Shares of W.R. Berkley Corporation (NYSE:WRB – Get Free Report) have earned a consensus recommendation of “Reduce” from the eighteen brokerages that are covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $70.9444.
A number of brokerages have commented on WRB. Mizuho upped their price objective on shares of W.R. Berkley from $72.00 to $74.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $68.00 target price (up from $67.00) on shares of W.R. Berkley in a report on Tuesday, July 21st. Evercore reiterated an “underperform” rating and set a $68.00 price target on shares of W.R. Berkley in a research note on Friday, July 10th. Weiss Ratings restated a “buy (b-)” rating on shares of W.R. Berkley in a research report on Monday, August 17th. Finally, The Goldman Sachs Group raised W.R. Berkley from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $71.00 to $73.00 in a report on Monday, June 8th.
Check Out Our Latest Analysis on WRB
W.R. Berkley Trading Up 1.6%
W.R. Berkley (NYSE:WRB – Get Free Report) last issued its quarterly earnings results on Monday, July 20th. The insurance provider reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.19. W.R. Berkley had a return on equity of 19.44% and a net margin of 12.94%.The firm had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.28 billion. During the same period last year, the company earned $1.05 earnings per share. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. Equities analysts anticipate that W.R. Berkley will post 4.84 EPS for the current year.
W.R. Berkley Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Tuesday, June 23rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend 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 (DPR) is presently 8.21%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Stoneridge Investment Partners LLC acquired a new stake in shares of W.R. Berkley during the 4th quarter valued at approximately $2,801,000. PFA Pension Forsikringsaktieselskab purchased a new position in W.R. Berkley in the 4th quarter valued at approximately $65,233,000. Generali Asset Management SPA SGR purchased a new position in W.R. Berkley in the 4th quarter valued at approximately $1,630,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in W.R. Berkley by 6.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 634,244 shares of the insurance provider’s stock worth $43,991,000 after purchasing an additional 41,125 shares during the last quarter. Finally, Cornerstone Investment Partners LLC boosted its position in W.R. Berkley by 13.9% during the fourth quarter. Cornerstone Investment Partners LLC now owns 1,099,746 shares of the insurance provider’s stock worth $77,114,000 after purchasing an additional 133,804 shares in the last quarter. Institutional investors and hedge funds own 68.82% of the company’s stock.
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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