Analysts Issue Forecasts for Brown & Brown FY2024 Earnings

Brown & Brown, Inc. (NYSE:BRO) – Equities researchers at William Blair raised their FY2024 earnings per share (EPS) estimates for Brown & Brown in a note issued to investors on Tuesday, October 29th. William Blair analyst A. Klauber now anticipates that the financial services provider will earn $3.73 per share for the year, up from their previous estimate of $3.62. The consensus estimate for Brown & Brown’s current full-year earnings is $3.69 per share. William Blair also issued estimates for Brown & Brown’s Q4 2024 earnings at $0.75 EPS and FY2025 earnings at $4.11 EPS.

BRO has been the subject of several other reports. Bank of America increased their price objective on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. UBS Group raised their price objective on Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Raymond James upped their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada raised their price target on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $106.50.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $105.84 on Thursday. The stock has a market cap of $30.19 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 2.45 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. Brown & Brown has a fifty-two week low of $68.42 and a fifty-two week high of $107.67. The firm’s 50-day simple moving average is $104.09 and its 200 day simple moving average is $95.60.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. Brown & Brown’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period last year, the business earned $0.71 EPS.

Institutional Investors Weigh In On Brown & Brown

A number of institutional investors have recently made changes to their positions in the business. Radnor Capital Management LLC bought a new stake in Brown & Brown in the third quarter worth $538,000. Hanlon Investment Management Inc. bought a new stake in shares of Brown & Brown in the 3rd quarter valued at about $777,000. Geneva Partners LLC purchased a new stake in Brown & Brown during the 3rd quarter valued at about $509,000. Amalgamated Bank grew its position in Brown & Brown by 3.9% during the 3rd quarter. Amalgamated Bank now owns 51,483 shares of the financial services provider’s stock worth $5,334,000 after acquiring an additional 1,953 shares during the last quarter. Finally, QRG Capital Management Inc. increased its stake in Brown & Brown by 15.8% in the 3rd quarter. QRG Capital Management Inc. now owns 19,543 shares of the financial services provider’s stock worth $2,025,000 after purchasing an additional 2,664 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $8,872,802.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 16.43% of the stock is owned by company insiders.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend is Wednesday, November 6th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio (DPR) is 14.94%.

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.