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Brown & Brown by 27.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider’s stock valued at $116,000 after acquiring an additional 223 shares during the last quarter. Finally, Cary Street Partners Financial LLC raised its holdings in Brown & Brown by 60.9% during the 2nd quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 353 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group increased their price target on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Truist Financial decreased their price target on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Wells Fargo & Company lowered their price target on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a report on Thursday, July 9th. Barclays raised their price objective on shares of Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Finally, Royal Bank Of Canada lowered their target price on Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 29th. Five equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell 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 $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.