Barclays PLC, a multinational investment bank and financial services company, has significantly increased its position in BRP Group, Inc. during the first quarter of this year. According to the company’s most recent Form 13F filing with the Securities & Exchange Commission, Barclays PLC now owns 30,751 shares of BRP Group’s stock after acquiring an additional 14,428 shares in the quarter. At the end of the quarter, Barclays PLC’s holdings in BRP Group were valued at approximately $783,000.
BRP Group operates as an insurance products and services provider in the United States. The company is divided into four segments: Middle Market, Specialty, MainStreet, and Medicare. Under these segments, BRP Group offers commercial risk management solutions and employee benefits for mid-to-large size businesses. Additionally, it provides private risk management services for high net worth individuals and their families.
The Middle Market segment of BRP Group caters to the risk management needs of businesses operating on a larger scale. Through comprehensive coverage options and tailored solutions, this segment offers protection against various commercial risks that may affect these entities. By carefully assessing each client’s unique requirements and business environment, BRP Group can develop customized strategies to mitigate potential risks.
In addition to serving middle market businesses, BRP Group also specializes in offering insurance products tailored to meet specific industry needs through its Specialty segment. This segment’s focus is on providing specialized coverage to industries such as entertainment, hospitality, real estate development, healthcare services, construction projects, and many others.
The MainStreet segment of BRP Group targets smaller businesses and personal lines clients such as homeowners or automobile owners who require personalized attention for their insurance needs. By leveraging its expertise in risk management and vast network of carriers, this segment aims to deliver optimal insurance products that align with each client’s individual circumstances.
Lastly, BRP Group operates within the Medicare sector by offering valuable solutions related to healthcare insurance for senior citizens or individuals with disabilities. By understanding the complexities of Medicare and staying up-to-date with evolving healthcare regulations, BRP Group assists clients in navigating their Medicare coverage options effectively.
With Barclays PLC increasing its position in BRP Group by 88.4%, it indicates their confidence in the company’s potential for growth and profitability. This significant investment further strengthens BRP Group’s position within the insurance market and reflects positively on the company’s performance as a trusted provider of insurance solutions.
It is important to note that this article refers to information available as of August 25, 2023. As the market constantly evolves, investors and stakeholders should keep track of any updates or developments related to companies’ stock holdings and financial activities like those mentioned herein.
BRP Group, Inc.
BRP
Buy
Updated on: 25/08/2023
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BRP Group, Inc.: Institutional Investors Show Confidence in Insurance Provider’s Growth Potential
August 25, 2023 – BRP Group, Inc. is a leading provider of insurance products and services in the United States. The company operates through four segments: Middle Market, Specialty, MainStreet, and Medicare. With a diverse range of offerings, BRP Group caters to the commercial risk management needs of mid-to-large size businesses, provides employee benefits solutions, offers private risk management for high net worth individuals and families, and focuses on Medicare services.
Recent reports have shed light on the activities of various hedge funds that have either increased or reduced their stakes in BRP Group. Notable among them is American International Group Inc., which raised its holdings by 1.6% in the fourth quarter. As a result, the company now owns 28,756 shares of BRP Group’s stock with an estimated value of $723,000 after acquiring an additional 452 shares during this period.
Amalgamated Bank also demonstrated confidence in BRP Group by increasing its position in the company’s shares by 4.8% during the fourth quarter. This move resulted in Amalgamated Bank owning 10,111 shares valued at $254,000 after purchasing an additional 464 shares.
Similarly, PNC Financial Services Group Inc., another institutional investor, expanded its stake by 3.5% during the fourth quarter. The move allowed PNC Financial Services Group Inc. to acquire an additional 666 shares valued at $490,000 and raise their holdings to a total of 19,476 shares.
Additionally, Arizona State Retirement System revealed a growth rate of over 4% in its holdings of BRP Group during the first quarter. The institution acquired an extra 800 shares worth approximately $453,000 to bring its total ownership to 17,799 shares.
California State Teachers Retirement System also showed faith in BRP Group by adding 1.2% to their holdings during the third quarter. This move saw them acquire an additional 892 shares amounting to a total of 74,393 shares and a value of $1,960,000.
Based on these figures, it is evident that institutional investors now own 48.25% of BRP Group’s stock, reflecting their confidence in the company’s performance and future prospects.
BRP Group has also received attention from analysts who have assessed its potential growth and performance. JPMorgan Chase & Co., for instance, released a research report lowering BRP Group’s target price from $32.00 to $28.00 on July 6th. Similarly, Raymond James adjusted its price objective downward from $34.00 to $30.00 on May 15th.
As per data compiled by Bloomberg.com, BRP Group currently has a consensus rating of “Hold” among four equities research analysts who cover the stock. Additionally, the consensus price target stands at $30.20, indicating expectations for moderate growth moving forward.
On Friday, BRP Group’s stock opened at $25.58 with a range of $19.26 – $33.34 over the past twelve months. The company has a quick ratio and current ratio both at 0.99, suggesting that it can meet short-term obligations adequately.
Furthermore, BRP Group boasts a solid market capitalization of $2.99 billion with a price-to-earnings ratio of -13.39 and a price-to-earnings-growth ratio of 1.31 indicating its growth potential according to analyst evaluations.
Recent insider activity showcased Kristopher Aaron Wiebeck selling 55,000 shares of BRP Group stock on August 17th at an average price of $25.11 per share which resulted in a total transaction value of $1,381,050. Following this transaction; Kristopher Aaron Wiebeck now possesses approximately 20,035 shares within the company, amounting to a value of approximately $503,078.85.
Similarly, on August 16th, General Counsel Seth Bala Cohen sold 9,858 shares at an average price of $25.15 per share worth about $247,928.70. After this transaction, Seth Bala Cohen currently possesses 12,124 shares valued at around $304,918.60.
It is worth noting that insiders have sold a significant number of company stock in the past three months. These insider sales totalled 253,410 shares with a value of $6,478,536. Consequently, insiders now retain 22.65% ownership within the company.
In conclusion, BRP Group Inc., a major player in the American insurance market segments its operations into four areas catering to an array of risk management needs for businesses and individuals alike. The confidence displayed by prominent institutional investors through increased holdings is indicative of their belief in BRP Group’s potential growth trajectory and financial performance. Although target prices have been adjusted downwards by analysts recently and consensus among experts suggests a “Hold” rating for BRP Group stock with an estimated price target of $30.20; the unique set of services offered by BRP Group coupled with its solid market capital
