SummitTX Capital L.P. lessened its stake in W.R. Berkley Corporation (NYSE:WRB – Free Report) by 61.5% in the first quarter, Holdings Channel reports. The fund owned 5,489 shares of the insurance provider’s stock after selling 8,773 shares during the quarter. SummitTX Capital L.P.’s holdings in W.R. Berkley were worth $364,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in WRB. Mitsui Sumitomo Insurance Co. Ltd. purchased a new position in shares of W.R. Berkley in the fourth quarter valued at $3,542,919,000. Norges Bank acquired a new position in W.R. Berkley in the 4th quarter worth $435,752,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in W.R. Berkley by 35,572.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,219,902 shares of the insurance provider’s stock valued at $155,660,000 after buying an additional 2,213,679 shares during the last quarter. Invesco Ltd. increased its position in shares of W.R. Berkley by 33.4% during the third quarter. Invesco Ltd. now owns 4,892,799 shares of the insurance provider’s stock worth $374,886,000 after acquiring an additional 1,224,363 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of W.R. Berkley by 70.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,754,383 shares of the insurance provider’s stock worth $193,137,000 after acquiring an additional 1,140,349 shares in the last quarter. Hedge funds and other institutional investors own 68.82% of the company’s stock.
W.R. Berkley Stock Down 1.0%
Shares of NYSE:WRB opened at $72.68 on Friday. The company’s fifty day moving average is $69.86 and its two-hundred day moving average is $68.63. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.36 and a current ratio of 0.36. W.R. Berkley Corporation has a 1-year low of $62.87 and a 1-year high of $78.96. The stock has a market capitalization of $27.06 billion, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 3.38 and a beta of 0.29.
W.R. Berkley Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 23rd were paid a $0.10 dividend. The ex-dividend date was Tuesday, June 23rd. This is an increase from W.R. Berkley’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 0.6%. W.R. Berkley’s payout ratio is presently 8.21%.
Analysts Set New Price Targets
WRB has been the subject of a number of analyst reports. Evercore reissued an “underperform” rating and issued a $68.00 price target on shares of W.R. Berkley in a report on Friday, July 10th. Weiss Ratings cut W.R. Berkley from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 20th. The Goldman Sachs Group upgraded shares of W.R. Berkley from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $71.00 to $73.00 in a research note on Monday, June 8th. Truist Financial increased their price objective on shares of W.R. Berkley from $78.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $74.00 target price (up from $70.00) on shares of W.R. Berkley in a research note on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $70.94.
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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