New York State Common Retirement Fund Has $33.60 Million Holdings in W.R. Berkley Corporation (WRB)
New York State Common Retirement Fund raised its position in shares of W.R. Berkley Corporation (NYSE:WRB) by 7.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 485,800 shares of the insurance provider’s stock after buying an additional 34,199 shares during the period. New York State Common Retirement Fund owned about 0.40% of W.R. Berkley Corporation worth $33,603,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. NEXT Financial Group Inc boosted its position in W.R. Berkley Corporation by 243.9% during the 2nd quarter. NEXT Financial Group Inc now owns 1,809 shares of the insurance provider’s stock valued at $125,000 after buying an additional 1,283 shares during the period. IFP Advisors Inc lifted its position in shares of W.R. Berkley Corporation by 6.9% in the 2nd quarter. IFP Advisors Inc now owns 2,207 shares of the insurance provider’s stock worth $153,000 after purchasing an additional 143 shares during the period. Parametrica Management Ltd purchased a new stake in shares of W.R. Berkley Corporation in the 2nd quarter worth about $203,000. Aberdeen Asset Management PLC UK purchased a new stake in shares of W.R. Berkley Corporation in the 1st quarter worth about $208,000. Finally, Advisor Partners LLC purchased a new stake in shares of W.R. Berkley Corporation in the 2nd quarter worth about $213,000. 71.18% of the stock is owned by institutional investors and hedge funds.
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Several equities research analysts have recently commented on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $70.00 target price (up from $68.00) on shares of W.R. Berkley Corporation in a research report on Friday, July 7th. Keefe, Bruyette & Woods set a $67.00 target price on shares of W.R. Berkley Corporation and gave the stock a “hold” rating in a research report on Thursday, July 6th. BidaskClub cut shares of W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research cut shares of W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $72.00 target price on shares of W.R. Berkley Corporation in a research report on Tuesday, August 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $67.14.
Shares of W.R. Berkley Corporation (WRB) opened at 65.33 on Monday. The stock has a market capitalization of $7.92 billion, a PE ratio of 13.87 and a beta of 0.88. The stock has a 50 day moving average of $66.79 and a 200 day moving average of $68.57. 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 issued its earnings results on Tuesday, July 25th. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.10). The company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.61 billion. W.R. Berkley Corporation had a net margin of 7.86% and a return on equity of 7.58%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.82 earnings per share. Analysts forecast that W.R. Berkley Corporation will post $2.98 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Wednesday, September 20th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Tuesday, September 19th. W.R. Berkley Corporation’s dividend payout ratio is currently 11.84%.
W.R. Berkley Corporation announced that its Board of Directors has initiated a share buyback plan on Tuesday, August 8th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
W.R. Berkley Corporation Company 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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