Sei Investments Co. Decreases Position in W.R. Berkley Corporation (WRB)
Sei Investments Co. decreased its stake in shares of W.R. Berkley Corporation (NYSE:WRB) by 5.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,325 shares of the insurance provider’s stock after selling 1,945 shares during the period. Sei Investments Co.’s holdings in W.R. Berkley Corporation were worth $2,167,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of 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 in the last quarter. Vanguard Group Inc. raised its position in shares of 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 in the last quarter. Janus Capital Management LLC raised its position in shares of 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 in the last quarter. Bank of New York Mellon Corp raised its position in shares of 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 in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 70.94% of the company’s stock.
Shares of W.R. Berkley Corporation (WRB) opened at 67.49 on Friday. The company has a market cap of $8.18 billion, a P/E ratio of 14.33 and a beta of 0.87. The company’s 50-day moving average price is $68.77 and its 200-day moving average price is $69.14. W.R. Berkley Corporation has a 12 month low of $55.55 and a 12 month high of $73.17.
W.R. Berkley Corporation (NYSE:WRB) last issued its earnings results on Tuesday, July 25th. The insurance provider reported $0.65 earnings per share for the quarter, missing the Zacks’ 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 7.58%. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the business posted $0.82 EPS. W.R. Berkley Corporation’s revenue was up .6% compared to the same quarter last year. Equities analysts forecast that W.R. Berkley Corporation will post $2.93 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend is Tuesday, September 19th. W.R. Berkley Corporation’s payout ratio is currently 11.84%.
W.R. Berkley Corporation declared that its Board of Directors has approved a share buyback program on Tuesday, August 8th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several equities analysts have recently commented on WRB shares. Zacks Investment Research upgraded W.R. Berkley Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Morgan Stanley restated 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 research note on Friday, July 7th. BidaskClub upgraded W.R. Berkley Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Boenning Scattergood restated a “hold” rating on shares of W.R. Berkley Corporation in a research note on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods set a $67.00 price target on W.R. Berkley Corporation and gave the company a “hold” rating in a research note on Thursday, July 6th. Three analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. W.R. Berkley Corporation has an average rating of “Hold” and an average target price of $63.83.
W.R. Berkley Corporation Company Profile
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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