W.R. Berkley Corp. Lowered to Neutral at Zacks (WRB)
W.R. Berkley Corp. (NYSE:WRB) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report issued on Friday, Stock Ratings Network.com reports. They currently have a $44.00 target price on the stock. Zacks‘ price objective would indicate a potential upside of 5.67% from the company’s current price.
Zacks‘ analyst wrote, “We are downgrading our recommendation on the shares of W.R. Berkley to Neutral from Outperform. The company reported second quarter earnings ahead of the Zacks Consensus Estimate. The company has been showing a favorable performance over the past several quarters and we expect the trend to continue. The company is witnessing stable retention even with a general rate hike over the past many quarters. We believe that the insurance pricing cycle has entered a safe zone and the magnitude of the price rise will increase going forward. The company’s investments in a number of start-ups during the last four years will enable it to take greater advantage of the improved market scenario. Its International business is another area which will fuel long-term earnings growth. However, rising loss trends, a low interest rate environment are some headwinds. “
WRB has been the subject of a number of other recent research reports. Analysts at Compass Point raised their price target on shares of W.R. Berkley Corp. (NYSE:WRB) from $43.00 to $44.00 in a research note to investors on Wednesday, July 24th. They now have a “neutral” rating on the stock. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of W.R. Berkley Corp. (NYSE:WRB) from $45.00 to $48.00 in a research note to investors on Tuesday, July 23rd. They now have a “market perform” rating on the stock. Finally, analysts at UBS AG cut their EPS estimates on shares of W.R. Berkley Corp. (NYSE:WRB) in a research note on Tuesday. They now have a “hold” rating and a $48.00 price target on the stock.
Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $45.00.
Shares of W.R. Berkley Corp. (NYSE:WRB) traded down 0.26% on Friday, hitting $41.53. The stock had a trading volume of 265,267 shares. W.R. Berkley Corp. has a one year low of $36.82 and a one year high of $45.59. The stock’s 50-day moving average is $41.86 and its 200-day moving average is $42.41. The company has a market cap of $5.620 billion and a price-to-earnings ratio of 11.86.
W.R. Berkley Corp. (NYSE:WRB) last released its earnings data on Monday, July 22nd. The company reported $0.70 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.68 by $0.02. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter last year, the company posted $0.65 earnings per share. W.R. Berkley Corp.’s revenue was up 11.0% compared to the same quarter last year. On average, analysts predict that W.R. Berkley Corp. will post $2.88 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Tuesday, September 10th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Friday, September 6th.
W. R. Berkley Corporation (NYSE:WRB) is an insurance holding company.
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