William Blair Downgrades BRP Group (NASDAQ:BRP) to Market Perform

BRP Group (NASDAQ:BRP – Get Rating) was downgraded by research analysts at William Blair from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. William Blair also issued estimates for BRP Group’s Q2 2023 earnings at $0.15 EPS, FY2023 earnings at $0.68 EPS and FY2024 earnings at $1.09 EPS.

Several other brokerages have also recently commented on BRP. Morgan Stanley dropped their price target on shares of BRP Group from $36.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 22nd. Wells Fargo & Company boosted their price objective on BRP Group from $31.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday, January 18th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.50.

BRP Group Price Performance

Shares of BRP Group stock opened at $27.05 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.24 and a debt-to-equity ratio of 1.15. The company’s 50-day moving average price is $28.91 and its two-hundred day moving average price is $28.66. BRP Group has a 52 week low of $17.08 and a 52 week high of $33.34. The stock has a market cap of $3.14 billion, a PE ratio of -36.55, a price-to-earnings-growth ratio of 1.34 and a beta of 1.56.

Hedge Funds Weigh In On BRP Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Resurgent Financial Advisors LLC bought a new stake in shares of BRP Group in the 4th quarter valued at approximately $44,000. Allspring Global Investments Holdings LLC bought a new stake in shares of BRP Group in the 3rd quarter valued at approximately $55,000. Eagle Bay Advisors LLC grew its stake in shares of BRP Group by 125.0% in the 2nd quarter. Eagle Bay Advisors LLC now owns 2,356 shares of the company’s stock valued at $57,000 after buying an additional 1,309 shares in the last quarter. Captrust Financial Advisors grew its stake in shares of BRP Group by 2,262.6% in the 2nd quarter. Captrust Financial Advisors now owns 2,717 shares of the company’s stock valued at $66,000 after buying an additional 2,602 shares in the last quarter. Finally, Great West Life Assurance Co. Can bought a new stake in BRP Group during the third quarter worth approximately $73,000. Hedge funds and other institutional investors own 47.90% of the company’s stock.

BRP Group Company Profile

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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.