Brown & Brown, Inc. (NYSE:BRO) Raises Dividend to $0.17 Per Share

Brown & Brown, Inc. (NYSE:BRO) announced a quarterly dividend on Wednesday, October 22nd. Shareholders of record on Wednesday, November 5th will be paid a dividend of 0.165 per share by the financial services provider on Wednesday, November 12th. This represents a c) dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Wednesday, November 5th. This is a 10.0% increase from Brown & Brown’s previous quarterly dividend of $0.15.

Brown & Brown has a payout ratio of 12.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Brown & Brown to earn $4.54 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 11.5%.

Brown & Brown Price Performance

BRO stock opened at $89.14 on Thursday. The stock has a market capitalization of $29.40 billion, a PE ratio of 25.69, a price-to-earnings-growth ratio of 1.99 and a beta of 0.79. The company’s 50-day moving average is $93.85 and its 200-day moving average is $103.23. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. Brown & Brown has a 1 year low of $86.79 and a 1 year high of $125.68.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.93 EPS. Equities research analysts expect that Brown & Brown will post 4.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BRO shares. Raymond James Financial reissued an “outperform” rating and set a $120.00 price objective (down previously from $125.00) on shares of Brown & Brown in a research report on Monday, August 4th. Barclays cut their price objective on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. Wells Fargo & Company dropped their price target on shares of Brown & Brown from $101.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 8th. Citigroup began coverage on shares of Brown & Brown in a research report on Wednesday, August 13th. They issued a “buy” rating and a $112.00 price target on the stock. Finally, BMO Capital Markets dropped their price target on shares of Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $109.92.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.