Arrowstreet Capital Limited Partnership Has $18.36 Million Position in W.R. Berkley Corporation (WRB)
Arrowstreet Capital Limited Partnership increased its position in shares of W.R. Berkley Corporation (NYSE:WRB) by 23.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 265,455 shares of the insurance provider’s stock after acquiring an additional 50,369 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.22% of W.R. Berkley Corporation worth $18,362,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in WRB. NEXT Financial Group Inc boosted its position in W.R. Berkley Corporation by 243.9% during the second quarter. NEXT Financial Group Inc now owns 1,809 shares of the insurance provider’s stock worth $125,000 after acquiring an additional 1,283 shares during the last quarter. IFP Advisors Inc boosted its position in W.R. Berkley Corporation by 6.9% during the second quarter. IFP Advisors Inc now owns 2,207 shares of the insurance provider’s stock worth $153,000 after acquiring an additional 143 shares during the last quarter. Parametrica Management Ltd acquired a new stake in W.R. Berkley Corporation during the second quarter worth approximately $203,000. Advisor Partners LLC acquired a new stake in W.R. Berkley Corporation during the second quarter worth approximately $213,000. Finally, Crow Point Partners LLC acquired a new stake in W.R. Berkley Corporation during the second quarter worth approximately $229,000. Hedge funds and other institutional investors own 71.18% of the company’s stock.
A number of analysts recently issued reports on WRB shares. BidaskClub upgraded shares of W.R. Berkley Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. 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. 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. 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. Finally, Boenning Scattergood reiterated a “hold” rating on shares of W.R. Berkley Corporation in a report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. W.R. Berkley Corporation has a consensus rating of “Hold” and an average price target of $66.00.
Shares of W.R. Berkley Corporation (WRB) traded down 0.55% during trading on Wednesday, hitting $66.99. 49,762 shares of the company’s stock were exchanged. W.R. Berkley Corporation has a 1-year low of $55.55 and a 1-year high of $73.17. The stock’s 50 day moving average is $66.10 and its 200 day moving average is $68.02. The firm has a market capitalization of $8.12 billion, a PE ratio of 14.22 and a beta of 0.88.
W.R. Berkley Corporation (NYSE:WRB) last announced its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $0.65 EPS 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 company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period in the previous year, the firm posted $0.82 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities research analysts forecast that W.R. Berkley Corporation will post $2.92 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Tuesday, September 19th. W.R. Berkley Corporation’s payout ratio is presently 11.84%.
W.R. Berkley Corporation announced that its board has approved a stock buyback program on Tuesday, August 8th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the insurance provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership 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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