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

Brown & Brown, Inc. (NYSE:BRO) announced a quarterly dividend on Monday, April 22nd, Zacks reports. Investors 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 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend is Friday, May 3rd.

Brown & Brown has increased its dividend by an average of 11.0% annually over the last three years and has raised its dividend every year for the last 30 years. Brown & Brown has a dividend payout ratio of 13.4% indicating that 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 Trading Down 1.0 %

Shares of BRO stock traded down $0.82 on Wednesday, reaching $82.11. 97,040 shares of the company’s stock were exchanged, compared to its average volume of 1,323,693. Brown & Brown has a 52 week low of $60.00 and a 52 week high of $87.99. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $23.43 billion, a PE ratio of 25.52, a P/E/G ratio of 2.48 and a beta of 0.78. The company’s fifty day simple moving average is $84.26 and its 200 day simple moving average is $76.90.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results 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 16.82% and a net margin of 21.09%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company earned $0.84 EPS. Brown & Brown’s quarterly revenue was up 12.7% compared to the same quarter last year. As a group, analysts forecast that Brown & Brown will post 3.55 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Citigroup raised their price target on Brown & Brown from $89.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Bank of America downgraded Brown & Brown from a “neutral” rating to an “underperform” rating and raised their price objective for the stock from $80.00 to $86.00 in a report on Wednesday, March 13th. StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a report on Sunday, March 17th. Truist Financial raised their price objective on Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, The Goldman Sachs Group upgraded Brown & Brown from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $84.00 to $83.00 in a report on Monday, January 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $87.00.

Insider Transactions at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total value of $12,406,005.08. Following the sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 16.43% of the company’s stock.

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.