A month has gone by since the last earnings report for Brown & Brown (BRO). Shares have lost about 3.3% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Brown & Brown due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Brown & Brown Q4 Earnings & Revenues Top, Rise Y/YBrown & Brown reported adjusted fourth-quarter 2020 earnings of 32 cents per share, which came ahead of the Zacks Consensus Estimate as well as the year-ago figure by 14.3%.The results reflect improved organic growth and margin expansion.Behind the Headlines Adjusted revenues of $642 million beat the Zacks Consensus Estimate by 3.6%. Moreover, the top line rose 10.9% year over year on higher commissions and fees. Organic revenues increased 4.7% in the reported quarter.Commissions and fees grew 10.9% year over year to $581.4 million. Investment income however plunged 33.3% year over year to $1 million.Total expenses increased 7.2% to $511.2 million due to a rise in employee compensation and amortization and depreciation as well as interest expense.EBITDAC was $173.9 million, up 11.3% year over year. EBITDAC margin expanded 10 basis points (bps) to 27.1%.Full-Year UpdateFull-year 2020 adjusted income of $1.67 per share beat the Zacks Consensus Estimate of $1.64. The bottom line increased 19.3% year over year.Total revenues increased 9.2% from the year-ago quarter to $2.61 billion and beat the Zacks Consensus Estimate of $2.59 billion.EBITDAC was $813.4 million, up 13.5% from 2019 with margin expanding 110 bps to 31.1%.Financial UpdateBrown & Brown exited 2020 with cash and cash equivalents of $1.3 billion, up about 32.1% from 2019-end level. Long-term debt of $2 billion as of Dec 31, 2020 was up 35% from 2019 end. Net cash provided by operating activities in 2020 was $721.6 million, up 6.4% year over year.Dividend UpdateThe company paid out cash dividend of 9.3 cents per share in the fourth quarter.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates revision.VGM ScoresCurrently, Brown & Brown has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Brown & Brown has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Brown & Brown, Inc. (BRO): Free Stock Analysis Report To read this article on Zacks.com click here.