Brown & Brown, Inc. markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services. It serves commercial, public and quasi-public entities, professional, and individual customers. The National Programs segment offers professional liability and related package insurance products for dentistry, legal, eyecare, insurance, financial, physicians, real estate title professionals, as well as supplementary insurance products related to weddings, events, medical facilities, and cyber liabilities. This segment also offers outsourced product development, marketing, underwriting, actuarial, compliance, and claims and other administrative services to insurance carrier partners; and commercial and public entity-related programs, and flood insurance products. It serves through independent agents. The Wholesale Brokerage segment markets and sells excess and surplus commercial and personal lines insurance through independent agents and brokers. The Services segment offers third-party claims administration and medical utilization management services in the workers' compensation and all-lines liability arenas, Medicare Set-aside, Social Security disability, Medicare benefits advocacy, and claims adjusting services. The company was founded in 1939 and is headquartered in Daytona Beach, Florida.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on BRO shares. Truist Financial lowered their target price on Brown & Brown from $82.00 to $75.00 in a research note on Monday, July 18th. The Goldman Sachs Group started coverage on shares of Brown & Brown in a report on Tuesday, July 12th. They issued a "neutral" rating and a $67.00 target price on the stock. UBS Group began coverage on shares of Brown & Brown in a report on Monday, April 18th. They set a "neutral" rating and a $76.00 price objective on the stock. Jefferies Financial Group reduced their price target on shares of Brown & Brown from $82.00 to $70.00 and set a "buy" rating on the stock in a research report on Tuesday, July 12th. Finally, Morgan Stanley reduced their price target on shares of Brown & Brown from $70.00 to $64.00 and set an "equal weight" rating on the stock in a research report on Monday, May 23rd. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Brown & Brown currently has an average rating of "Hold" and a consensus price target of $69.00.
Brown & Brown Price Performance
BRO Stock opened at $64.90 on Monday. The company's 50-day moving average price is $59.29 and its two-hundred day moving average price is $63.38. The company has a quick ratio of 3.90, a current ratio of 3.90 and a debt-to-equity ratio of 0.97. Brown & Brown has a 12 month low of $52.91 and a 12 month high of $74.00. The firm has a market cap of $18.33 billion, a P/E ratio of 30.05 and a beta of 0.80.
Brown & Brown (NYSE:BRO - Get Rating) last announced its quarterly earnings results on Monday, July 25th. The financial services provider reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.02. The business had revenue of $838.70 million during the quarter, compared to analyst estimates of $803.46 million. Brown & Brown had a net margin of 18.86% and a return on equity of 15.36%. Brown & Brown's quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.49 EPS. On average, analysts anticipate that Brown & Brown will post 2.31 earnings per share for the current fiscal year.
Brown & Brown Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 17th. Shareholders of record on Wednesday, August 10th will be given a dividend of $0.102 per share. This represents a $0.41 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Tuesday, August 9th. Brown & Brown's payout ratio is currently 18.98%.
Insider Activity
In other news, Director Lawrence L. Gellerstedt III acquired 1,800 shares of the stock in a transaction on Thursday, May 19th. The stock was acquired at an average price of $54.95 per share, with a total value of $98,910.00. Following the completion of the transaction, the director now owns 12,884 shares of the company's stock, valued at approximately $707,975.80. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 17.02% of the company's stock.