YHB Investment Advisors Inc. lowered its stake in shares of W.R. Berkley Corporation (NYSE:WRB) by 47.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,789 shares of the insurance provider’s stock after selling 16,850 shares during the period. YHB Investment Advisors Inc.’s holdings in W.R. Berkley Corporation were worth $1,300,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in W.R. Berkley Corporation by 5,233.5% in the first quarter. BlackRock Inc. now owns 10,534,349 shares of the insurance provider’s stock worth $744,042,000 after buying an additional 10,336,836 shares during the period. Vanguard Group Inc. raised its position in W.R. Berkley Corporation by 5.9% in the first quarter. Vanguard Group Inc. now owns 8,724,057 shares of the insurance provider’s stock worth $616,181,000 after buying an additional 482,820 shares during the period. Janus Capital Management LLC raised its position in W.R. Berkley Corporation by 703.9% in the first quarter. Janus Capital Management LLC now owns 431,245 shares of the insurance provider’s stock worth $30,459,000 after buying an additional 377,600 shares during the period. Bank of New York Mellon Corp raised its position in W.R. Berkley Corporation by 23.0% in the first quarter. Bank of New York Mellon Corp now owns 1,538,368 shares of the insurance provider’s stock worth $108,656,000 after buying an additional 288,083 shares during the period. Finally, Russell Investments Group Ltd. raised its position in W.R. Berkley Corporation by 140.7% in the second quarter. Russell Investments Group Ltd. now owns 324,887 shares of the insurance provider’s stock worth $22,475,000 after buying an additional 189,931 shares during the period. 72.00% of the stock is owned by institutional investors and hedge funds.
Shares of W.R. Berkley Corporation (NYSE:WRB) traded down 0.23% during midday trading on Friday, reaching $68.38. The company’s stock had a trading volume of 386,871 shares. The stock’s 50 day moving average price is $69.20 and its 200 day moving average price is $69.14. The firm has a market cap of $8.29 billion, a price-to-earnings ratio of 14.52 and a beta of 0.87. W.R. Berkley Corporation has a one year low of $55.55 and a one year high of $73.17.
W.R. Berkley Corporation (NYSE:WRB) last issued its earnings results on Tuesday, July 25th. The insurance provider reported $0.65 EPS for the quarter, missing the Zacks’ consensus estimate of $0.75 by $0.10. W.R. Berkley Corporation had a net margin of 7.86% and a return on equity of 7.58%. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the prior year, the business posted $0.82 EPS. The business’s revenue was up .6% on a year-over-year basis. Analysts predict that W.R. Berkley Corporation will post $2.94 earnings per share for the current year.
W.R. Berkley Corporation declared that its Board of Directors has approved a share buyback plan on Tuesday, August 8th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Tuesday, September 19th. W.R. Berkley Corporation’s dividend payout ratio is presently 11.84%.
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A number of research firms have recently weighed in on WRB. BidaskClub lowered W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Zacks Investment Research lowered W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Boenning Scattergood reissued a “hold” rating on shares of W.R. Berkley Corporation in a research note on Wednesday, July 26th. Morgan Stanley reissued an “equal weight” rating and set a $70.00 price target (up from $68.00) on shares of W.R. Berkley Corporation in a research note on Friday, July 7th. Finally, Keefe, Bruyette & Woods set a $67.00 price target on W.R. Berkley Corporation and gave the company a “hold” rating in a research note on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $63.83.
W.R. Berkley Corporation Company Profile
W. R. Berkley Corporation is an insurance holding company. It operates through two segments: Insurance and Reinsurance-Global. The Insurance segment consists of its commercial insurance business operations, comprising excess and surplus lines, and admitted lines, throughout the United States, as well as its insurance business operations in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia.
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