Pictet Asset Management Holding SA trimmed its position in W.R. Berkley Corporation (NYSE:WRB – Free Report) by 16.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,834 shares of the insurance provider’s stock after selling 34,954 shares during the period. Pictet Asset Management Holding SA’s holdings in W.R. Berkley were worth $11,389,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Entrust Financial LLC bought a new stake in shares of W.R. Berkley during the fourth quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. lifted its holdings in shares of W.R. Berkley by 140.0% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 360 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 210 shares in the last quarter. DV Equities LLC bought a new position in shares of W.R. Berkley in the 4th quarter worth $29,000. Triumph Capital Management acquired a new stake in W.R. Berkley in the 3rd quarter valued at $35,000. Finally, Quarry LP bought a new stake in W.R. Berkley during the 4th quarter valued at $39,000. 68.82% of the stock is owned by institutional investors and hedge funds.
W.R. Berkley Stock Performance
Shares of WRB stock opened at $72.09 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a 50-day moving average of $67.43 and a 200-day moving average of $68.20. W.R. Berkley Corporation has a one year low of $62.87 and a one year high of $78.96. The company has a market cap of $26.84 billion, a P/E ratio of 15.27, a P/E/G ratio of 3.34 and a beta of 0.29.
W.R. Berkley Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Tuesday, June 23rd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.6%. This is a boost from W.R. Berkley’s previous quarterly dividend of $0.09. The ex-dividend date was Tuesday, June 23rd. W.R. Berkley’s dividend payout ratio is 8.47%.
Analysts Set New Price Targets
A number of research firms have weighed in on WRB. Morgan Stanley dropped their price objective on shares of W.R. Berkley from $73.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Monday, April 6th. BMO Capital Markets raised shares of W.R. Berkley from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $64.00 to $68.00 in a research report on Thursday, April 23rd. Evercore reaffirmed an “underperform” rating on shares of W.R. Berkley in a research report on Monday, March 9th. Truist Financial cut their price target on W.R. Berkley from $80.00 to $78.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods decreased their price objective on W.R. Berkley from $74.00 to $66.00 and set a “market perform” rating for the company in a report on Wednesday, April 1st. Three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $68.31.
W.R. Berkley Company Profile
W. R. Berkley Corporation (NYSE: WRB) is a publicly traded insurance holding company that underwrites and sells commercial property and casualty insurance, specialty insurance products, and reinsurance. Headquartered in Greenwich, Connecticut, the company operates a portfolio of underwriting businesses that focus on niche and specialty commercial risks, offering coverage tailored to industries such as transportation, construction, professional services and other commercial lines.
The company’s product mix includes primary and excess casualty, property, professional liability, environmental and other specialty lines, together with treaty and facultative reinsurance solutions.
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