August 22, 2023 – Connor Clark & Lunn Investment Management Ltd., a Canadian investment management firm, recently announced that it has reduced its holdings in BRP Group, Inc. by 26.2%. This decision was reflected in the company’s Form 13F filing with the Securities and Exchange Commission.
According to the filing, Connor Clark & Lunn Investment Management Ltd. sold 22,559 shares of BRP Group during the first quarter of this year. As a result, the firm now owns 63,573 shares of BRP Group’s stock, representing a reduction of approximately 0.05% of the company’s total worth. As of its most recent SEC filing, these shares were valued at $1,619,000.
BRP Group is primarily engaged in marketing and selling insurance products and services within the United States market. It operates through four segments: Middle Market, Specialty, MainStreet, and Medicare. The Middle Market segment offers commercial risk management solutions and employee benefits for mid-to-large size businesses and high net worth individuals.
On Tuesday morning, shares of BRP stock opened at $25.12. The company’s financials indicate that it has a quick ratio and current ratio of 0.99, while maintaining a debt-to-equity ratio of 1.16. In terms of moving averages, BRP Group has a 50-day moving average price of $24.54 and a two-hundred-day moving average price of $24.86.
Over the past year, BRP Group’s stock has displayed volatility within a range of $19.26 to $33.34 per share. With a market capitalization currently sitting at $2.93 billion and a negative price-to-earnings (P/E) ratio of -13.15 (indicating losses), investors are likely examining the company’s growth prospects closely as they consider their investment decisions.
It is worth noting that BRP Group has a price-to-earnings-growth (PEG) ratio of 1.28, which suggests that the market currently expects moderate growth for the company in relation to its earnings.
Overall, Connor Clark & Lunn Investment Management Ltd.’s reduction in holdings for BRP Group demonstrates a strategic move by the investment management firm. Investors will continue to monitor any further developments in order to gain insights into the future performance of this insurance provider within the American market.
BRP Group, Inc.
BRP
Buy
Updated on: 22/08/2023
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BRP Group, Inc.: Institutional Investors and Insider Transactions Drive Attention and Analysis
BRP Group, Inc, a leading insurance products and services provider in the United States, has recently attracted significant attention from various hedge funds. These institutional investors have been actively buying and selling shares of the company, indicating their confidence in its future prospects.
Granite Investment Partners LLC, for instance, purchased a new stake in BRP Group during the first quarter of this year valued at $16,947,000. Another prominent player, Bank of America Corp DE, increased its position in BRP Group by 97.4% during the fourth quarter. The bank now owns 608,662 shares of the company’s stock worth $15,302,000 after purchasing an additional 300,277 shares. Vanguard Group Inc. also boosted its position in BRP Group by 3.6% during the last quarter by acquiring an additional 184,814 shares.
Moreover, Neuberger Berman Group LLC acquired a new stake worth $4,318,000 in BRP Group during the fourth quarter. Jane Street Group LLC followed suit and purchased a new stake valued at $4,504,000 in the first quarter. In total, institutional investors currently own approximately 48.25% of the company’s stock.
In addition to these investments from major institutions, there have been notable insider transactions within BRP Group as well. Kristopher Aaron Wiebeck sold 55,000 shares of BRP Group stock on August 17th at an average price of $25.11 per share. Following the sale completion, Wiebeck now holds 20,035 shares with an estimated value of $503.078.85.
Another significant insider transaction was made by General Counsel Seth Bala Cohen on August 16th when he sold 9,.858 shares at an average price of $25.15 per share—an approximate total value of $247,.928..70.. Currently holding around12,.124 shares with a value of approximately $304,.918..60, the general counsel made his sale known in a filing with the SEC.
These recent insider transactions highlight the confidence insiders have in the company’s future performance. Over the last 90 days, insiders have sold a total of 253,410 shares valued at $6,478,536, showing insiders’ substantial ownership and faith in BRP Group’s potential.
BRP Group operates through four distinct segments: Middle Market, Specialty, MainStreet, and Medicare. The Middle Market segment provides commercial risk management and employee benefits solutions to mid-to-large size businesses and high net worth individuals. The Specialty segment focuses on private risk management services while the MainStreet segment caters to smaller businesses. Lastly, the Medicare segment offers insurance products for individuals who are eligible for Medicare coverage.
Financial analysts have closely observed BRP Group and issued various reports on its stock. Some key analysts such as Raymond James decreased their target price from $34.00 to $30.00 in a research report released on May 15th earlier this year. JPMorgan Chase & Co also reduced their price target from $32.00 to $28.00 in another research report published on July 6th. Despite these adjustments, opinions vary among analysts regarding BRP Group’s stock performance.
According to Bloomberg.com, BRP Group currently holds an average consensus rating of “Hold” based on reports from financial analysts with an average price target of $30.20.
To delve deeper into BRP Group’s stock analysis and stay updated with its latest developments and news articles, interested readers can refer to our website for comprehensive insights.
In conclusion, BRP Group has witnessed considerable interest from institutional investors along with significant insider transactions. As one of the leading insurance providers in the United States operating through multiple segments catering to different customer groups, BRP Group continues to attract attention from financial analysts who offer varying perspectives on its future performance.
