Brown & Brown, Inc. (BRO) Expected to Post Quarterly Sales of $501.29 Million

Wall Street analysts forecast that Brown & Brown, Inc. (NYSE:BRO) will announce sales of $501.29 million for the current quarter, Zacks reports. Five analysts have issued estimates for Brown & Brown’s earnings, with the highest sales estimate coming in at $537.50 million and the lowest estimate coming in at $479.53 million. Brown & Brown reported sales of $474.30 million in the same quarter last year, which indicates a positive year over year growth rate of 5.7%. The company is expected to issue its next earnings results on Monday, January 28th.

On average, analysts expect that Brown & Brown will report full-year sales of $2.01 billion for the current fiscal year, with estimates ranging from $1.98 billion to $2.04 billion. For the next fiscal year, analysts anticipate that the business will post sales of $2.33 billion, with estimates ranging from $2.24 billion to $2.36 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Brown & Brown.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 22nd. The financial services provider reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.04. Brown & Brown had a net margin of 23.15% and a return on equity of 12.36%. The company had revenue of $530.90 million for the quarter, compared to analysts’ expectations of $508.82 million. During the same quarter in the previous year, the business posted $0.27 earnings per share. Brown & Brown’s quarterly revenue was up 11.6% on a year-over-year basis.

Several brokerages recently weighed in on BRO. Citigroup set a $27.00 price target on shares of Brown & Brown and gave the stock a “sell” rating in a research report on Wednesday, September 19th. Zacks Investment Research upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research report on Tuesday, September 25th. Morgan Stanley boosted their price target on shares of Brown & Brown from $26.00 to $28.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 14th. Credit Suisse Group began coverage on shares of Brown & Brown in a research report on Tuesday, August 7th. They issued a “neutral” rating and a $31.00 price target on the stock. Finally, Wells Fargo & Co restated a “hold” rating and issued a $28.00 price target on shares of Brown & Brown in a research report on Monday, October 22nd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $29.45.

In other Brown & Brown news, EVP Anthony T. Strianese sold 2,000 shares of the business’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $28.66, for a total transaction of $57,320.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 17.12% of the company’s stock.

A number of hedge funds have recently bought and sold shares of BRO. Bruderman Asset Management LLC bought a new position in Brown & Brown during the second quarter valued at $117,000. Itau Unibanco Holding S.A. bought a new position in Brown & Brown during the second quarter valued at $144,000. Palladium Partners LLC bought a new position in Brown & Brown during the second quarter valued at $211,000. Virtu Financial LLC bought a new position in Brown & Brown during the third quarter valued at $215,000. Finally, PEAK6 Investments LLC bought a new position in Brown & Brown during the third quarter valued at $217,000. Institutional investors and hedge funds own 71.58% of the company’s stock.

BRO traded down $0.49 during trading hours on Tuesday, hitting $28.59. The company’s stock had a trading volume of 1,030,000 shares, compared to its average volume of 1,106,880. Brown & Brown has a 12 month low of $24.34 and a 12 month high of $31.55. The stock has a market capitalization of $8.10 billion, a PE ratio of 29.80, a P/E/G ratio of 2.34 and a beta of 0.75. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.96 and a current ratio of 0.96.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 7th. Shareholders of record on Friday, October 26th were given a dividend of $0.08 per share. This is a boost from Brown & Brown’s previous quarterly dividend of $0.08. The ex-dividend date was Thursday, October 25th. This represents a $0.32 dividend on an annualized basis and a yield of 1.12%. Brown & Brown’s payout ratio is 33.33%.

About Brown & Brown

Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.

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