W.R. Berkley (NYSE:WRB) Reaches New 52-Week High – Here’s What Happened

Shares of W.R. Berkley Corporation (NYSE:WRB) reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $79.26 and last traded at $77.6390, with a volume of 337,050 shares traded. The stock had previously closed at $76.71.

Analysts Set New Price Targets

Several research analysts have recently issued reports on WRB shares. Cantor Fitzgerald lowered their price target on shares of W.R. Berkley from $74.00 to $71.00 and set a “neutral” rating for the company in a report on Monday, October 26th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of W.R. Berkley in a research report on Tuesday, July 21st. Atlantic Securities set a $74.00 target price on W.R. Berkley in a report on Wednesday, July 15th. Truist Financial increased their target price on W.R. Berkley from $78.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company reissued an “underweight” rating and set a $68.00 price target (up from $65.00) on shares of W.R. Berkley in a research note on Tuesday, October 20th. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $70.56.

W.R. Berkley Trading Down 2.3%

The company has a market cap of $27.93 billion, a P/E ratio of 15.90, a PEG ratio of 1.93 and a beta of 0.23. The firm’s 50 day moving average is $71.19 and its two-hundred day moving average is $69.43. 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 (NYSE:WRB) last announced its earnings results on Monday, October 19th. The insurance provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.15 by $0.02. The firm had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.82 billion. W.R. Berkley had a return on equity of 19.63% and a net margin of 12.53%. The business’s quarterly revenue was down .8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.10 EPS. As a group, equities research analysts anticipate that W.R. Berkley Corporation will post 4.91 EPS for the current year.

W.R. Berkley Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a $0.10 dividend. The ex-dividend date was Monday, September 21st. This represents a $0.40 annualized dividend and a yield of 0.5%. W.R. Berkley’s dividend payout ratio is presently 8.46%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Illinois Municipal Retirement Fund increased its stake in W.R. Berkley by 7.1% in the third quarter. Illinois Municipal Retirement Fund now owns 241,587 shares of the insurance provider’s stock valued at $16,317,000 after purchasing an additional 16,029 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of W.R. Berkley by 187.0% in the 3rd quarter. International Assets Investment Management LLC now owns 20,000 shares of the insurance provider’s stock valued at $1,351,000 after buying an additional 13,032 shares during the period. Chicago Partners Investment Group LLC increased its position in W.R. Berkley by 105.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 16,096 shares of the insurance provider’s stock valued at $1,180,000 after buying an additional 8,280 shares in the last quarter. Mraz Amerine & Associates Inc. increased its position in W.R. Berkley by 0.4% in the 3rd quarter. Mraz Amerine & Associates Inc. now owns 638,546 shares of the insurance provider’s stock valued at $43,127,000 after buying an additional 2,793 shares in the last quarter. Finally, Provenance Wealth Advisors LLC acquired a new stake in W.R. Berkley in the 3rd quarter valued at $70,000. 68.82% of the stock is owned by institutional investors and hedge funds.

W.R. Berkley Company Profile

W.R. Berkley Corporation is an insurance holding company that provides commercial property and casualty insurance, reinsurance, and related services. Its offerings include coverage for businesses and professionals across areas such as property, casualty, workers’ compensation, transportation, and specialty risks.

Founded in 1967 by William R. Berkley, the company operates through a group of insurance businesses with expertise in specific markets and customer needs. Its operations serve customers in the United States and select international markets.

William R.