W.R. Berkley (NYSE:WRB) Major Shareholder Acquires $10,529,610.00 in Stock

W.R. Berkley Corporation (NYSE:WRB) major shareholder Sumitomo Insurance Co Mitsui bought 147,000 shares of the stock in a transaction on Friday, February 27th. The stock was purchased at an average price of $71.63 per share, for a total transaction of $10,529,610.00. Following the completion of the purchase, the insider owned 58,522,274 shares of the company’s stock, valued at approximately $4,191,950,486.62. This trade represents a 0.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

W.R. Berkley Stock Performance

Shares of WRB stock traded up $0.06 on Friday, hitting $71.64. 4,799,462 shares of the stock were exchanged, compared to its average volume of 2,394,930. W.R. Berkley Corporation has a one year low of $60.68 and a one year high of $78.96. The firm’s 50 day moving average is $69.63 and its two-hundred day moving average is $72.20. The firm has a market capitalization of $27.23 billion, a PE ratio of 16.10, a P/E/G ratio of 3.00 and a beta of 0.37. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.29.

W.R. Berkley (NYSE:WRB) last issued its earnings results on Monday, January 26th. The insurance provider reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.01). The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.18 billion. W.R. Berkley had a return on equity of 18.35% and a net margin of 12.10%.W.R. Berkley’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.13 EPS. Sell-side analysts expect that W.R. Berkley Corporation will post 4.33 earnings per share for the current fiscal year.

W.R. Berkley Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Monday, February 23rd will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Monday, February 23rd. W.R. Berkley’s payout ratio is currently 8.09%.

Hedge Funds Weigh In On W.R. Berkley

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Mitsui Sumitomo Insurance Co. Ltd. bought a new position in shares of W.R. Berkley during the 4th quarter valued at about $3,542,919,000. Jefferies Financial Group Inc. purchased a new stake in W.R. Berkley in the third quarter worth approximately $682,816,000. Norges Bank purchased a new stake in W.R. Berkley in the fourth quarter worth approximately $435,752,000. Balyasny Asset Management L.P. raised its stake in shares of W.R. Berkley by 6,503.1% during the second quarter. Balyasny Asset Management L.P. now owns 2,561,230 shares of the insurance provider’s stock worth $188,174,000 after acquiring an additional 2,601,230 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of W.R. Berkley by 35,572.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,219,902 shares of the insurance provider’s stock worth $155,660,000 after acquiring an additional 2,213,679 shares during the last quarter. Hedge funds and other institutional investors own 68.82% of the company’s stock.

Wall Street Analysts Forecast Growth

WRB has been the subject of several recent research reports. Barclays reiterated an “underweight” rating and issued a $64.00 price target (down from $73.00) on shares of W.R. Berkley in a research report on Thursday, January 8th. Mizuho decreased their price target on W.R. Berkley from $69.00 to $67.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 27th. Bank of America cut their price objective on shares of W.R. Berkley from $69.00 to $66.00 and set a “neutral” rating for the company in a research report on Tuesday, January 27th. Truist Financial set a $80.00 target price on shares of W.R. Berkley and gave the stock a “buy” rating in a report on Tuesday, January 27th. Finally, TD Cowen downgraded shares of W.R. Berkley from a “buy” rating to a “sell” rating and cut their price target for the company from $77.00 to $55.00 in a report on Tuesday, January 20th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $69.67.

W.R. Berkley Company 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.