W.R. Berkley (NYSE:WRB) Releases Earnings Results, Beats Expectations By $0.18 EPS

W.R. Berkley (NYSE:WRB) announced its quarterly earnings results on Monday. The insurance provider reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.18, FiscalAI reports. W.R. Berkley had a return on equity of 18.92% and a net margin of 12.64%.The company had revenue of $3.72 billion during the quarter, compared to analysts’ expectations of $3.28 billion.

W.R. Berkley Price Performance

Shares of W.R. Berkley stock traded up $1.10 during mid-day trading on Monday, reaching $72.71. 2,402,754 shares of the stock traded hands, compared to its average volume of 2,216,450. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average of $68.48 and a 200 day moving average of $68.32. The stock has a market capitalization of $27.07 billion, a PE ratio of 15.40, a PEG ratio of 3.39 and a beta of 0.29. W.R. Berkley has a fifty-two week low of $62.87 and a fifty-two week high of $78.96.

W.R. Berkley Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 23rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend 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 dividend yield of 0.6%. W.R. Berkley’s payout ratio is currently 8.47%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on WRB shares. Mizuho raised their price objective on shares of W.R. Berkley from $68.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Bank of America reiterated an “underperform” rating and issued a $68.00 target price (down from $74.00) on shares of W.R. Berkley in a research note on Thursday. Weiss Ratings cut shares of W.R. Berkley from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 20th. Morgan Stanley raised their price objective on W.R. Berkley from $72.00 to $75.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Finally, Barclays restated an “underweight” rating and issued a $62.00 price objective (down from $64.00) on shares of W.R. Berkley in a research report on Friday, June 12th. Three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $70.00.

Institutional Investors Weigh In On W.R. Berkley

A number of hedge funds have recently modified their holdings of the business. DV Equities LLC purchased a new stake in W.R. Berkley during the 4th quarter valued at about $29,000. Triumph Capital Management purchased a new position in W.R. Berkley in the 3rd quarter worth approximately $35,000. Quarry LP acquired a new position in shares of W.R. Berkley during the 4th quarter worth approximately $39,000. Cary Street Partners Financial LLC boosted its holdings in shares of W.R. Berkley by 691.9% during the 2nd quarter. Cary Street Partners Financial LLC now owns 586 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 512 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in shares of W.R. Berkley by 62.2% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 600 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 230 shares in the last quarter. 68.82% of the stock is currently owned by institutional investors and hedge funds.

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.