Morgan Stanley Cuts BRP Group (NASDAQ:BRP) Price Target to $33.00

BRP Group (NASDAQ:BRPGet Rating) had its price target trimmed by Morgan Stanley from $36.00 to $33.00 in a research note published on Tuesday, MarketBeat Ratings reports. The firm currently has an equal weight rating on the stock.

A number of other analysts have also recently weighed in on BRP. JPMorgan Chase & Co. cut BRP Group from an overweight rating to a neutral rating and lowered their price objective for the stock from $31.00 to $30.00 in a research report on Monday, October 3rd. Wells Fargo & Company reduced their price objective on BRP Group from $32.00 to $31.00 and set an overweight rating for the company in a research note on Tuesday, November 8th. Finally, Raymond James raised their target price on BRP Group from $32.00 to $34.00 and gave the company an outperform rating in a research report on Thursday, August 11th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, BRP Group currently has an average rating of Moderate Buy and a consensus target price of $45.88.

BRP Group Stock Performance

NASDAQ:BRP opened at $29.43 on Tuesday. The firm has a market capitalization of $3.41 billion, a PE ratio of -94.93, a P/E/G ratio of 1.55 and a beta of 1.52. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a 50-day simple moving average of $27.63 and a two-hundred day simple moving average of $27.59. BRP Group has a 52-week low of $17.08 and a 52-week high of $38.99.

BRP Group (NASDAQ:BRPGet Rating) last posted its earnings results on Monday, November 7th. The company reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates of $0.11. BRP Group had a positive return on equity of 6.70% and a negative net margin of 1.78%. The company had revenue of $259.37 million for the quarter, compared to the consensus estimate of $229.79 million. Analysts forecast that BRP Group will post 0.76 EPS for the current year.

Insider Buying and Selling

In other BRP Group news, General Counsel Seth Bala Cohen sold 3,463 shares of the stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $28.25, for a total value of $97,829.75. Following the completion of the transaction, the general counsel now directly owns 9,282 shares of the company’s stock, valued at $262,216.50. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, General Counsel Seth Bala Cohen sold 3,463 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $28.25, for a total transaction of $97,829.75. Following the sale, the general counsel now owns 9,282 shares in the company, valued at $262,216.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Lowry Baldwin purchased 172,000 shares of the firm’s stock in a transaction on Tuesday, September 20th. The stock was bought at an average price of $28.87 per share, for a total transaction of $4,965,640.00. Following the acquisition, the chairman now owns 172,000 shares in the company, valued at $4,965,640. The disclosure for this purchase can be found here. 23.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BRP Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Champlain Investment Partners LLC boosted its holdings in shares of BRP Group by 18.8% in the 1st quarter. Champlain Investment Partners LLC now owns 3,191,165 shares of the company’s stock valued at $85,619,000 after buying an additional 505,635 shares during the period. Tributary Capital Management LLC bought a new stake in shares of BRP Group in the 2nd quarter worth approximately $10,943,000. Point72 Asset Management L.P. raised its holdings in shares of BRP Group by 123.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 765,429 shares of the company’s stock worth $18,485,000 after purchasing an additional 423,629 shares in the last quarter. Aristotle Capital Boston LLC raised its holdings in shares of BRP Group by 16.9% during the second quarter. Aristotle Capital Boston LLC now owns 1,515,288 shares of the company’s stock valued at $36,594,000 after acquiring an additional 219,567 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of BRP Group by 3.6% during the third quarter. Vanguard Group Inc. now owns 5,352,308 shares of the company’s stock valued at $141,033,000 after acquiring an additional 184,814 shares during the period. Hedge funds and other institutional investors own 49.20% of the company’s stock.

About BRP Group

(Get Rating)

BRP Group, Inc markets and sells insurance products and services in the United States. The company operates through four segments: Middle Market, Specialty, MainStreet, and Medicare. The Middle Market segment provides commercial risk management, employee benefits solutions, and private risk management for mid-to-large size businesses and high net worth individuals, as well as its families.

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