Brown & Brown (NYSE:BRO) Posts Earnings Results, Misses Expectations By $0.02 EPS

Brown & Brown (NYSE:BRO) issued its quarterly earnings data on Monday. The financial services provider reported $1.07 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.02), FiscalAI reports. The business 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%.

Brown & Brown Stock Down 2.1%

Shares of NYSE:BRO traded down $1.53 during midday trading on Monday, reaching $71.44. The company had a trading volume of 5,119,873 shares, compared to its average volume of 2,933,343. Brown & Brown has a 1-year low of $53.81 and a 1-year high of $89.05. The stock has a market cap of $23.90 billion, a PE ratio of 22.54, a P/E/G ratio of 2.27 and a beta of 0.60. 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 price is $67.25 and its 200 day moving average price is $65.13.

Brown & Brown Increases Dividend

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

Analysts Set New Price Targets

Several research firms have recently weighed in on BRO. UBS Group reiterated a “neutral” rating and set a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a report on Wednesday, July 8th. Jefferies Financial Group restated a “hold” rating on shares of Brown & Brown in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their price objective on shares of Brown & Brown from $80.00 to $83.00 and gave the stock a “neutral” rating in a report on Thursday, October 1st. Morgan Stanley cut their price objective on shares of Brown & Brown from $60.00 to $55.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 6th. Finally, BMO Capital Markets boosted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned 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 a consensus rating of “Hold” and a consensus target price of $76.00.

About Brown & Brown

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.