W.R. Berkley (NYSE:WRB) Major Shareholder Acquires 234,573 Shares

W.R. Berkley Corporation (NYSE:WRB) major shareholder Sumitomo Insurance Co Mitsui acquired 234,573 shares of the company’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was purchased at an average cost of $70.32 per share, with a total value of $16,495,173.36. Following the acquisition, the insider directly owned 49,446,511 shares of the company’s stock, valued at $3,477,078,653.52. This trade represents a 0.48% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

W.R. Berkley Trading Up 0.3%

WRB stock traded up $0.19 during trading on Monday, reaching $70.76. 1,598,085 shares of the stock were exchanged, compared to its average volume of 2,205,735. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $26.89 billion, a price-to-earnings ratio of 14.86, a P/E/G ratio of 2.70 and a beta of 0.37. The business has a 50 day moving average price of $73.15 and a 200-day moving average price of $72.55. W.R. Berkley Corporation has a 1 year low of $55.97 and a 1 year high of $78.96.

W.R. Berkley (NYSE:WRB) last announced its quarterly earnings results on Monday, October 20th. The insurance provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.03. W.R. Berkley had a net margin of 13.01% and a return on equity of 18.86%. The business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter last year, the firm earned $0.93 EPS. The business’s revenue was up 10.8% compared to the same quarter last year. On average, research analysts predict that W.R. Berkley Corporation will post 4.33 earnings per share for the current year.

W.R. Berkley Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 15th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, December 15th. W.R. Berkley’s dividend payout ratio is 7.56%.

Hedge Funds Weigh In On W.R. Berkley

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Johnson Financial Group Inc. raised its stake in shares of W.R. Berkley by 22.3% in the third quarter. Johnson Financial Group Inc. now owns 756 shares of the insurance provider’s stock valued at $58,000 after acquiring an additional 138 shares in the last quarter. Baird Financial Group Inc. grew its stake in W.R. Berkley by 1.8% during the 1st quarter. Baird Financial Group Inc. now owns 7,997 shares of the insurance provider’s stock worth $569,000 after purchasing an additional 141 shares in the last quarter. Maridea Wealth Management LLC increased its holdings in W.R. Berkley by 2.0% during the 3rd quarter. Maridea Wealth Management LLC now owns 7,180 shares of the insurance provider’s stock worth $528,000 after purchasing an additional 141 shares during the period. Physician Wealth Advisors Inc. raised its position 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 purchasing an additional 150 shares in the last quarter. Finally, Valeo Financial Advisors LLC boosted its stake in shares of W.R. Berkley by 3.3% in the 3rd quarter. Valeo Financial Advisors LLC now owns 4,788 shares of the insurance provider’s stock valued at $367,000 after buying an additional 151 shares during the period. Hedge funds and other institutional investors own 68.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WRB. BMO Capital Markets lowered shares of W.R. Berkley from a “market perform” rating to an “underperform” rating and set a $64.00 price objective on the stock. in a report on Wednesday, October 22nd. Barclays reiterated an “underweight” rating and set a $73.00 price target on shares of W.R. Berkley in a research report on Wednesday, October 8th. Cantor Fitzgerald set a $78.00 price objective on shares of W.R. Berkley in a report on Monday, October 27th. Morgan Stanley set a $75.00 target price on shares of W.R. Berkley in a report on Tuesday, December 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of W.R. Berkley in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, W.R. Berkley presently has a consensus rating of “Hold” and an average price target of $73.93.

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.