Keefe, Bruyette & Woods Maintains Market Perform Rating On Brown & Brown

According to Keefe, Bruyette & Woods, Brown & Brown BRO reported a 2Q11 ROCK of [$0.26, $0.26, $0.31, $0.31]. Keefe, Bruyette & Woods said that the miss was driven primarily by weaker organic revenues (-4.8% vs. -2.3%E), a lower operating margin (31.9% vs. 34.6%E), and $0.01/sh of lower contingent commissions due to industry profitability declines. “We are cutting 2011/2012 EPS and our PT to $25, but maintain a Market Perform.” Brown & Brown closed yesterday at $23.84.