Wall Street analysts forecast that Brown & Brown (NYSE:BRO) will post sales of $492.02 million for the current quarter, Zacks reports. Five analysts have made estimates for Brown & Brown’s earnings, with the lowest sales estimate coming in at $480.72 million and the highest estimate coming in at $509.66 million. Brown & Brown reported sales of $465.10 million in the same quarter last year, which would suggest a positive year over year growth rate of 5.8%. The firm is expected to issue its next earnings report after the market closes on Monday, April 23rd.
On average, analysts expect that Brown & Brown will report full-year sales of $1.93 billion for the current year, with estimates ranging from $1.90 billion to $1.96 billion. For the next financial year, analysts forecast that the firm will report sales of $2.04 billion per share, with estimates ranging from $1.98 billion to $2.10 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that follow Brown & Brown.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, January 22nd. The financial services provider reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. Brown & Brown had a return on equity of 11.19% and a net margin of 21.24%. The firm had revenue of $474.30 million during the quarter, compared to analyst estimates of $449.89 million. During the same period last year, the company posted $0.21 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year.
A number of equities research analysts have recently weighed in on BRO shares. Morgan Stanley cut their price target on Brown & Brown from $50.00 to $25.00 and set an “underweight” rating for the company in a research note on Wednesday, March 28th. Zacks Investment Research downgraded Brown & Brown from a “hold” rating to a “sell” rating in a research note on Tuesday, March 27th. Barclays reaffirmed a “sell” rating and set a $23.00 price target (down from $46.00) on shares of Brown & Brown in a research note on Friday, March 30th. Wells Fargo reaffirmed a “hold” rating and set a $26.00 price target on shares of Brown & Brown in a research note on Monday, January 22nd. Finally, Citigroup set a $24.50 price target on Brown & Brown and gave the stock a “sell” rating in a research note on Friday, February 9th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $24.94.
In related news, Chairman Hyatt J. Brown sold 140,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $52.85, for a total value of $7,399,000.00. Following the transaction, the chairman now directly owns 27,957 shares of the company’s stock, valued at approximately $1,477,527.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Hyatt J. Brown sold 35,561 shares of the firm’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $53.13, for a total value of $1,889,355.93. Following the completion of the transaction, the chairman now directly owns 27,957 shares in the company, valued at $1,485,355.41. The disclosure for this sale can be found here. 17.12% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of BRO. California Public Employees Retirement System raised its stake in shares of Brown & Brown by 7.8% in the 3rd quarter. California Public Employees Retirement System now owns 327,465 shares of the financial services provider’s stock valued at $15,781,000 after acquiring an additional 23,665 shares in the last quarter. Simplex Trading LLC bought a new position in shares of Brown & Brown in the 4th quarter valued at approximately $101,000. Cutler Group LP raised its stake in shares of Brown & Brown by 212.2% in the 4th quarter. Cutler Group LP now owns 2,482 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 1,687 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Brown & Brown by 3.7% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 519,266 shares of the financial services provider’s stock valued at $26,722,000 after acquiring an additional 18,443 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new position in shares of Brown & Brown in the 4th quarter valued at approximately $360,000. 36.94% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE BRO opened at $25.95 on Friday. Brown & Brown has a one year low of $20.84 and a one year high of $26.93. The stock has a market cap of $7,234.53, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 2.12 and a beta of 0.69. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.94 and a quick ratio of 0.94.
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Brown & Brown Company Profile
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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