W.R. Berkley’s (WRB) “Underperform” Rating Reiterated at Bank of America

Bank of America restated their underperform rating on shares of W.R. Berkley (NYSE:WRB) in a research report sent to investors on Thursday, Marketbeat Ratings reports. Bank of America currently has a $68.00 target price on the insurance provider’s stock, down from their previous target price of $74.00.

Several other research analysts have also recently weighed in on WRB. Truist Financial reduced their price target on W.R. Berkley from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. UBS Group set a $68.00 price objective on shares of W.R. Berkley and gave the stock a “neutral” rating in a research note on Monday, April 27th. Mizuho lifted their target price on shares of W.R. Berkley from $68.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $74.00 target price (up from $70.00) on shares of W.R. Berkley in a research note on Thursday, July 9th. Finally, Weiss Ratings downgraded shares of W.R. Berkley from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 20th. Three analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, W.R. Berkley presently has a consensus rating of “Reduce” and an average price target of $70.00.

W.R. Berkley Price Performance

Shares of WRB opened at $71.79 on Thursday. The business’s 50-day moving average is $68.48 and its two-hundred day moving average is $68.34. The company has a market capitalization of $26.73 billion, a P/E ratio of 15.21, a P/E/G ratio of 3.39 and a beta of 0.29. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.36 and a current ratio of 0.36. W.R. Berkley has a fifty-two week low of $62.87 and a fifty-two week high of $78.96.

W.R. Berkley (NYSE:WRB) last issued its quarterly earnings data on Tuesday, April 21st. The insurance provider reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.17. W.R. Berkley had a return on equity of 18.92% and a net margin of 12.64%.The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. Research analysts predict that W.R. Berkley will post 4.66 earnings per share for the current year.

W.R. Berkley Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 23rd were paid a $0.10 dividend. This is a boost 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%. The ex-dividend date of this dividend was Tuesday, June 23rd. W.R. Berkley’s dividend payout ratio is presently 8.47%.

Hedge Funds Weigh In On W.R. Berkley

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Stoneridge Investment Partners LLC purchased a new stake in shares of W.R. Berkley in the 4th quarter valued at approximately $2,801,000. Generali Asset Management SPA SGR purchased a new position in shares of W.R. Berkley during the 4th quarter worth approximately $1,630,000. Eagle Rock Investment Company LLC boosted its position in shares of W.R. Berkley by 18.8% during the 4th quarter. Eagle Rock Investment Company LLC now owns 118,876 shares of the insurance provider’s stock worth $8,336,000 after purchasing an additional 18,820 shares during the period. Citadel Investment Advisory Inc. increased its holdings in W.R. Berkley by 105.4% in the 4th quarter. Citadel Investment Advisory Inc. now owns 29,693 shares of the insurance provider’s stock valued at $2,082,000 after purchasing an additional 15,240 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab acquired a new stake in W.R. Berkley in the 4th quarter valued at approximately $65,233,000. 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.