Brown & Brown FY2024 EPS Estimate Raised by William Blair

Brown & Brown, Inc. (NYSE:BRO) – Research analysts at William Blair boosted their FY2024 EPS estimates for Brown & Brown in a research report issued on Tuesday, October 29th. William Blair analyst A. Klauber now expects 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.

Several other analysts have also recently commented on BRO. Truist Financial increased their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays initiated coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price target on the stock. StockNews.com cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Jefferies Financial Group increased their price target on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Bank of America raised their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Brown & Brown currently has a consensus rating of “Hold” and an average target price of $106.50.

Brown & Brown Price Performance

BRO opened at $104.64 on Thursday. Brown & Brown has a one year low of $68.42 and a one year high of $107.67. 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 company’s 50 day simple moving average is $104.14 and its 200-day simple moving average is $95.67. The stock has a market capitalization of $29.92 billion, a P/E ratio of 28.51, a price-to-earnings-growth ratio of 2.45 and a beta of 0.83.

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

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, November 6th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.57%. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Insiders Place Their Bets

In other Brown & Brown news, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at $8,872,802.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Institutional Investors Weigh In On Brown & Brown

A number of hedge funds and other institutional investors have recently made changes to their positions in BRO. Royal London Asset Management Ltd. raised its holdings in shares of Brown & Brown by 105.1% during the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after acquiring an additional 1,059,711 shares during the period. The Manufacturers Life Insurance Company increased its stake in Brown & Brown by 24.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after buying an additional 687,783 shares during the last quarter. Capital World Investors increased its stake in Brown & Brown by 50.5% in the 1st quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock valued at $123,714,000 after buying an additional 473,982 shares during the last quarter. Natixis Advisors LLC increased its stake in Brown & Brown by 123.9% in the 2nd quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock valued at $65,597,000 after buying an additional 406,064 shares during the last quarter. Finally, Truist Financial Corp increased its stake in Brown & Brown by 392.3% in the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after buying an additional 376,892 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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.