Analyst Consensus ?
ConsensusHold31 ratings
Bullish1032.3%
Neutral2064.5%
Bearish13.2%
Brown & Brown, Inc. · BRO · FY2024 Q3 · Calendar Q4 2024
Brown & Brown: Q3 growth, margins and hurricane exposure
Brown & Brown’s Q3 supports a constructive operating picture: growth remained broad, Programs momentum was strong, margins improved and management raised full-year margin guidance. The main counterweights are hurricane-related claims uncertainty, moderating rate dynamics and execution risk around continued M&A.
Reported After market closeNYSEFinancial Services
$24.42B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.91
Consensus $0.88
EPS surprise
+3.4%
Reported versus consensus
Reported revenue
$1.19B
Consensus $1.16B
Revenue surprise
+2.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.6%
Event window
SPY move
+0.2%
Same window
Abnormal move
+1.5%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
+8.0%
Up to 20 sessions
BROSPY benchmark
Ask FN2 about BRO FY2024 Q3
Transcript, numbers and history already loaded
Why did BRO rise 1.6% after beating EPS estimates in FY2024 Q3?What changed in BRO's guidance and outlook in FY2024 Q3?Give me the bull and bear case for BRO after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current quarter added Q3 results, 22.8% Programs organic growth, hurricane-related revenue and claims-cost estimates, four acquisitions and a pending Qantas deal. Management also raised full-year EBITDAC margin guidance by at least 100 basis points and increased the dividend 15%.
Guidance delta
Management raised full-year EBITDAC margin guidance by at least 100 basis points; the dividend increased 15%.
Key takeaways
- Q3 revenue rose 11% year over year, with EBITDAC margin up 30 basis points.
- Programs organic growth reached 22.8%, supported by new lender-placed business.
- Management cited four acquisitions and a pending Qantas acquisition, while hurricanes add near-term revenue and claims-cost uncertainty.
Management priorities
- Disciplined M&A, including closing the Qantas acquisition in Q4
- Investing in talent and expanding employee-benefits capabilities
- Managing rate positioning across property, casualty and CAT lines into 2025
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$72.97Current
$55Low
$85.47Average
$115High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 12, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Oct 12, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Oct 7, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 7, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Oct 6, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 1, 2026 |
| Citigroup | Neutral | Buy | Downgrade | Jul 29, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 29, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 8, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 8, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 1, 2026 |
| Truist Securities | Buy | Buy | Maintain | Apr 29, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 29, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Apr 14, 2026 |
| Keefe, Bruyette& Woods | Market Perform | Underperform | Upgrade | Jan 29, 2026 |
| Jefferies | Hold | Hold | Maintain | Jan 28, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Aug 4, 2025 |
| Wolfe Research | Perform | Peer Perform | Maintain | Aug 17, 2021 |
| Credit Suisse | Neutral | Neutral | Maintain | Oct 30, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Oct 9, 2019 |
| Deutsche Bank | Hold | Hold | Maintain | Mar 29, 2018 |
| William Blair | Market Perform | Underweight | Upgrade | Mar 21, 2016 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Jan 13, 2016 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 4, 2015 |
| Macquarie | Neutral | Neutral | Maintain | Jul 23, 2014 |
| Compass Point | Neutral | Buy | Downgrade | Apr 23, 2014 |
| Portales Partners | Outperform | Sector Perform | Upgrade | Feb 5, 2014 |
| Stephens & Co. | Equal Weight | Overweight | Downgrade | Oct 16, 2013 |
| Sterne Agee | Buy | Neutral | Upgrade | Nov 5, 2012 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Oct 25, 2012 |
| Stifel | Buy | Hold | Upgrade | Oct 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $72.97. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Oppenheimer | Analyst unavailable | $73 | $60.97 | +0.0% | Oct 7, 2026 |
| Truist Financial | Mark Hughes | $90 | $75.44 | +23.3% | Jul 29, 2026 |
| Morgan Stanley | Bob Huang | $55 | $70 | -24.6% | Jul 6, 2026 |
| BMO Capital | Analyst unavailable | $88 | $80.37 | +20.6% | Dec 23, 2025 |
| Mizuho Securities | Analyst unavailable | $89 | $82.34 | +22.0% | Dec 15, 2025 |
| Truist Financial | Mark Hughes | $120 | $92.78 | +64.5% | Jul 30, 2025 |
| Goldman Sachs | Robert Cox | $115 | $103.35 | +57.6% | Oct 29, 2024 |
| Truist Financial | Mark Hughes | $116 | $105.86 | +59.0% | Oct 16, 2024 |
| Barclays | Alex Scott | $108 | $105.82 | +48.0% | Sep 4, 2024 |
| Wells Fargo | Elyse Greenspan | $112 | $99.56 | +53.5% | Aug 12, 2024 |
| Raymond James | Gregory Peters | $110 | $98.59 | +50.7% | Jul 25, 2024 |
| Jefferies | Yaron Kinar | $84 | $81.54 | +15.1% | Apr 29, 2024 |
| Raymond James | Gregory Peters | $95 | $86.35 | +30.2% | Mar 26, 2024 |
| CFRA | Catherine Seifert | $90 | $84.99 | +23.3% | Mar 14, 2024 |
| Citigroup | Analyst unavailable | $62 | $58.17 | -15.0% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $65 | $58.15 | -10.9% | Nov 22, 2022 |
| Morgan Stanley | Analyst unavailable | $69 | $67.24 | -5.4% | Aug 19, 2022 |
| Jefferies | Analyst unavailable | $70 | $59.84 | -4.1% | Jul 12, 2022 |
| Morgan Stanley | Analyst unavailable | $64 | $55 | -12.3% | May 23, 2022 |
| RBC Capital | Analyst unavailable | $71 | $65.68 | -2.7% | Apr 27, 2022 |
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Start freeCompany context
Snapshot as of publicationBrown & Brown, Inc. operates as an insurance brokerage firm, providing a diverse range of products and services throughout the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. The company's operations are strategically divided into four primary segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail division delivers a comprehensive suite of property and casualty, employee benefits, personal, and specialized insurance offerings, complemented by services such as loss control assessments, consulting, and claims processing. This segment caters to a broad spectrum of clients, including commercial entities, public and quasi-public organizations, professionals, and individuals.…
Historical context
All BRO earningsFinancial Services peers this season
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Missed on EPS
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- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
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Get the BRO recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-25T01:40:41.495192+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T01:40:41.492401+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.