Brown & Brown, Inc. (NYSE:BRO) to Issue Quarterly Dividend of $0.13

Brown & Brown, Inc. (NYSE:BRO) declared a quarterly dividend on Monday, April 22nd, Zacks reports. Investors of record on Monday, May 6th will be paid a dividend of 0.13 per share by the financial services provider on Wednesday, May 15th. This represents a $0.52 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend is Friday, May 3rd.

Brown & Brown has raised its dividend by an average of 11.0% per year over the last three years and has raised its dividend annually for the last 30 consecutive years. Brown & Brown has a payout ratio of 13.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Brown & Brown to earn $3.86 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 13.5%.

Brown & Brown Price Performance

NYSE:BRO traded down $0.99 during midday trading on Wednesday, hitting $81.94. The company had a trading volume of 162,117 shares, compared to its average volume of 1,324,915. Brown & Brown has a 52-week low of $60.00 and a 52-week high of $87.99. The stock’s fifty day moving average price is $84.30 and its 200-day moving average price is $76.99. The company has a market capitalization of $23.38 billion, a PE ratio of 25.23, a P/E/G ratio of 2.48 and a beta of 0.78. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.07. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.22 billion. Brown & Brown had a net margin of 21.09% and a return on equity of 16.82%. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 earnings per share. As a group, research analysts expect that Brown & Brown will post 3.55 earnings per share for the current year.

Insider Activity at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the sale, the chairman now owns 37,460,605 shares in the company, valued at $3,220,113,605.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 16.43% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BRO has been the subject of several recent research reports. StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Sunday, March 17th. Jefferies Financial Group downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating and lowered their price target for the stock from $85.00 to $78.00 in a research note on Tuesday, January 9th. Citigroup upped their price objective on shares of Brown & Brown from $89.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Truist Financial upped their price objective on shares of Brown & Brown from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Raymond James upped their price objective on shares of Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and an average price target of $87.00.

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.