Brown & Brown (NYSE:BRO) Reaches New 52-Week High After Earnings Beat

Brown & Brown, Inc. (NYSE:BRO) shares hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $94.49 and last traded at $94.49, with a volume of 845 shares. The stock had previously closed at $93.16.

The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.88 by $0.05. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a return on equity of 17.40% and a net margin of 21.95%. Brown & Brown’s revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 EPS.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend is Wednesday, August 7th. Brown & Brown’s payout ratio is currently 16.00%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. UBS Group boosted their target price on Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Wells Fargo & Company boosted their target price on Brown & Brown from $88.00 to $94.00 and gave the stock an “equal weight” rating in a report on Wednesday. Keefe, Bruyette & Woods upped their price objective on Brown & Brown from $80.00 to $82.00 and gave the stock an “underperform” rating in a report on Friday, May 3rd. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research report on Thursday, July 18th. Finally, Truist Financial increased their price objective on Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $94.90.

Insider Transactions at Brown & Brown

In other news, EVP Julie Turpin sold 3,350 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $89.92, for a total value of $301,232.00. Following the transaction, the executive vice president now directly owns 23,597 shares in the company, valued at approximately $2,121,842.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. &PARTNERS acquired a new stake in Brown & Brown during the 2nd quarter worth $1,567,000. Elser Financial Planning Inc acquired a new stake in Brown & Brown during the 2nd quarter worth $3,557,000. Fifth Third Bancorp raised its stake in Brown & Brown by 3.6% during the 2nd quarter. Fifth Third Bancorp now owns 5,758 shares of the financial services provider’s stock worth $515,000 after buying an additional 202 shares during the period. First Horizon Advisors Inc. raised its stake in Brown & Brown by 16.1% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,472 shares of the financial services provider’s stock worth $132,000 after buying an additional 204 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its stake in Brown & Brown by 27.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock worth $2,781,000 after buying an additional 6,675 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Price Performance

The firm has a market cap of $27.83 billion, a price-to-earnings ratio of 30.02, a P/E/G ratio of 2.47 and a beta of 0.82. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.52. The company has a 50 day moving average of $90.75 and a 200 day moving average of $85.09.

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.