$1.72 Billion in Sales Expected for W.R. Berkley Corporation (WRB) This Quarter
Analysts forecast that W.R. Berkley Corporation (NYSE:WRB) will announce sales of $1.72 billion for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for W.R. Berkley Corporation’s earnings. W.R. Berkley Corporation posted sales of $1.73 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 0.6%. The firm is expected to issue its next earnings report on Tuesday, October 24th.
On average, analysts expect that W.R. Berkley Corporation will report full year sales of $1.72 billion for the current financial year, with estimates ranging from $6.87 billion to $7.23 billion. For the next financial year, analysts expect that the firm will report sales of $7.06 billion per share, with estimates ranging from $6.99 billion to $7.11 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow W.R. Berkley Corporation.
W.R. Berkley Corporation (NYSE:WRB) last released its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by $0.10. W.R. Berkley Corporation had a return on equity of 7.58% and a net margin of 7.86%. The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the company posted $0.82 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis.
A number of analysts have commented on WRB shares. BidaskClub upgraded W.R. Berkley Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Morgan Stanley reiterated an “equal weight” rating and set a $70.00 target price (up from $68.00) on shares of W.R. Berkley Corporation in a research report on Friday, July 7th. Zacks Investment Research upgraded W.R. Berkley Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 30th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $67.00 price objective on shares of W.R. Berkley Corporation in a research report on Wednesday, May 17th. Finally, Boenning Scattergood restated a “hold” rating on shares of W.R. Berkley Corporation in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $65.00.
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Shares of W.R. Berkley Corporation (WRB) opened at 64.49 on Friday. W.R. Berkley Corporation has a 52-week low of $55.55 and a 52-week high of $73.17. The firm has a 50-day moving average price of $67.68 and a 200 day moving average price of $68.89. The stock has a market cap of $7.82 billion, a price-to-earnings ratio of 13.69 and a beta of 0.88.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 0.87%. The ex-dividend date is Tuesday, September 19th. W.R. Berkley Corporation’s payout ratio is 11.84%.
W.R. Berkley Corporation declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 8th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
A number of institutional investors and hedge funds have recently modified their holdings of WRB. Tower Research Capital LLC TRC boosted its holdings in W.R. Berkley Corporation by 683.0% in the second quarter. Tower Research Capital LLC TRC now owns 1,566 shares of the insurance provider’s stock valued at $108,000 after purchasing an additional 1,366 shares during the last quarter. NEXT Financial Group Inc boosted its holdings in W.R. Berkley Corporation by 243.9% in the second quarter. NEXT Financial Group Inc now owns 1,809 shares of the insurance provider’s stock valued at $125,000 after purchasing an additional 1,283 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in W.R. Berkley Corporation by 46.8% in the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,881 shares of the insurance provider’s stock valued at $133,000 after purchasing an additional 600 shares during the last quarter. IFP Advisors Inc boosted its holdings in W.R. Berkley Corporation by 218.0% in the first quarter. IFP Advisors Inc now owns 2,064 shares of the insurance provider’s stock valued at $146,000 after purchasing an additional 1,415 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in W.R. Berkley Corporation by 17.4% in the first quarter. Daiwa Securities Group Inc. now owns 2,700 shares of the insurance provider’s stock valued at $191,000 after purchasing an additional 400 shares during the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.
About W.R. Berkley Corporation
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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