Zacks Investment Research Lowers BRP Group (NYSE:BRP) to Strong Sell

BRP Group (NYSE:BRPGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “BRP Group Inc. is an insurance distribution firm. It provides insurance and risk management insights and solutions. The company operates primarily in the United States and internationally. BRP Group Inc. is based in Tampa, United States. “

Other equities analysts also recently issued reports about the stock. UBS Group initiated coverage on shares of BRP Group in a report on Monday. They set a “buy” rating and a $30.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on shares of BRP Group from $42.00 to $35.00 and set an “overweight” rating on the stock in a report on Wednesday, March 2nd. Bank of America raised shares of BRP Group from a “neutral” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Monday, March 14th. Raymond James decreased their price objective on shares of BRP Group from $43.00 to $39.00 and set an “outperform” rating on the stock in a report on Friday, March 4th. Finally, Wells Fargo & Company decreased their price objective on shares of BRP Group from $44.00 to $39.00 and set an “overweight” rating on the stock in a report on Wednesday, March 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $34.14.

NYSE BRP traded down $0.07 during mid-day trading on Thursday, reaching $23.08. 562,388 shares of the stock were exchanged, compared to its average volume of 438,237. The business’s 50 day moving average is $26.39 and its 200-day moving average is $32.11. BRP Group has a 1 year low of $21.92 and a 1 year high of $45.36. The company has a market capitalization of $2.65 billion, a P/E ratio of 115.40 and a beta of 1.53. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28.

BRP Group (NYSE:BRPGet Rating) last announced its quarterly earnings results on Tuesday, March 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.07). BRP Group had a positive return on equity of 6.96% and a negative net margin of 6.75%. The firm had revenue of $159.20 million for the quarter, compared to analysts’ expectations of $139.13 million. Equities analysts predict that BRP Group will post 0.38 earnings per share for the current fiscal year.

In other news, insider John A. Valentine acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 14th. The stock was purchased at an average cost of $24.68 per share, for a total transaction of $123,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John A. Valentine acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, March 4th. The shares were purchased at an average price of $27.34 per share, with a total value of $27,340.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 29,617 shares of company stock worth $744,828. Insiders own 35.93% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates increased its position in shares of BRP Group by 4.3% during the fourth quarter. Raymond James & Associates now owns 9,904 shares of the company’s stock valued at $358,000 after acquiring an additional 406 shares during the last quarter. LPL Financial LLC increased its position in shares of BRP Group by 2.4% during the third quarter. LPL Financial LLC now owns 18,207 shares of the company’s stock valued at $606,000 after acquiring an additional 422 shares during the last quarter. Voya Investment Management LLC increased its position in shares of BRP Group by 2.8% during the third quarter. Voya Investment Management LLC now owns 17,922 shares of the company’s stock valued at $597,000 after acquiring an additional 494 shares during the last quarter. UBS Group AG increased its position in shares of BRP Group by 36.8% during the third quarter. UBS Group AG now owns 3,012 shares of the company’s stock valued at $101,000 after acquiring an additional 811 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of BRP Group by 4.7% during the fourth quarter. Legal & General Group Plc now owns 19,150 shares of the company’s stock valued at $692,000 after acquiring an additional 868 shares during the last quarter. Institutional investors and hedge funds own 84.84% of the company’s stock.

BRP Group Company Profile (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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