Korea Investment CORP Sells 51,220 Shares of W.R. Berkley Corporation $WRB

Korea Investment CORP cut its position in shares of W.R. Berkley Corporation (NYSE:WRB) by 25.1% during the 3rd quarter, Holdings Channel reports. The firm owned 153,033 shares of the insurance provider’s stock after selling 51,220 shares during the quarter. Korea Investment CORP’s holdings in W.R. Berkley were worth $11,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Compass Financial Services Inc acquired a new position in W.R. Berkley during the third quarter worth approximately $26,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of W.R. Berkley during the 2nd quarter worth approximately $27,000. Elevation Point Wealth Partners LLC bought a new stake in W.R. Berkley in the 2nd quarter valued at $34,000. Physician Wealth Advisors Inc. raised its stake in W.R. Berkley by 40.2% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 523 shares of the insurance provider’s stock valued at $40,000 after acquiring an additional 150 shares during the period. Finally, Westside Investment Management Inc. lifted its holdings in W.R. Berkley by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 528 shares of the insurance provider’s stock valued at $40,000 after purchasing an additional 264 shares during the last quarter. 68.82% of the stock is currently owned by institutional investors and hedge funds.

W.R. Berkley Stock Performance

NYSE:WRB opened at $67.85 on Thursday. The stock’s 50-day simple moving average is $69.54 and its 200 day simple moving average is $72.13. The firm has a market capitalization of $25.41 billion, a PE ratio of 15.25, a price-to-earnings-growth ratio of 2.67 and a beta of 0.35. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.29. W.R. Berkley Corporation has a twelve month low of $60.68 and a twelve month high of $78.96.

W.R. Berkley (NYSE:WRB) last issued its earnings results 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 business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.18 billion. W.R. Berkley had a return on equity of 18.17% and a net margin of 12.10%.The firm’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.13 EPS. On average, analysts anticipate that W.R. Berkley Corporation will post 4.33 EPS for the current fiscal year.

W.R. Berkley Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were given a $0.09 dividend. The ex-dividend date was Monday, February 23rd. This represents a $0.36 dividend on an annualized basis and a yield of 0.5%. W.R. Berkley’s dividend payout ratio (DPR) is currently 8.09%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on WRB shares. Jefferies Financial Group dropped their price objective on shares of W.R. Berkley from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Tuesday, January 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $75.00 price target (down from $76.00) on shares of W.R. Berkley in a report on Monday, February 2nd. Truist Financial set a $80.00 price objective on W.R. Berkley and gave the stock a “buy” rating in a report on Tuesday, January 27th. Bank of America decreased their target price on W.R. Berkley from $69.00 to $66.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 27th. Finally, Keefe, Bruyette & Woods boosted their price target on W.R. Berkley from $73.00 to $76.00 and gave the company a “market perform” rating in a research note on Tuesday, January 6th. Four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, W.R. Berkley presently has an average rating of “Hold” and a consensus target price of $69.67.

Insider Buying and Selling at W.R. Berkley

In related news, major shareholder Sumitomo Insurance Co L. Mitsui purchased 112,176 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was bought at an average cost of $72.20 per share, for a total transaction of $8,099,107.20. Following the completion of the acquisition, the insider owned 58,780,450 shares of the company’s stock, valued at approximately $4,243,948,490. This represents a 0.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired a total of 9,933,862 shares of company stock worth $688,134,108 over the last quarter. Insiders own 23.30% of the company’s stock.

About W.R. Berkley

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.