William Blair Weighs in on Brown & Brown, Inc.’s Q3 2024 Earnings (NYSE:BRO)

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

A number of other research firms have also issued reports on BRO. Jefferies Financial Group lowered shares of Brown & Brown from a “buy” rating to a “hold” rating and lowered their target price for the company from $85.00 to $78.00 in a research note on Tuesday, January 9th. Bank of America cut shares of Brown & Brown from a “neutral” rating to an “underperform” rating and lifted their price target for the stock from $80.00 to $86.00 in a research report on Wednesday, March 13th. Wells Fargo & Company lifted their price objective on shares of Brown & Brown from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Royal Bank of Canada lifted their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. Finally, Raymond James lifted their price target on shares of Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Brown & Brown presently has a consensus rating of “Hold” and a consensus price target of $87.10.

Brown & Brown Stock Down 1.0 %

Brown & Brown stock opened at $81.45 on Friday. The firm’s 50 day moving average price is $84.29 and its two-hundred day moving average price is $77.06. Brown & Brown has a twelve month low of $61.71 and a twelve month high of $87.99. The firm has a market cap of $23.24 billion, a PE ratio of 25.06, a P/E/G ratio of 2.25 and a beta of 0.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.95 and a current ratio of 1.97.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.07 by $0.07. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.22 billion. Brown & Brown had a net margin of 21.09% and a return on equity of 16.43%. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.84 EPS.

Institutional Trading of Brown & Brown

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Brown & Brown during the fourth quarter valued at approximately $217,663,000. Congress Asset Management Co. MA purchased a new stake in shares of Brown & Brown during the fourth quarter valued at approximately $82,445,000. The Manufacturers Life Insurance Company boosted its stake in shares of Brown & Brown by 76.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock valued at $142,236,000 after purchasing an additional 865,082 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Brown & Brown by 1,861.7% during the third quarter. Assenagon Asset Management S.A. now owns 810,359 shares of the financial services provider’s stock valued at $56,595,000 after acquiring an additional 769,051 shares in the last quarter. Finally, Confluence Investment Management LLC bought a new position in shares of Brown & Brown during the first quarter valued at approximately $49,598,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown stock in a transaction dated 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 in the company, valued at approximately $3,220,113,605.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 17.02% of the company’s stock.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, May 6th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.64%. The ex-dividend date is Friday, May 3rd. Brown & Brown’s dividend payout ratio (DPR) 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.