Brown & Brown FY2024 EPS Estimate Raised by William Blair

Brown & Brown, Inc. (NYSE:BRO) – Equities research analysts at William Blair lifted their FY2024 EPS estimates for shares of Brown & Brown in a report issued on Tuesday, October 29th. William Blair analyst A. Klauber now forecasts that the financial services provider will post earnings per share of $3.73 for the year, up from their prior forecast of $3.62. The consensus estimate for Brown & Brown’s current full-year earnings is $3.69 per share. William Blair also issued estimates for Brown & Brown’s Q4 2024 earnings at $0.75 EPS and FY2025 earnings at $4.11 EPS.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.71 EPS.

Several other analysts also recently commented on the stock. UBS Group lifted their target price on shares of Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Jefferies Financial Group lifted their target price on shares of Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Company lifted their target price on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods lifted their target price on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. Finally, Bank of America lifted their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown has an average rating of “Hold” and a consensus target price of $106.50.

Brown & Brown Stock Performance

Shares of BRO stock opened at $104.64 on Thursday. The company has a market capitalization of $29.92 billion, a price-to-earnings ratio of 28.51, a PEG ratio of 2.45 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. The company has a 50-day simple moving average of $104.14 and a 200 day simple moving average of $95.67. Brown & Brown has a 52 week low of $68.42 and a 52 week high of $107.67.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.57%. Brown & Brown’s payout ratio is presently 16.35%.

Insider Activity

In other news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the transaction, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the transaction, the chief financial officer now owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.02% of the company’s stock.

Hedge Funds Weigh In On Brown & Brown

Several hedge funds and other institutional investors have recently made changes to their positions in BRO. Wealth Enhancement Advisory Services LLC increased its position in Brown & Brown by 5.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 10,185 shares of the financial services provider’s stock worth $892,000 after purchasing an additional 506 shares in the last quarter. State of Alaska Department of Revenue increased its position in Brown & Brown by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock worth $2,243,000 after purchasing an additional 125 shares in the last quarter. First Trust Direct Indexing L.P. increased its position in Brown & Brown by 14.1% during the 1st quarter. First Trust Direct Indexing L.P. now owns 4,392 shares of the financial services provider’s stock worth $384,000 after purchasing an additional 543 shares in the last quarter. Legacy Wealth Asset Management LLC increased its position in Brown & Brown by 15.6% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 3,907 shares of the financial services provider’s stock worth $342,000 after purchasing an additional 528 shares in the last quarter. Finally, Norden Group LLC increased its position in Brown & Brown by 71.2% during the 1st quarter. Norden Group LLC now owns 6,214 shares of the financial services provider’s stock worth $544,000 after purchasing an additional 2,584 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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.