Langen Mcalenn Equities Analysts Decrease Earnings Estimates for W.R. Berkley Corporation (WRB)
W.R. Berkley Corporation (NYSE:WRB) – Research analysts at Langen Mcalenn reduced their Q3 2017 earnings per share (EPS) estimates for shares of W.R. Berkley Corporation in a report released on Thursday. Langen Mcalenn analyst L. Greenberg now forecasts that the insurance provider will post earnings per share of $0.42 for the quarter, down from their prior estimate of $0.47. Langen Mcalenn also issued estimates for W.R. Berkley Corporation’s FY2017 earnings at $2.58 EPS.
W.R. Berkley Corporation (NYSE:WRB) last issued its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.10). The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.61 billion. W.R. Berkley Corporation had a net margin of 7.86% and a return on equity of 7.58%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.82 EPS.
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WRB has been the subject of several other research reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $70.00 price objective (up previously from $68.00) on shares of W.R. Berkley Corporation in a research report on Friday, July 7th. Keefe, Bruyette & Woods set a $67.00 price objective on shares of W.R. Berkley Corporation and gave the stock a “hold” rating in a research report on Thursday, July 6th. BidaskClub downgraded shares of W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research downgraded shares of W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $72.00 price objective on shares of W.R. Berkley Corporation in a research report on Tuesday, August 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $66.00.
W.R. Berkley Corporation (WRB) opened at 67.73 on Friday. W.R. Berkley Corporation has a 52 week low of $55.55 and a 52 week high of $73.17. The company has a market cap of $8.21 billion, a price-to-earnings ratio of 14.38 and a beta of 0.88. The firm has a 50-day moving average of $66.09 and a 200-day moving average of $68.14.
W.R. Berkley Corporation declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, August 8th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.83%. The ex-dividend date was Tuesday, September 19th. W.R. Berkley Corporation’s dividend payout ratio (DPR) is presently 11.84%.
A number of large investors have recently modified their holdings of the business. World Asset Management Inc lifted its stake in W.R. Berkley Corporation by 0.6% during the 2nd quarter. World Asset Management Inc now owns 6,689 shares of the insurance provider’s stock valued at $463,000 after acquiring an additional 39 shares in the last quarter. D.A. Davidson & CO. lifted its stake in W.R. Berkley Corporation by 1.2% during the 2nd quarter. D.A. Davidson & CO. now owns 5,836 shares of the insurance provider’s stock valued at $403,000 after acquiring an additional 67 shares in the last quarter. Burney Co. lifted its stake in W.R. Berkley Corporation by 0.3% during the 2nd quarter. Burney Co. now owns 41,928 shares of the insurance provider’s stock valued at $2,902,000 after acquiring an additional 132 shares in the last quarter. US Bancorp DE lifted its stake in W.R. Berkley Corporation by 1.9% during the 2nd quarter. US Bancorp DE now owns 7,167 shares of the insurance provider’s stock valued at $495,000 after acquiring an additional 137 shares in the last quarter. Finally, IFP Advisors Inc lifted its stake in W.R. Berkley Corporation by 6.9% during the 2nd quarter. IFP Advisors Inc now owns 2,207 shares of the insurance provider’s stock valued at $153,000 after acquiring an additional 143 shares in the last quarter. Institutional investors and hedge funds own 71.18% of the company’s stock.
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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