BRP Group (NASDAQ:BRP) Price Target Raised to $34.00

BRP Group (NASDAQ:BRP) had its target price increased by investment analysts at Keefe, Bruyette & Woods from $33.00 to $34.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 22.88% from the company’s current price.

Several other equities analysts have also commented on the company. Raymond James raised BRP Group from an “outperform” rating to a “strong-buy” rating and set a $30.00 price objective for the company in a research report on Tuesday, December 12th. Bank of America reduced their price target on BRP Group from $44.00 to $42.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Finally, JPMorgan Chase & Co. upgraded BRP Group from a “neutral” rating to an “overweight” rating and raised their price target for the company from $27.00 to $33.00 in a report on Monday. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, BRP Group has a consensus rating of “Buy” and a consensus price target of $33.40.

BRP Group Stock Performance

Shares of BRP Group stock opened at $27.67 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $3.23 billion, a P/E ratio of -18.57, a P/E/G ratio of 0.83 and a beta of 1.54. The business has a fifty day simple moving average of $27.56 and a two-hundred day simple moving average of $24.03. BRP Group has a 12 month low of $17.33 and a 12 month high of $30.84.

BRP Group (NASDAQ:BRP) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $284.65 million during the quarter, compared to analyst estimates of $282.00 million. BRP Group had a positive return on equity of 7.61% and a negative net margin of 7.40%. On average, equities analysts forecast that BRP Group will post 1.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Lowry Baldwin sold 62,629 shares of BRP Group stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $28.94, for a total value of $1,812,483.26. Following the completion of the sale, the director now directly owns 37,371 shares in the company, valued at approximately $1,081,516.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other BRP Group news, General Counsel Seth Bala Cohen sold 1,033 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $29.04, for a total transaction of $29,998.32. Following the completion of the sale, the general counsel now directly owns 10,657 shares in the company, valued at approximately $309,479.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lowry Baldwin sold 62,629 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $28.94, for a total value of $1,812,483.26. Following the sale, the director now owns 37,371 shares of the company’s stock, valued at $1,081,516.74. The disclosure for this sale can be found here. 22.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BRP Group

Large investors have recently made changes to their positions in the company. Parkside Financial Bank & Trust bought a new stake in shares of BRP Group during the 4th quarter valued at about $25,000. Resurgent Financial Advisors LLC bought a new stake in shares of BRP Group during the 4th quarter valued at about $44,000. Captrust Financial Advisors grew its stake in shares of BRP Group by 2,262.6% during the 2nd quarter. Captrust Financial Advisors now owns 2,717 shares of the company’s stock valued at $66,000 after purchasing an additional 2,602 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of BRP Group by 84.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,754 shares of the company’s stock valued at $68,000 after purchasing an additional 1,258 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of BRP Group during the 3rd quarter valued at about $64,000. 70.42% of the stock is currently owned by institutional investors.

About BRP Group

BRP Group, Inc operates as an independent insurance distribution firm that delivers insurance and risk management solutions in the United States. It operates through three segments: Insurance Advisory Solutions; Underwriting, Capacity & Technology Solutions; and Mainstreet Insurance Solutions. The Insurance Advisory Solutions segment provides commercial risk management, employee benefits, and private risk management solutions for businesses and high-net-worth individuals, as well as their families.