Confluence Investment Management LLC, a prominent investment management firm, recently disclosed a reduction in its stake in BRP Group, Inc. The company sold 7.4% of its shares in the second quarter, according to the company’s Form 13F filing with the Securities and Exchange Commission. As of its most recent filing, Confluence Investment Management LLC held 400,726 shares of BRP Group, representing 0.34% of the company’s total worth amounting to $9,930,000.
BRP Group (NASDAQ:BRP) recently released its quarterly earnings report for investors and analysts. The company’s results were below consensus estimates, causing a decline in its share value. The reported earnings per share (EPS) for the quarter were $0.03, which fell short of analysts’ expectations by ($0.13). However, BRP Group achieved revenue of $297.19 million during the quarter, surpassing analyst estimates of $286.50 million.
Notably, BRP Group experienced a negative net margin of 9.82% but showcased a positive return on equity of 5.44%. Despite the missed earnings estimate and the negative net margin, research analysts forecast that BRP Group will post an EPS of 0.71 for the current fiscal year.
Furthermore, JPMorgan Chase & Co., one of the renowned financial institutions globally recognized for its expertise in investments and banking services, decreased its price objective on BRP Group’s shares from $32.00 to $28.00 in a recent report on July 6th.
Overall, while some analysts have given hold ratings for BRP Group’s stock performance, others have expressed optimism through buy ratings on the company’s stock potential.
As reported by Bloomberg.com based on consensus among various analysts covering BRP Group shares suggest an average rating of “Hold” alongside an average price target estimation at $30.20.
BRP Group, Inc., actively traded on the Nasdaq Stock Exchange under the ticker symbol BRP, operates in the insurance brokerage and consulting industry. The company’s business model revolves around providing comprehensive risk management solutions to its clientele.
As of September 15, 2023, investors and industry analysts will closely monitor BRP Group’s performance and strategic decisions to assess its future growth trajectory amidst constantly evolving market dynamics.
BRP Group, Inc.
BRP
Buy
Updated on: 16/09/2023
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Recent Modifications in Holdings and Insider Activities Shape BRP Group’s Future Performance
September 15, 2023 – BRP Group, Inc., a leading provider of insurance brokerage and consulting services, has recently experienced several modifications in its holdings by various institutional investors. American International Group Inc., one of the notable investors, witnessed a growth of 1.6% in its holdings during the fourth quarter. This resulted in American International Group Inc. owning 28,756 shares of BRP Group’s stock valued at $723,000 after purchasing an additional 452 shares.
Similarly, Amalgamated Bank also increased its holdings in BRP Group by 4.8% during the fourth quarter. As a result, Amalgamated Bank now owns 10,111 shares of the company’s stock valued at $254,000 after purchasing an additional 464 shares.
Furthermore, PNC Financial Services Group Inc., another institutional investor, witnessed a growth of 3.5% in its holdings during the fourth quarter. PNC Financial Services Group Inc. now owns 19,476 shares of BRP Group’s stock valued at $490,000 after acquiring an additional 666 shares.
Arizona State Retirement System also experienced an increase of 4.7% in its holdings during the first quarter. Consequently, Arizona State Retirement System currently owns 17,799 shares of the company’s stock valued at $453,000 after buying an additional 800 shares.
Lastly, California State Teachers Retirement System saw a growth rate of 1.2% in its holdings during the third quarter. California State Teachers Retirement System now owns 74,393 shares of BRP Group’s stock valued at $1,960,000 after purchasing an additional 892 shares.
The collective ownership by these institutional investors accounts for approximately 49.69% of the total stock ownership.
In recent news pertaining to BRP Group’s executive team and major shareholders’ activities within the stock market sphere; COO Daniel Galbraith conducted a transaction on August 29th, selling 60,316 shares of the company’s stock at an average price of $25.89. The total value of this transaction amounted to $1,561,581.24.
Major shareholder Laura Sherman also engaged in a similar activity on September 7th, selling 57,100 shares of the company’s stock at an average price of $26.86. Consequently, the total value of this transaction equaled $1,533,706.00.
These sale transactions were made public through legal filings with the Securities & Exchange Commission and are accessible via the SEC website. Following their respective transactions, COO Daniel Galbraith now owns 8,721 shares valued at $225,786.69 and major shareholder Laura Sherman directly holds 142,900 shares valued at $3,838,294.
It is important to note that over the last quarter alone; insiders collectively sold a substantial sum of 751,278 shares of BRP Group’s stock with a total worth amounting to $19,313,733. Currently, approximately 22.65% of BRP Group’s stock is owned by insiders.
The recent opening price for BRP Group’s shares was recorded as $26.48 on Friday. The company has observed a range between its 12-month low of $19.26 and its high point of $32.12 during this period.
BRP Group currently holds a market capitalization figure amounting to $3.09 billion and possesses a negative price-to-earnings ratio (-13.86). Additionally, it displays a PEG ratio (price/earnings-to-growth) indicating potential growth opportunities in relation to its valuation at 1.35. Moreover, BRP Group exhibits a beta value of 1.56.
In terms of financial liquidity ratios; the company showcases both its current ratio and quick ratio at 0.99, reflecting a relatively stable position. Furthermore, BRP Group maintains a debt-to-equity ratio of 1.16, illustrating its overall financial structure.
With several prominent institutional investors modifying their holdings and notable activities from key figures within the company, BRP Group continues to make waves in the insurance brokerage and consulting services industry. As investors and analysts observe these dynamics closely, it will be interesting to see how they impact the future performance and prospects of BRP Group.
