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

Brown & Brown, Inc. (NYSE:BRO) declared a quarterly dividend on Monday, April 22nd, Zacks reports. Shareholders of record on Monday, May 6th will be given 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 every year for the last 30 years. Brown & Brown has a dividend payout ratio of 13.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Brown & Brown to earn $3.90 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 13.3%.

Brown & Brown Price Performance

BRO opened at $82.70 on Thursday. The firm has a market capitalization of $23.59 billion, a P/E ratio of 25.45, a PEG ratio of 2.23 and a beta of 0.79. The stock has a fifty day moving average of $84.22 and a 200-day moving average of $77.41. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.52. Brown & Brown has a 12-month low of $61.71 and a 12-month high of $87.99.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.07. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the business earned $0.84 EPS. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. Equities analysts forecast that Brown & Brown will post 3.62 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on BRO shares. Truist Financial raised their price target on shares of Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Royal Bank of Canada lifted their target price on shares of Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. Jefferies Financial Group downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating and dropped their price target for the stock from $85.00 to $78.00 in a research note on Tuesday, January 9th. UBS Group lifted their price objective on Brown & Brown from $75.00 to $81.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Finally, Raymond James boosted their target price on 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 given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $87.10.

Insiders Place Their Bets

In other news, Chairman Hyatt J. Brown sold 144,323 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the transaction, the chairman now owns 37,460,605 shares of the company’s stock, valued at approximately $3,220,113,605.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 17.02% of the company’s stock.

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.