Morgan Stanley Cuts BRP Group (NYSE:BRP) Price Target to $40.00

BRP Group (NYSE:BRP) had its target price cut by Morgan Stanley from $43.00 to $40.00 in a research report report published on Friday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company dropped their price objective on BRP Group from $45.00 to $44.00 and set an overweight rating for the company in a report on Tuesday, January 4th. Jefferies Financial Group initiated coverage on BRP Group in a report on Thursday, November 18th. They set a hold rating and a $39.00 price objective for the company. Finally, Raymond James boosted their price objective on BRP Group from $38.00 to $43.00 and gave the company an outperform rating in a report on Thursday, November 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $37.50.

NYSE BRP opened at $31.05 on Friday. The company has a market cap of $3.48 billion, a P/E ratio of 155.25 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. The business’s 50 day moving average price is $36.17 and its 200-day moving average price is $34.00. BRP Group has a fifty-two week low of $22.79 and a fifty-two week high of $45.36.

BRP Group (NYSE:BRP) last released its earnings results on Sunday, November 7th. The company reported $0.11 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.11. BRP Group had a positive return on equity of 6.96% and a negative net margin of 6.75%. The firm had revenue of $135.56 million for the quarter, compared to the consensus estimate of $129.51 million. As a group, equities analysts predict that BRP Group will post 0.38 EPS for the current year.

In other BRP Group news, Chairman Lowry Baldwin sold 6,201 shares of the company’s stock in a transaction on Friday, December 3rd. The stock was sold at an average price of $37.37, for a total value of $231,731.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 35.93% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Northern Trust Corp lifted its stake in shares of BRP Group by 3.9% during the 2nd quarter. Northern Trust Corp now owns 485,640 shares of the company’s stock worth $12,942,000 after purchasing an additional 18,244 shares during the last quarter. Metropolitan Life Insurance Co NY lifted its stake in shares of BRP Group by 108,191.7% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 12,995 shares of the company’s stock worth $346,000 after purchasing an additional 12,983 shares during the last quarter. ArrowMark Colorado Holdings LLC purchased a new stake in shares of BRP Group during the 2nd quarter worth $2,580,000. Geode Capital Management LLC lifted its stake in shares of BRP Group by 8.2% during the 2nd quarter. Geode Capital Management LLC now owns 803,775 shares of the company’s stock worth $21,420,000 after purchasing an additional 61,149 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in shares of BRP Group during the 2nd quarter worth $922,000. Institutional investors and hedge funds own 84.84% of the company’s stock.

About BRP Group

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 private risk management, commercial risk management, and employee benefits solutions for mid-to-large size businesses, and high net worth individuals and families.

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Analyst Recommendations for BRP Group (NYSE:BRP)

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