NewEdge Wealth LLC Sells 14,094 Shares of W.R. Berkley Corporation $WRB

NewEdge Wealth LLC trimmed its holdings in shares of W.R. Berkley Corporation (NYSE:WRB) by 15.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76,058 shares of the insurance provider’s stock after selling 14,094 shares during the quarter. NewEdge Wealth LLC’s holdings in W.R. Berkley were worth $5,041,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Entrust Financial LLC acquired a new position in W.R. Berkley during the fourth quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. lifted its stake in shares of W.R. Berkley by 140.0% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 360 shares of the insurance provider’s stock worth $26,000 after buying an additional 210 shares during the last quarter. DV Equities LLC bought a new stake in shares of W.R. Berkley during the 4th quarter worth $29,000. Triumph Capital Management acquired a new position in W.R. Berkley in the 3rd quarter valued at $35,000. Finally, Quarry LP bought a new position in W.R. Berkley in the 4th quarter worth $39,000. 68.82% of the stock is currently owned by institutional investors and hedge funds.

W.R. Berkley Price Performance

Shares of WRB stock opened at $73.41 on Friday. W.R. Berkley Corporation has a 12 month low of $62.87 and a 12 month high of $78.96. The company has a market capitalization of $27.33 billion, a P/E ratio of 15.07, a P/E/G ratio of 3.37 and a beta of 0.29. The stock has a 50 day moving average of $69.01 and a two-hundred day moving average of $68.40. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.29.

W.R. Berkley (NYSE:WRB) last released its quarterly earnings data on Monday, July 20th. The insurance provider reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.19. The business had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.28 billion. W.R. Berkley had a return on equity of 19.49% and a net margin of 12.94%.W.R. Berkley’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.05 earnings per share. As a group, equities analysts expect that W.R. Berkley Corporation will post 4.74 EPS for the current year.

W.R. Berkley Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 23rd were issued a $0.10 dividend. This is a boost from W.R. Berkley’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $0.40 annualized dividend and a yield of 0.5%. W.R. Berkley’s payout ratio is presently 8.21%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Evercore reissued an “underperform” rating and set a $68.00 target price on shares of W.R. Berkley in a research report on Friday, July 10th. Wolfe Research lowered W.R. Berkley from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 1st. Argus cut W.R. Berkley from a “buy” rating to a “hold” rating in a research report on Monday, April 27th. Wall Street Zen upgraded W.R. Berkley from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Oppenheimer set a $70.00 target price on W.R. Berkley in a report on Tuesday. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $70.44.

W.R. Berkley 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.