Goldman Sachs Group Inc. Sells 267,292 Shares of W.R. Berkley Corporation (WRB)
Goldman Sachs Group Inc. cut its holdings in W.R. Berkley Corporation (NYSE:WRB) by 22.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 931,695 shares of the insurance provider’s stock after selling 267,292 shares during the period. Goldman Sachs Group Inc. owned 0.77% of W.R. Berkley Corporation worth $64,445,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in WRB. BlackRock Inc. raised its position in 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 worth $744,042,000 after acquiring an additional 10,336,836 shares during the period. Vanguard Group Inc. raised its position in 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 worth $616,181,000 after acquiring an additional 482,820 shares during the period. Janus Capital Management LLC raised its position in 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 worth $30,459,000 after acquiring an additional 377,600 shares during the period. Renaissance Technologies LLC raised its position in W.R. Berkley Corporation by 778.9% in the second quarter. Renaissance Technologies LLC now owns 370,900 shares of the insurance provider’s stock worth $25,655,000 after acquiring an additional 328,700 shares during the period. Finally, Russell Investments Group Ltd. raised its position in 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 worth $22,475,000 after acquiring an additional 189,931 shares during the period. Institutional investors and hedge funds own 71.18% of the company’s stock.
Several research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of W.R. Berkley Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. BidaskClub downgraded shares of W.R. Berkley Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. Keefe, Bruyette & Woods set a $67.00 price target on shares of W.R. Berkley Corporation and gave the stock a “hold” rating in a research report on Thursday, July 6th. Boenning Scattergood reiterated a “hold” rating on shares of W.R. Berkley Corporation in a research report on Wednesday, July 26th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $72.00 price target on shares of W.R. Berkley Corporation in a research report on Tuesday, August 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. W.R. Berkley Corporation has a consensus rating of “Hold” and a consensus price target of $66.00.
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W.R. Berkley Corporation (NYSE:WRB) opened at 67.73 on Friday. The firm has a 50-day moving average of $66.09 and a 200 day moving average of $68.14. The company has a market capitalization of $8.21 billion, a P/E ratio of 14.38 and a beta of 0.88. W.R. Berkley Corporation has a 52-week low of $55.55 and a 52-week high of $73.17.
W.R. Berkley Corporation (NYSE:WRB) last released its earnings results on Tuesday, July 25th. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.10). W.R. Berkley Corporation had a return on equity of 7.58% and a net margin of 7.86%. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the company posted $0.82 EPS. The business’s revenue was up .6% on a year-over-year basis. Equities analysts predict that W.R. Berkley Corporation will post $3.05 earnings per share for the current fiscal year.
W.R. Berkley Corporation announced that its board has initiated a stock repurchase 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 a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Tuesday, September 19th. This represents a $0.56 annualized dividend and a yield of 0.83%. W.R. Berkley Corporation’s payout ratio is presently 11.84%.
W.R. Berkley Corporation 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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