Brown & Brown, Inc. (NYSE:BRO) Declares Quarterly Dividend of $0.17

Brown & Brown, Inc. (NYSE:BRO) announced a quarterly dividend on Wednesday, October 22nd. Shareholders of record on Wednesday, November 5th will be given a dividend of 0.165 per share by the financial services provider on Wednesday, November 12th. This represents a c) annualized dividend and a yield of 0.7%. The ex-dividend date is Wednesday, November 5th. This is a 10.0% increase from Brown & Brown’s previous quarterly dividend of $0.15.

Brown & Brown has a dividend payout ratio of 12.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Brown & Brown to earn $4.54 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 11.5%.

Brown & Brown Stock Up 1.0%

NYSE BRO opened at $89.14 on Thursday. The business has a fifty day moving average price of $93.85 and a two-hundred day moving average price of $103.23. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. Brown & Brown has a fifty-two week low of $86.79 and a fifty-two week high of $125.68. The stock has a market capitalization of $29.40 billion, a PE ratio of 25.69, a PEG ratio of 1.99 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the company earned $0.93 earnings per share. The company’s quarterly revenue was up 9.1% on a year-over-year basis. Equities analysts expect that Brown & Brown will post 4.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Paul J. Krump acquired 2,678 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. This trade represents a 100.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average price of $91.44 per share, with a total value of $91,440.00. Following the completion of the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at $457,200. This trade represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 17.02% of the company’s stock.

Institutional Trading of Brown & Brown

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bares Capital Management Inc. acquired a new stake in Brown & Brown in the first quarter valued at $26,000. ST Germain D J Co. Inc. boosted its position in Brown & Brown by 298.5% during the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 200 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in Brown & Brown during the second quarter valued at $30,000. Optimum Investment Advisors bought a new stake in Brown & Brown during the first quarter valued at $31,000. Finally, SouthState Corp boosted its position in Brown & Brown by 188.6% during the first quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 166 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.