Wells Fargo & Company Lowers BRP Group (NASDAQ:BRP) Price Target to $28.00

BRP Group (NASDAQ:BRP) had its target price cut by stock analysts at Wells Fargo & Company from $29.00 to $28.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 1.34% from the company’s current price.

A number of other brokerages have also recently commented on BRP. Bank of America reduced their target price on shares of BRP Group from $44.00 to $42.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Keefe, Bruyette & Woods upped their target price on shares of BRP Group from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. raised shares of BRP Group from a “neutral” rating to an “overweight” rating and upped their target price for the company from $27.00 to $33.00 in a report on Monday, April 8th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $33.40.

BRP Group Price Performance

Shares of BRP opened at $27.63 on Thursday. BRP Group has a 1-year low of $17.33 and a 1-year high of $30.84. The stock has a market cap of $3.22 billion, a PE ratio of -18.54, a price-to-earnings-growth ratio of 0.81 and a beta of 1.54. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a fifty day moving average price of $27.67 and a 200 day moving average price of $24.05.

BRP Group (NASDAQ:BRP) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates 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 analysts’ expectations of $282.00 million. As a group, sell-side analysts anticipate that BRP Group will post 1.07 EPS for the current year.

Insider Transactions at BRP Group

In other news, 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 transaction, the director now directly owns 37,371 shares in the company, valued at $1,081,516.74. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other BRP Group news, General Counsel Seth Bala Cohen sold 1,033 shares of the company’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lowry Baldwin sold 62,629 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $28.94, for a total transaction of $1,812,483.26. Following 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. Company insiders own 22.65% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank grew its position in BRP Group by 4.8% during the fourth quarter. Amalgamated Bank now owns 10,111 shares of the company’s stock worth $254,000 after buying an additional 464 shares during the period. US Bancorp DE grew its position in BRP Group by 10.2% during the fourth quarter. US Bancorp DE now owns 5,777 shares of the company’s stock worth $139,000 after buying an additional 534 shares during the period. Arizona State Retirement System lifted its holdings in shares of BRP Group by 4.1% in the third quarter. Arizona State Retirement System now owns 18,148 shares of the company’s stock valued at $422,000 after purchasing an additional 720 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of BRP Group by 1.2% in the fourth quarter. Legal & General Group Plc now owns 63,713 shares of the company’s stock valued at $1,530,000 after purchasing an additional 774 shares in the last quarter. Finally, California State Teachers Retirement System lifted its holdings in shares of BRP Group by 1.2% in the third quarter. California State Teachers Retirement System now owns 74,393 shares of the company’s stock valued at $1,960,000 after purchasing an additional 892 shares in the last quarter. 70.42% of the stock is currently owned by institutional investors and hedge funds.

BRP Group Company Profile

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.