Q3 Results Fail to Shift Barclays’ Equal Weight Rating on Brown & Brown (BRO)

Group 1 - Brown & Brown, Inc. reported Q3 2025 revenue of $1.6 billion, reflecting over 35% growth year-over-year [3] - The company's EBITDAC margin increased to 36.6%, an expansion of 170 basis points from the prior-year quarter [3] - Barclays lowered its price target on Brown & Brown to $84 from $102 while maintaining an Equal Weight rating [2] Group 2 - Brown & Brown announced a 10% increase in its quarterly dividend to $0.165 per share, marking 32 consecutive years of dividend growth [4] - The board approved an expansion of the share repurchase program to $1.5 billion, emphasizing the company's commitment to shareholder value [4] - The Programs and Wholesale segments were combined into a new Specialty Distribution segment, branded as Arrowhead Intermediaries, which now manages approximately $20 billion in written premium [4]