W.R. Berkley (NYSE:WRB – Get Free Report)‘s stock had its “underperform” rating reiterated by analysts at Bank of America in a research note issued on Thursday,Benzinga reports. They currently have a $68.00 price target on the insurance provider’s stock, down from their previous price target of $74.00. Bank of America‘s target price points to a potential downside of 2.73% from the company’s current price.
A number of other brokerages also recently weighed in on WRB. Brean Capital downgraded shares of W.R. Berkley from a “buy” rating to a “neutral” rating and set a $73.00 price objective for the company. in a research report on Wednesday, March 25th. UBS Group set a $68.00 price target on W.R. Berkley and gave the company a “neutral” rating in a report on Monday, April 27th. Evercore reissued an “underperform” rating and set a $68.00 target price on shares of W.R. Berkley in a research note on Friday, July 10th. The Goldman Sachs Group upgraded W.R. Berkley from a “neutral” rating to a “buy” rating and lifted their price target for the company from $71.00 to $73.00 in a research report on Monday, June 8th. Finally, Weiss Ratings downgraded W.R. Berkley from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 20th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, W.R. Berkley presently has an average rating of “Reduce” and an average target price of $70.00.
W.R. Berkley Trading Down 2.9%
W.R. Berkley (NYSE:WRB – Get Free Report) last announced its earnings results on Tuesday, April 21st. The insurance provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.17. W.R. Berkley had a return on equity of 18.92% and a net margin of 12.64%.The business had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.18 billion. During the same period in the previous year, the company earned $1.01 earnings per share. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. Analysts expect that W.R. Berkley will post 4.66 EPS for the current fiscal year.
Institutional Trading of W.R. Berkley
Several hedge funds and other institutional investors have recently modified their holdings of WRB. Stoneridge Investment Partners LLC acquired a new stake in shares of W.R. Berkley in the fourth quarter valued at $2,801,000. Generali Asset Management SPA SGR acquired a new position in W.R. Berkley during the 4th quarter worth $1,630,000. Eagle Rock Investment Company LLC increased its stake in shares of W.R. Berkley by 18.8% in the 4th quarter. Eagle Rock Investment Company LLC now owns 118,876 shares of the insurance provider’s stock valued at $8,336,000 after buying an additional 18,820 shares during the period. Citadel Investment Advisory Inc. lifted its stake in shares of W.R. Berkley by 105.4% during the fourth quarter. Citadel Investment Advisory Inc. now owns 29,693 shares of the insurance provider’s stock valued at $2,082,000 after acquiring an additional 15,240 shares during the period. Finally, PFA Pension Forsikringsaktieselskab acquired a new position in shares of W.R. Berkley during the fourth quarter valued at $65,233,000. 68.82% of the stock is currently owned by hedge funds and other institutional investors.
About W.R. Berkley
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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