Brown & Brown, Inc. (NYSE:BRO) Raises Dividend to $0.15 Per Share

Brown & Brown, Inc. (NYSE:BRO) announced a quarterly dividend on Wednesday, October 23rd, RTT News reports. Investors of record on Wednesday, November 6th will be paid a dividend of 0.15 per share by the financial services provider on Wednesday, November 13th. This represents a $0.60 annualized dividend and a yield of 0.57%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13.

Brown & Brown has a payout ratio of 12.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Brown & Brown to earn $4.01 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 13.0%.

Brown & Brown Trading Up 0.5 %

Shares of NYSE:BRO opened at $106.02 on Thursday. The company has a market cap of $30.24 billion, a P/E ratio of 32.62, a PEG ratio of 2.50 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. Brown & Brown has a 1 year low of $67.06 and a 1 year high of $107.67. The stock’s fifty day moving average price is $103.91 and its 200-day moving average price is $94.93.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the company earned $0.68 earnings per share. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. Sell-side analysts expect that Brown & Brown will post 3.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BRO shares. Royal Bank of Canada raised their price objective on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Bank of America raised their price target on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods raised their price target on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a report on Friday, July 26th. Argus initiated coverage on Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 target price for the company. Finally, Truist Financial raised their price target on Brown & Brown from $112.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Brown & Brown has a consensus rating of “Hold” and a consensus target price of $105.67.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. 17.02% of the stock is owned by company 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.