Brown & Brown, Inc. Forecasted to Post Q3 2024 Earnings of $0.86 Per Share (NYSE:BRO)

Brown & Brown, Inc. (NYSE:BRO) – William Blair decreased their Q3 2024 earnings per share (EPS) estimates for shares of Brown & Brown in a research report issued to clients and investors on Tuesday, April 23rd. William Blair analyst A. Klauber now anticipates that the financial services provider will earn $0.86 per share for the quarter, down from their prior forecast of $0.87. The consensus estimate for Brown & Brown’s current full-year earnings is $3.61 per share.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the business posted $0.84 EPS. The business’s revenue was up 12.7% compared to the same quarter last year.

A number of other equities research analysts have also recently issued reports on the company. Raymond James upped their price objective on Brown & Brown from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 26th. UBS Group upped their price objective on Brown & Brown from $75.00 to $81.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Jefferies Financial Group cut Brown & Brown from a “buy” rating to a “hold” rating and dropped their price target for the company from $85.00 to $78.00 in a research note on Tuesday, January 9th. Bank of America downgraded Brown & Brown from a “neutral” rating to an “underperform” rating and raised their price target for the company from $80.00 to $86.00 in a report on Wednesday, March 13th. Finally, Citigroup raised their price target on Brown & Brown from $89.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $87.10.

Brown & Brown Trading Down 1.0 %

Shares of Brown & Brown stock opened at $81.46 on Friday. Brown & Brown has a 12-month low of $61.71 and a 12-month high of $87.99. The stock has a market cap of $23.24 billion, a P/E ratio of 25.06, a P/E/G ratio of 2.25 and a beta of 0.78. The company has a quick ratio of 1.95, a current ratio of 1.97 and a debt-to-equity ratio of 0.52. The business’s 50 day moving average is $84.27 and its 200-day moving average is $77.13.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BRO. Norges Bank bought a new position in shares of Brown & Brown in the fourth quarter worth $217,663,000. Congress Asset Management Co. MA bought a new position in shares of Brown & Brown in the fourth quarter worth $82,445,000. The Manufacturers Life Insurance Company increased its position in shares of Brown & Brown by 76.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock worth $142,236,000 after purchasing an additional 865,082 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Brown & Brown by 1,861.7% in the third quarter. Assenagon Asset Management S.A. now owns 810,359 shares of the financial services provider’s stock worth $56,595,000 after purchasing an additional 769,051 shares during the period. Finally, Confluence Investment Management LLC bought a new position in shares of Brown & Brown in the first quarter worth $49,598,000. Institutional investors own 71.01% of the company’s stock.

Insider Transactions at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown 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 sale, the chairman now owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 17.02% of the company’s stock.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Friday, May 3rd. Brown & Brown’s dividend payout ratio is currently 16.00%.

About Brown & Brown

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.