Wolfe Research cut shares of W.R. Berkley (NYSE:WRB – Free Report) from a hold rating to a strong sell rating in a report issued on Wednesday,Zacks.com reports.
Several other research firms have also recently issued reports on WRB. Bank of America decreased their price objective on shares of W.R. Berkley from $68.00 to $67.00 and set a “neutral” rating for the company in a report on Tuesday, April 14th. The Goldman Sachs Group upgraded W.R. Berkley from a “neutral” rating to a “buy” rating and upped their target price for the stock from $71.00 to $73.00 in a research report on Monday, June 8th. Cantor Fitzgerald lowered W.R. Berkley from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $75.00 to $71.00 in a research note on Thursday, April 9th. Barclays reiterated an “underweight” rating and set a $62.00 price target (down from $64.00) on shares of W.R. Berkley in a research report on Friday, June 12th. Finally, Evercore restated an “underperform” rating on shares of W.R. Berkley in a report on Monday, March 9th. Three equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, W.R. Berkley has a consensus rating of “Reduce” and a consensus target price of $68.31.
Read Our Latest Analysis on W.R. Berkley
W.R. Berkley Price Performance
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, beating analysts’ consensus estimates of $1.13 by $0.17. W.R. Berkley had a net margin of 12.64% and a return on equity of 18.92%. The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.18 billion. During the same quarter in the prior year, the firm posted $1.01 EPS. W.R. Berkley’s revenue was up 1.3% compared to the same quarter last year. Equities analysts anticipate that W.R. Berkley will post 4.67 EPS for the current year.
W.R. Berkley Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 23rd will be issued a $0.10 dividend. This is an increase from W.R. Berkley’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, June 23rd. W.R. Berkley’s dividend payout ratio is currently 8.47%.
Institutional Investors Weigh In On W.R. Berkley
Large investors have recently modified their holdings of the stock. Entrust Financial LLC purchased a new stake in shares of W.R. Berkley during the fourth quarter valued at $25,000. Hazlett Burt & Watson Inc. increased its stake in 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 acquired a new stake in W.R. Berkley during the 4th quarter worth about $29,000. Triumph Capital Management acquired a new stake in W.R. Berkley during the 3rd quarter worth about $35,000. Finally, Quarry LP acquired a new position in shares of W.R. Berkley in the fourth quarter worth about $39,000. 68.82% of the stock is owned by 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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