Brown & Brown, Inc. (NYSE:BRO) Forecasted to Post FY2024 Earnings of $3.62 Per Share

Brown & Brown, Inc. (NYSE:BRO) – Stock analysts at William Blair boosted their FY2024 EPS estimates for Brown & Brown in a research note issued on Tuesday, September 24th. William Blair analyst A. Klauber now anticipates that the financial services provider will post earnings per share of $3.62 for the year, up from their previous forecast of $3.60. The consensus estimate for Brown & Brown’s current full-year earnings is $3.68 per share. William Blair also issued estimates for Brown & Brown’s FY2025 earnings at $4.04 EPS.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (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 analysts’ expectations of $1.14 billion. During the same period in the previous year, the firm posted $0.68 earnings per share. The business’s revenue was up 12.5% compared to the same quarter last year.

Several other brokerages have also recently issued reports on BRO. UBS Group upped their target price on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Wells Fargo & Company upgraded Brown & Brown from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $94.00 to $112.00 in a research report on Monday, August 12th. Citigroup boosted their price objective on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Argus started coverage on shares of Brown & Brown in a research note on Tuesday. They set a “buy” rating and a $120.00 target price for the company. Finally, StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $101.67.

Brown & Brown Stock Down 0.3 %

Shares of BRO opened at $102.66 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. The stock has a market capitalization of $29.28 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 2.37 and a beta of 0.83. Brown & Brown has a 1 year low of $66.73 and a 1 year high of $106.02. The business’s 50 day simple moving average is $101.68 and its 200-day simple moving average is $92.45.

Institutional Investors Weigh In On Brown & Brown

Institutional investors have recently added to or reduced their stakes in the business. Congress Asset Management Co. MA acquired a new position in shares of Brown & Brown in the 4th quarter valued at $82,445,000. Royal London Asset Management Ltd. increased its holdings in shares of Brown & Brown by 105.1% in the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after purchasing an additional 1,059,711 shares during the period. The Manufacturers Life Insurance Company raised its stake 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 last quarter. Confluence Investment Management LLC acquired a new stake in shares of Brown & Brown during the first quarter worth about $49,598,000. Finally, Allianz Asset Management GmbH boosted its position in Brown & Brown by 339.1% in the fourth quarter. Allianz Asset Management GmbH now owns 648,550 shares of the financial services provider’s stock valued at $46,118,000 after buying an additional 500,847 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Activity

In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction dated 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 of the company’s stock, valued at $8,872,802.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the transaction, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction 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 disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.52 annualized dividend and a yield of 0.51%. Brown & Brown’s dividend payout ratio (DPR) is presently 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.