Royal London Asset Management Ltd. cut its position in W.R. Berkley Corporation (NYSE:WRB – Free Report) by 7.4% in the second quarter, HoldingsChannel.com reports. The firm owned 2,115,249 shares of the insurance provider’s stock after selling 169,334 shares during the period. Royal London Asset Management Ltd.’s holdings in W.R. Berkley were worth $149,189,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of WRB. Entrust Financial LLC purchased a new position in shares of W.R. Berkley in the 4th quarter worth approximately $25,000. Hazlett Burt & Watson Inc. raised its stake in shares of W.R. Berkley by 140.0% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 360 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 210 shares in the last quarter. Allied Private Wealth LLC purchased a new stake in W.R. Berkley during the second quarter valued at approximately $29,000. DV Equities LLC purchased a new stake in W.R. Berkley during the fourth quarter valued at approximately $29,000. Finally, Triumph Capital Management acquired a new stake in W.R. Berkley in the third quarter valued at approximately $35,000. 68.82% of the stock is owned by hedge funds and other institutional investors.
W.R. Berkley Stock Up 0.2%
WRB stock opened at $68.45 on Friday. The stock has a market capitalization of $25.41 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 3.11 and a beta of 0.29. W.R. Berkley Corporation has a 52 week low of $62.87 and a 52 week high of $78.96. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average of $71.21 and a 200 day moving average of $68.87.
W.R. Berkley Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Tuesday, June 23rd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Tuesday, June 23rd. This is a positive change from W.R. Berkley’s previous quarterly dividend of $0.09. W.R. Berkley’s payout ratio is currently 8.21%.
Wall Street Analysts Forecast Growth
Several equities analysts have issued reports on WRB shares. Atlantic Securities set a $74.00 price target on shares of W.R. Berkley in a report on Wednesday, July 15th. Oppenheimer set a $70.00 price objective on W.R. Berkley in a report on Tuesday, July 21st. Wells Fargo & Company reissued an “underweight” rating and issued a $68.00 price objective (up from $67.00) on shares of W.R. Berkley in a research report on Tuesday, July 21st. Cantor Fitzgerald restated a “neutral” rating and set a $74.00 target price (up from $70.00) on shares of W.R. Berkley in a research note on Thursday, July 9th. Finally, Morgan Stanley upped their target price on W.R. Berkley from $72.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, W.R. Berkley currently has a consensus rating of “Reduce” and an average price target of $70.94.
Read Our Latest Stock Report on W.R. Berkley
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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