Brown & Brown, Inc. (BRO) to Post Q2 2018 Earnings of $0.53 Per Share, SunTrust Banks Forecasts

Brown & Brown, Inc. (NYSE:BRO) – Stock analysts at SunTrust Banks decreased their Q2 2018 earnings estimates for Brown & Brown in a report released on Tuesday. SunTrust Banks analyst M. Hughes now forecasts that the financial services provider will earn $0.53 per share for the quarter, down from their prior estimate of $0.54. SunTrust Banks also issued estimates for Brown & Brown’s Q3 2018 earnings at $0.57 EPS and FY2018 earnings at $2.01 EPS.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 16th. The financial services provider reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.04. The business had revenue of $475.60 million during the quarter, compared to the consensus estimate of $475.13 million. Brown & Brown had a return on equity of 10.99% and a net margin of 14.66%. Brown & Brown’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company earned $0.50 EPS.

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Several other analysts also recently commented on BRO. BidaskClub cut shares of Brown & Brown from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Citigroup Inc. lifted their price objective on shares of Brown & Brown from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, July 13th. Wells Fargo & Company reissued a “hold” rating on shares of Brown & Brown in a research note on Monday, July 17th. Zacks Investment Research raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $43.00 price target on shares of Brown & Brown in a research note on Friday, August 18th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. Brown & Brown presently has a consensus rating of “Hold” and a consensus price target of $44.22.

Brown & Brown (NYSE BRO) traded down 0.10% during midday trading on Thursday, hitting $48.89. The stock had a trading volume of 161,371 shares. Brown & Brown has a 52 week low of $36.05 and a 52 week high of $49.62. The company has a market capitalization of $6.82 billion, a PE ratio of 25.72 and a beta of 0.79. The company’s 50-day moving average price is $47.60 and its 200 day moving average price is $44.34.

Large investors have recently modified their holdings of the stock. Comerica Bank raised its holdings in Brown & Brown by 0.9% during the second quarter. Comerica Bank now owns 90,104 shares of the financial services provider’s stock worth $3,987,000 after purchasing an additional 772 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Brown & Brown by 5.9% during the second quarter. Russell Investments Group Ltd. now owns 83,762 shares of the financial services provider’s stock worth $3,607,000 after purchasing an additional 4,652 shares in the last quarter. Prudential Financial Inc. raised its holdings in Brown & Brown by 48.5% during the second quarter. Prudential Financial Inc. now owns 257,442 shares of the financial services provider’s stock worth $11,088,000 after purchasing an additional 84,120 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in Brown & Brown by 2.6% during the second quarter. Mutual of America Capital Management LLC now owns 99,331 shares of the financial services provider’s stock worth $4,278,000 after purchasing an additional 2,518 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in Brown & Brown by 5.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 467,704 shares of the financial services provider’s stock worth $20,145,000 after purchasing an additional 26,188 shares in the last quarter. 72.18% of the stock is currently owned by hedge funds and other institutional investors.

In other Brown & Brown news, EVP Anthony T. Strianese sold 10,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $44.59, for a total transaction of $445,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 16.98% of the company’s stock.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 8th. Stockholders of record on Friday, October 27th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.23%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, October 26th. Brown & Brown’s dividend payout ratio is 28.57%.

About Brown & Brown

Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.

Earnings History and Estimates for Brown & Brown (NYSE:BRO)

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