BRP Group (NYSE:BRP) cut to “sell” at Zacks Investment Research
BRP Group (NYSE: BRP – Get an Assessment) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report released Friday to clients and investors, Zacks.com reports.
According to Zacks, “BRP Group Inc. is an insurance distribution company. It provides insurance and risk management information and solutions. The company operates primarily in the United States and internationally. BRP Group Inc. is based in Tampa, USA.”
Several other analysts also commented on the company. Jefferies Financial Group launched coverage on BRP Group in a research note on Thursday, November 18. They issued a “hold” rating and a price target of $39.00 on the stock. Raymond James cut its target price on BRP Group shares from $43.00 to $39.00 and set an “outperform” rating on the stock in a research note on Friday. JPMorgan Chase & Co. lowered its price target on BRP Group shares from $42.00 to $35.00 and set an “overweight” rating for the company in a research report Wednesday. Morgan Stanley cut its price target on BRP Group shares from $43.00 to $40.00 and set an “equal weight” rating for the company in a Friday, January 14 report. Finally, TheStreet upgraded BRP Group shares from a “c-” rating to a “d+” rating in a Wednesday, January 19 research note. One analyst gave the stock a sell rating, two gave the company a hold rating and four gave the company a buy rating. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $38.40.
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BRP Group shares traded down $0.42 on Friday, hitting $26.56. The company’s shares had a trading volume of 727,648 shares, compared to an average volume of 329,394. BRP Group has a one-year low of $22.00 and a one-year high of $45.36. The company has a market capitalization of $2.98 billion, a P/E ratio of 132.80 and a beta of 1.53. The company has a quick ratio of 1.28, a current ratio of 1.28 and a leverage ratio of 0.24. The company has a fifty-day moving average price of $30.58 and a 200-day moving average price of $34.32.
BRP Group (NYSE:BRP – Get Rating) last released its results on Tuesday, March 1. The company reported earnings per share of $0.10 for the quarter, beating the consensus estimate of $0.09 by $0.01. BRP Group posted a negative net margin of 6.75% and a positive return on equity of 6.96%. Analysts expect BRP Group to post an EPS of 0.38 for the current year.
In related news, Chairman Lowry Baldwin sold 150,000 shares of the company in a trade dated Monday, Dec. 6. The shares were sold at an average price of $36.35, for a total transaction of $5,452,500.00. The sale was disclosed in a filing with the SEC, accessible via the SEC’s website. 35.93% of the shares are held by company insiders.
A number of hedge funds have been buying and selling stocks recently. New World Advisors LLC bought a new position in BRP Group in Q3 worth $75,541,000. Invesco Ltd. increased its stake in BRP Group shares by 10,767.7% during the third quarter. Invesco Ltd. now owns 1,952,595 shares of the company valued at $65,001,000 after acquiring an additional 1,934,628 shares during the period. Price T Rowe Associates Inc. ® increased its stake in BRP Group shares by 21.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 3,738,782 shares of the company valued at $99,639,000 after acquiring an additional 669,997 shares during the period. Islet Management LP bought a new position in BRP Group in the third quarter valued at approximately $16,645,000. Finally, Goldman Sachs Group Inc. increased its position in the BRP group by 39.2% in the third quarter. Goldman Sachs Group Inc. now owns 1,429,513 shares of the company worth $47,589,000 after purchasing an additional 402,878 shares during the period. Hedge funds and other institutional investors own 84.84% of the company’s shares.
About the BRP Group (Get a 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 mid-market segment provides private risk management, commercial risk management and employee benefits solutions to medium and large businesses, as well as high net worth individuals and families.
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