State of New Jersey Common Pension Fund D Increases Stock Position in BRP Group, Inc. (NASDAQ:BRP)

State of New Jersey Common Pension Fund D boosted its stake in BRP Group, Inc. (NASDAQ:BRP) by 49.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 141,145 shares of the company’s stock after acquiring an additional 46,545 shares during the period. State of New Jersey Common Pension Fund D owned about 0.12% of BRP Group worth $3,390,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BRP. SG Americas Securities LLC purchased a new stake in BRP Group in the third quarter valued at $274,000. Bank of New York Mellon Corp raised its holdings in shares of BRP Group by 27.0% in the third quarter. Bank of New York Mellon Corp now owns 1,133,781 shares of the company’s stock valued at $26,338,000 after buying an additional 241,051 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of BRP Group by 32.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,160 shares of the company’s stock valued at $259,000 after buying an additional 2,723 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of BRP Group by 4.1% in the third quarter. Arizona State Retirement System now owns 18,148 shares of the company’s stock valued at $422,000 after buying an additional 720 shares during the last quarter. Finally, Van Hulzen Asset Management LLC raised its holdings in shares of BRP Group by 49.9% in the third quarter. Van Hulzen Asset Management LLC now owns 30,791 shares of the company’s stock valued at $715,000 after buying an additional 10,244 shares during the last quarter. 70.42% of the stock is owned by hedge funds and other institutional investors.

BRP Group Stock Up 0.2 %

BRP stock opened at $26.70 on Friday. The company’s 50 day simple moving average is $28.22 and its 200-day simple moving average is $24.32. BRP Group, Inc. has a 12 month low of $17.33 and a 12 month high of $30.84. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.29.

BRP Group (NASDAQ:BRP) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $284.65 million for the quarter, compared to analyst estimates of $282.00 million. BRP Group had a negative net margin of 7.40% and a positive return on equity of 7.61%. On average, sell-side analysts anticipate that BRP Group, Inc. will post 1.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BRP. Keefe, Bruyette & Woods upped their target price on shares of BRP Group from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Wells Fargo & Company reduced their target price on shares of BRP Group from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Thursday, April 11th. JPMorgan Chase & Co. raised shares of BRP Group from a “neutral” rating to an “overweight” rating and upped their target price for the company from $27.00 to $33.00 in a report on Monday, April 8th. Finally, Bank of America dropped their price target on shares of BRP Group from $44.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, BRP Group has an average rating of “Buy” and an average target price of $33.40.

Insider Activity

In related news, General Counsel Seth Bala Cohen sold 1,033 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $29.04, for a total transaction of $29,998.32. Following the transaction, the general counsel now owns 10,657 shares of the company’s stock, valued at $309,479.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, General Counsel Seth Bala Cohen sold 1,033 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $29.04, for a total transaction of $29,998.32. Following the transaction, the general counsel now owns 10,657 shares of the company’s stock, valued at $309,479.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lowry Baldwin sold 62,629 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $28.94, for a total transaction of $1,812,483.26. Following the transaction, the director now directly owns 37,371 shares in the company, valued at approximately $1,081,516.74. The disclosure for this sale can be found here. Company insiders own 22.65% of the company’s stock.

BRP Group Profile

BRP Group, Inc operates as an independent insurance distribution firm that delivers insurance and risk management solutions in the United States. It operates through three segments: Insurance Advisory Solutions; Underwriting, Capacity & Technology Solutions; and Mainstreet Insurance Solutions. The Insurance Advisory Solutions segment provides commercial risk management, employee benefits, and private risk management solutions for businesses and high-net-worth individuals, as well as their families.