W.R. Berkley Corporation (NYSE:WRB) to Repurchase 10,000,000 Stock
W.R. Berkley Corporation (NYSE:WRB) announced that its Board of Directors has authorized a share buyback program, which permits the company to buyback 10,000,000 shares on Tuesday, August 8th, EventVestor reports. This buyback authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
W.R. Berkley Corporation (WRB) opened at 68.39 on Thursday. The company’s 50-day moving average is $69.38 and its 200-day moving average is $69.10. W.R. Berkley Corporation has a 52-week low of $55.55 and a 52-week high of $73.17. The firm has a market capitalization of $8.29 billion, a PE ratio of 14.52 and a beta of 0.87.
W.R. Berkley Corporation (NYSE:WRB) last announced its earnings results on Tuesday, July 25th. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by $0.10. W.R. Berkley Corporation had a net margin of 7.86% and a return on equity of 7.67%. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the firm earned $0.82 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts forecast that W.R. Berkley Corporation will post $2.94 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be given a dividend of $0.14 per share. The ex-dividend date is Tuesday, September 19th. This represents a $0.56 annualized dividend and a yield of 0.82%. W.R. Berkley Corporation’s payout ratio is presently 11.84%.
A number of brokerages have recently weighed in on WRB. Morgan Stanley reaffirmed an “equal weight” rating and set a $70.00 price target (up previously from $68.00) on shares of W.R. Berkley Corporation in a report on Friday, July 7th. Keefe, Bruyette & Woods set a $67.00 price target on shares of W.R. Berkley Corporation and gave the stock a “hold” rating in a report on Thursday, July 6th. Zacks Investment Research downgraded shares of W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Boenning Scattergood reaffirmed a “hold” rating on shares of W.R. Berkley Corporation in a report on Wednesday, July 26th. Finally, BidaskClub downgraded shares of W.R. Berkley Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $63.83.
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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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