Keefe, Bruyette & Woods Raises BRP Group (NASDAQ:BRP) Price Target to $34.00

BRP Group (NASDAQ:BRP) had its price target raised by Keefe, Bruyette & Woods from $33.00 to $34.00 in a report published on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms also recently commented on BRP. JPMorgan Chase & Co. raised shares of BRP Group from a neutral rating to an overweight rating and boosted their target price for the stock from $27.00 to $33.00 in a research report on Monday, April 8th. Bank of America decreased their target price on shares of BRP Group from $44.00 to $42.00 and set a buy rating for the company in a research report on Thursday, February 29th. Finally, Raymond James raised shares of BRP Group from an outperform rating to a strong-buy rating and set a $30.00 target price for the company in a research report on Tuesday, December 12th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Buy and an average price target of $33.40.

BRP Group Trading Down 0.1 %

BRP opened at $27.63 on Wednesday. BRP Group has a 1-year low of $17.33 and a 1-year high of $30.84. 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 company has a market cap of $3.22 billion, a P/E ratio of -18.54, a price-to-earnings-growth ratio of 0.83 and a beta of 1.54. The company has a fifty day moving average price of $27.67 and a two-hundred day moving average price of $24.06.

BRP Group (NASDAQ:BRP) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. BRP Group had a negative net margin of 7.40% and a positive return on equity of 7.61%. The firm had revenue of $284.65 million during the quarter, compared to the consensus estimate of $282.00 million. Analysts predict that BRP Group will post 1.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Seth Bala Cohen sold 1,033 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $29.04, for a total transaction of $29,998.32. Following the transaction, the general counsel now directly owns 10,657 shares in the company, valued at $309,479.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 shares were sold at an average price of $29.04, for a total value of $29,998.32. Following the transaction, the general counsel now directly owns 10,657 shares in the company, valued at $309,479.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 transaction of $1,812,483.26. Following the completion of the transaction, the director now owns 37,371 shares in the company, 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 Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tributary Capital Management LLC boosted its stake in BRP Group by 11.7% in the fourth quarter. Tributary Capital Management LLC now owns 469,305 shares of the company’s stock valued at $11,273,000 after acquiring an additional 48,980 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in BRP Group by 209.4% in the third quarter. Envestnet Asset Management Inc. now owns 206,391 shares of the company’s stock valued at $4,794,000 after acquiring an additional 139,684 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of BRP Group by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 484,059 shares of the company’s stock valued at $11,245,000 after purchasing an additional 19,272 shares during the period. Invesco Ltd. raised its position in shares of BRP Group by 2.6% in the third quarter. Invesco Ltd. now owns 2,112,762 shares of the company’s stock valued at $49,079,000 after purchasing an additional 53,895 shares during the period. Finally, WINTON GROUP Ltd bought a new stake in shares of BRP Group in the third quarter valued at approximately $862,000. 70.42% of the stock is currently owned by hedge funds and other 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.