Truist Financial Corp Increases Stock Holdings in BRP Group, Inc. (NASDAQ:BRP)

Truist Financial Corp increased its holdings in shares of BRP Group, Inc. (NASDAQ:BRP) by 6.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,819 shares of the company’s stock after buying an additional 652 shares during the quarter. Truist Financial Corp’s holdings in BRP Group were worth $268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in BRP. Rockefeller Capital Management L.P. raised its holdings in shares of BRP Group by 226.1% during the first quarter. Rockefeller Capital Management L.P. now owns 975,466 shares of the company’s stock valued at $24,835,000 after acquiring an additional 676,337 shares during the last quarter. Granite Investment Partners LLC purchased a new stake in shares of BRP Group in the first quarter valued at approximately $16,947,000. NovaPoint Capital LLC purchased a new stake in shares of BRP Group in the second quarter valued at approximately $11,051,000. Bank of America Corp DE grew its position in BRP Group by 97.4% in the fourth quarter. Bank of America Corp DE now owns 608,662 shares of the company’s stock worth $15,302,000 after acquiring an additional 300,277 shares during the period. Finally, Hood River Capital Management LLC grew its position in BRP Group by 44.4% in the first quarter. Hood River Capital Management LLC now owns 777,189 shares of the company’s stock worth $19,787,000 after acquiring an additional 238,882 shares during the period. Hedge funds and other institutional investors own 49.69% of the company’s stock.

BRP Group Price Performance

BRP stock opened at $20.00 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.21. BRP Group, Inc. has a 12-month low of $18.33 and a 12-month high of $32.12. The company has a market cap of $2.34 billion, a price-to-earnings ratio of -11.30, a PEG ratio of 1.01 and a beta of 1.60. The firm has a 50 day moving average of $23.16 and a 200-day moving average of $23.66.

Insider Buying and Selling

In related news, CEO Trevor Baldwin sold 238,147 shares of BRP Group stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $25.35, for a total transaction of $6,037,026.45. Following the completion of the transaction, the chief executive officer now directly owns 32,864 shares in the company, valued at approximately $833,102.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Daniel Galbraith sold 60,316 shares of the business’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $25.89, for a total transaction of $1,561,581.24. Following the completion of the sale, the chief operating officer now directly owns 8,721 shares of the company’s stock, valued at approximately $225,786.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Trevor Baldwin sold 238,147 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $25.35, for a total transaction of $6,037,026.45. Following the sale, the chief executive officer now directly owns 32,864 shares of the company’s stock, valued at $833,102.40. The disclosure for this sale can be found here. Insiders sold 781,278 shares of company stock worth $20,097,933 in the last ninety days. Insiders own 22.65% of the company’s stock.

Wall Street Analyst Weigh In

BRP has been the subject of several research analyst reports. Wells Fargo & Company lowered BRP Group from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $28.00 to $24.00 in a research report on Wednesday, November 8th. JPMorgan Chase & Co. cut their price target on BRP Group from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Monday, October 2nd. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $28.40.

BRP Group Profile

BRP Group, Inc markets and sells insurance products and services in the United States. It 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.