W.R. Berkley (NYSE:WRB) Major Shareholder Sumitomo Insurance Co Mitsui Acquires 146,000 Shares of Stock

W.R. Berkley Corporation (NYSE:WRB) major shareholder Sumitomo Insurance Co Mitsui purchased 146,000 shares of W.R. Berkley stock in a transaction that occurred on Monday, March 2nd. The shares were acquired at an average price of $72.92 per share, for a total transaction of $10,646,320.00. Following the acquisition, the insider owned 58,668,274 shares in the company, valued at $4,278,090,540.08. This trade represents a 0.25% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

W.R. Berkley Trading Down 0.8%

W.R. Berkley stock traded down $0.56 during mid-day trading on Tuesday, reaching $72.68. 1,684,432 shares of the company traded hands, compared to its average volume of 1,986,762. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.37 and a quick ratio of 0.37. W.R. Berkley Corporation has a 52-week low of $60.68 and a 52-week high of $78.96. The firm has a market capitalization of $27.22 billion, a price-to-earnings ratio of 16.33, a P/E/G ratio of 3.07 and a beta of 0.35. The firm’s 50 day moving average price is $69.74 and its 200 day moving average price is $72.25.

W.R. Berkley (NYSE:WRB) last announced its quarterly earnings data on Monday, January 26th. The insurance provider reported $1.13 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.01). The firm had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.18 billion. W.R. Berkley had a net margin of 12.10% and a return on equity of 18.35%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.13 EPS. On average, analysts anticipate that W.R. Berkley Corporation will post 4.33 earnings per share for the current fiscal year.

W.R. Berkley Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, February 23rd. W.R. Berkley’s dividend payout ratio (DPR) is presently 8.09%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Mitsui Sumitomo Insurance Co. Ltd. bought a new position in shares of W.R. Berkley during the 4th quarter worth approximately $3,542,919,000. Jefferies Financial Group Inc. acquired a new position in shares of W.R. Berkley during the third quarter worth $682,816,000. Norges Bank purchased a new stake in shares of W.R. Berkley during the 4th quarter valued at $435,752,000. Balyasny Asset Management L.P. boosted its position in shares of W.R. Berkley by 6,503.1% in the 2nd quarter. Balyasny Asset Management L.P. now owns 2,561,230 shares of the insurance provider’s stock worth $188,174,000 after purchasing an additional 2,601,230 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in W.R. Berkley by 35,572.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,219,902 shares of the insurance provider’s stock worth $155,660,000 after buying an additional 2,213,679 shares during the last quarter. Hedge funds and other institutional investors own 68.82% of the company’s stock.

Wall Street Analyst Weigh In

WRB has been the topic of a number of research reports. Bank of America dropped their price target on W.R. Berkley from $69.00 to $66.00 and set a “neutral” rating for the company in a research note on Tuesday, January 27th. UBS Group set a $71.00 target price on shares of W.R. Berkley in a report on Monday, February 2nd. Barclays restated an “underweight” rating and issued a $64.00 price target (down from $73.00) on shares of W.R. Berkley in a research report on Thursday, January 8th. Jefferies Financial Group dropped their price objective on shares of W.R. Berkley from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Tuesday, January 27th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $75.00 target price (down from $76.00) on shares of W.R. Berkley in a research report on Monday, February 2nd. Four research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, W.R. Berkley has a consensus rating of “Hold” and a consensus price target of $69.67.

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.