BRP Group (BRP – Research Report), the Industrials sector company, was revisited by a Wall Street analyst today. Analyst Elyse Greenspan from Wells Fargo downgraded the rating on the stock to a Hold and gave it a $24.00 price target.
Elyse Greenspan has given her Hold rating on BRP Group’s stock due to a combination of factors. BRP Group’s third quarter operating earnings per share (EPS) were reported at $0.29, which was nearly in line with Wells Fargo’s estimate of $0.30 and slightly higher than the consensus estimate of $0.27. This demonstrates that the company’s performance in the third quarter was reasonably satisfactory.
However, Greenspan’s Hold rating is mainly influenced by the company’s outlook for the fourth quarter, which suggests a potential slowdown on an organic basis. This indicates that the company’s growth may not be as strong in the near future as it has been in the past. Thus, Greenspan is recommending investors to hold their positions in BRP Group until there are clearer signs of sustained growth.
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Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BRP in relation to earlier this year.
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BRP Group (BRP) Company Description:
BRP Group, Inc. provides insurance services. It operates through the following 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. The Specialty segment is a wholesale co-brokerage platform, which delivers specialty insurers, professionals, individuals and niche industry businesses expanded access to exclusive specialty markets, capabilities and programs requiring complex underwriting and placement. The Mainstreet segment offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities. The Medicare segment offers consultation for government assistance programs and solutions, including traditional Medicare and Medicare Advantage. The company was founded by Elizabeth H. Krystyn, Laura R. Sherman and Lowry L. Baldwin in 2011 and is headquartered in Tampa, FL.
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