W.R. Berkley Corporation (WRB) Position Boosted by GHP Investment Advisors Inc.
GHP Investment Advisors Inc. increased its stake in shares of W.R. Berkley Corporation (NYSE:WRB) by 2.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 29,333 shares of the insurance provider’s stock after buying an additional 570 shares during the period. GHP Investment Advisors Inc.’s holdings in W.R. Berkley Corporation were worth $2,029,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in W.R. Berkley Corporation by 5,233.5% in the first quarter. BlackRock Inc. now owns 10,534,349 shares of the insurance provider’s stock valued at $744,042,000 after buying an additional 10,336,836 shares during the period. Vanguard Group Inc. boosted its stake in W.R. Berkley Corporation by 5.9% in the first quarter. Vanguard Group Inc. now owns 8,724,057 shares of the insurance provider’s stock valued at $616,181,000 after buying an additional 482,820 shares during the period. Janus Capital Management LLC boosted its stake in W.R. Berkley Corporation by 703.9% in the first quarter. Janus Capital Management LLC now owns 431,245 shares of the insurance provider’s stock valued at $30,459,000 after buying an additional 377,600 shares during the period. Bank of New York Mellon Corp boosted its stake in W.R. Berkley Corporation by 23.0% in the first quarter. Bank of New York Mellon Corp now owns 1,538,368 shares of the insurance provider’s stock valued at $108,656,000 after buying an additional 288,083 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in W.R. Berkley Corporation by 140.7% in the second quarter. Russell Investments Group Ltd. now owns 324,887 shares of the insurance provider’s stock valued at $22,475,000 after buying an additional 189,931 shares during the period. Institutional investors and hedge funds own 70.94% of the company’s stock.
Shares of W.R. Berkley Corporation (NYSE:WRB) traded up 0.30% during mid-day trading on Friday, hitting $67.17. 22,267 shares of the stock were exchanged. The stock’s 50 day moving average is $68.82 and its 200 day moving average is $69.14. W.R. Berkley Corporation has a 12 month low of $55.55 and a 12 month high of $73.17. The firm has a market cap of $8.15 billion, a P/E ratio of 14.26 and a beta of 0.87.
W.R. Berkley Corporation (NYSE:WRB) last posted its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the business posted $0.82 earnings per share. The firm’s revenue was up .6% compared to the same quarter last year. Analysts expect that W.R. Berkley Corporation will post $2.93 EPS for the current fiscal year.
W.R. Berkley Corporation announced that its board has authorized a share repurchase program on Tuesday, August 8th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed 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 dividend on an annualized basis and a yield of 0.84%. W.R. Berkley Corporation’s payout ratio is 11.84%.
Several analysts recently weighed in on WRB shares. Zacks Investment Research upgraded shares of W.R. Berkley Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. Morgan Stanley reiterated an “equal weight” rating and issued a $70.00 price target (up previously from $68.00) on shares of W.R. Berkley Corporation in a report on Friday, July 7th. BidaskClub upgraded shares of W.R. Berkley Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Boenning Scattergood reiterated a “hold” rating on shares of W.R. Berkley Corporation in a report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods set a $67.00 price target on shares of W.R. Berkley Corporation and gave the company a “hold” rating in a report on Thursday, July 6th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $63.83.
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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