BRP Group (NASDAQ:BRP) Rating Increased to Overweight at JPMorgan Chase & Co.

BRP Group (NASDAQ:BRP) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Monday, MarketBeat reports. The firm currently has a $33.00 price target on the stock, up from their prior price target of $27.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 15.14% from the stock’s previous close.

A number of other equities analysts also recently weighed in on BRP. Keefe, Bruyette & Woods raised their target price on shares of BRP Group from $30.00 to $33.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Bank of America cut their price target on shares of BRP Group from $44.00 to $42.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. Finally, Raymond James raised shares of BRP Group from an “outperform” rating to a “strong-buy” rating and set a $30.00 price objective for the company in a research report on Tuesday, December 12th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $31.67.

BRP Group Price Performance

BRP stock opened at $28.66 on Monday. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of -19.23, a PEG ratio of 0.80 and a beta of 1.54. The firm’s 50-day moving average price is $27.35 and its two-hundred day moving average price is $23.98. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.29. BRP Group has a 12-month low of $17.33 and a 12-month high of $30.84.

BRP Group (NASDAQ:BRP) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $284.65 million for the quarter, compared to analysts’ expectations of $282.00 million. BRP Group had a negative net margin of 7.40% and a positive return on equity of 7.61%. As a group, equities analysts predict that BRP Group will post 1.07 earnings per share for the current year.

Insider Buying and Selling at BRP Group

In related news, General Counsel Seth Bala Cohen sold 1,033 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $29.04, for a total transaction of $29,998.32. Following the completion of the transaction, the general counsel now directly owns 10,657 shares of the company’s stock, valued at $309,479.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other BRP Group news, General Counsel Seth Bala Cohen sold 1,033 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $29.04, for a total transaction of $29,998.32. Following the completion of the transaction, the general counsel now owns 10,657 shares in the company, valued at approximately $309,479.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lowry Baldwin sold 62,629 shares of BRP Group stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $28.94, for a total value of $1,812,483.26. Following the completion of the sale, the director now directly owns 37,371 shares in the company, valued at approximately $1,081,516.74. The disclosure for this sale can be found here. 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 BRP. Parkside Financial Bank & Trust bought a new position in BRP Group during the fourth quarter valued at $25,000. Resurgent Financial Advisors LLC purchased a new stake in BRP Group in the 4th quarter worth about $44,000. Captrust Financial Advisors lifted its stake in BRP Group by 2,262.6% in the second quarter. Captrust Financial Advisors now owns 2,717 shares of the company’s stock worth $66,000 after purchasing an additional 2,602 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of BRP Group by 84.1% in the second quarter. Tower Research Capital LLC TRC now owns 2,754 shares of the company’s stock worth $68,000 after buying an additional 1,258 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of BRP Group during the 3rd quarter worth approximately $64,000. Hedge funds and other institutional investors own 70.42% of the company’s stock.

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.