The Brown & Brown Inc. (BRO) Plans Quarterly Dividend of $0.14

The Brown & Brown Inc. (BRO) Plans Quarterly Dividend of $0.14

Brown & Brown Inc. (NYSE:BRO) declared a quarterly dividend on Wednesday, October 12th. Shareholders of record on Friday, October 28th will be given a dividend of 0.135 per share on Wednesday, November 9th. This represents a $0.54 dividend on an annualized basis and a yield of 1.44%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.12.

Brown & Brown (NYSE:BRO) opened at 37.61 on Thursday. The stock has a market capitalization of $5.26 billion, a PE ratio of 21.01 and a beta of 0.93. Brown & Brown has a 1-year low of $28.41 and a 1-year high of $38.69. The firm has a 50-day moving average of $37.46 and a 200-day moving average of $36.33.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 18th. The company reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.05. Brown & Brown had a net margin of 14.87% and a return on equity of 11.68%. The business earned $446.50 million during the quarter, compared to analyst estimates of $439.70 million. During the same period in the prior year, the business earned $0.43 EPS. Equities analysts expect that Brown & Brown will post $1.81 EPS for the current fiscal year.

BRO has been the subject of several research reports. Royal Bank Of Canada upped their price objective on shares of Brown & Brown from $35.00 to $37.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 20th. JPMorgan Chase & Co. began coverage on shares of Brown & Brown in a research note on Tuesday, June 28th. They issued an “underweight” rating and a $32.00 price target for the company. Compass Point increased their price target on shares of Brown & Brown from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 20th. Zacks Investment Research upgraded shares of Brown & Brown from a “sell” rating to a “buy” rating and set a $39.00 price target for the company in a research note on Tuesday, June 28th. Finally, BMO Capital Markets set a $38.00 price target on shares of Brown & Brown and gave the stock a “hold” rating in a research note on Wednesday, July 20th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $35.67.

In other news, EVP Robert W. Lloyd sold 2,971 shares of the firm’s stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $37.32, for a total transaction of $110,877.72. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 17.49% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC increased its stake in shares of Brown & Brown by 1.1% in the second quarter. Parametric Portfolio Associates LLC now owns 77,561 shares of the company’s stock worth $2,906,000 after buying an additional 858 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Brown & Brown by 5.5% in the second quarter. Ameritas Investment Partners Inc. now owns 18,376 shares of the company’s stock worth $689,000 after buying an additional 953 shares during the last quarter. American International Group Inc. increased its stake in shares of Brown & Brown by 0.9% in the second quarter. American International Group Inc. now owns 225,104 shares of the company’s stock worth $8,435,000 after buying an additional 2,081 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Brown & Brown by 2.6% in the second quarter. Alliancebernstein L.P. now owns 88,181 shares of the company’s stock worth $3,304,000 after buying an additional 2,250 shares during the last quarter. Finally, Profund Advisors LLC increased its stake in shares of Brown & Brown by 17.0% in the second quarter. Profund Advisors LLC now owns 17,055 shares of the company’s stock worth $639,000 after buying an additional 2,473 shares during the last quarter. 72.81% of the stock is currently owned by hedge funds and other institutional investors.

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