W.R. Berkley Corporation (WRB) Posts Earnings Results, Beats Estimates By $0.47 EPS
W.R. Berkley Corporation (NYSE:WRB) issued its quarterly earnings data on Tuesday. The insurance provider reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.47, Briefing.com reports. W.R. Berkley Corporation had a return on equity of 7.58% and a net margin of 7.86%. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same period last year, the company earned $0.88 earnings per share. The firm’s revenue was down .3% compared to the same quarter last year.
W.R. Berkley Corporation (NYSE:WRB) traded up 0.11% during midday trading on Tuesday, reaching $70.12. The company had a trading volume of 519,332 shares. The stock has a market capitalization of $8.50 billion, a price-to-earnings ratio of 14.89 and a beta of 0.88. The company has a 50-day moving average price of $66.56 and a 200-day moving average price of $67.91. W.R. Berkley Corporation has a one year low of $55.55 and a one year high of $73.17.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th were given a dividend of $0.14 per share. The ex-dividend date was Tuesday, September 19th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.80%. W.R. Berkley Corporation’s dividend payout ratio (DPR) is 11.84%.
WRB has been the subject of a number of analyst reports. Boenning Scattergood restated a “hold” rating on shares of W.R. Berkley Corporation in a research report on Wednesday, July 26th. Zacks Investment Research upgraded W.R. Berkley Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. BidaskClub downgraded W.R. Berkley Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Keefe, Bruyette & Woods restated a “neutral” rating on shares of W.R. Berkley Corporation in a research report on Sunday, September 3rd. Finally, Buckingham Research initiated coverage on W.R. Berkley Corporation in a research report on Monday, September 11th. They set a “neutral” rating and a $67.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $66.00.
W.R. Berkley Corporation announced that its board has approved a stock repurchase program on Tuesday, August 8th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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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