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Brown & Brown lifts dividend by about 6 pct

DAYTONA BEACH, Fla. -- Brown & Brown is raising its quarterly dividend by about 6 percent to 9 cents per share from 8.5 cents.

The insurance broker said Tuesday that this is its 19th straight year that it has increased its dividend.

The dividend will be paid Nov. 14 to shareholders of record Nov. 7.

Last week Brown & Brown reported that its third-quarter net income rose 12 percent, boosted by a jump in commissions and fees. Revenue also climbed, but the quarterly performance missed Wall Street's expectations.

Shares of Brown & Brown Inc., which is based in Daytona Beach, Fla., shed 18 cents to $25.16 in afternoon trading.