W.R. Berkley (NYSE:WRB) Given New $74.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised W.R. Berkley’s price target to $74 from $73 while maintaining a “neutral” rating, implying approximately 6.16% upside.
• Analyst sentiment remains cautious overall: the stock has a consensus rating of “Reduce” and an average price target of $70.56, despite Truist Financial’s “buy” rating and $83 target.
• W.R. Berkley exceeded quarterly expectations, reporting $1.27 in EPS versus the $1.08 consensus and $3.72 billion in revenue, up 2.4% year over year.

W.R. Berkley (NYSE:WRB - Get Free Report) had its price objective upped by equities researchers at Cantor Fitzgerald from $73.00 to $74.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the insurance provider's stock. Cantor Fitzgerald's target price suggests a potential upside of 6.16% from the stock's current price.

Several other research analysts also recently commented on WRB. Barclays restated an "underweight" rating and set a $62.00 price objective (down from $64.00) on shares of W.R. Berkley in a research report on Friday, June 12th. Weiss Ratings downgraded shares of W.R. Berkley from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday. Evercore reaffirmed an "underperform" rating and set a $68.00 target price on shares of W.R. Berkley in a research note on Friday, July 10th. Bank of America reiterated an "underperform" rating and set a $68.00 price target (down from $74.00) on shares of W.R. Berkley in a report on Thursday, July 16th. Finally, Truist Financial raised their price objective on W.R. Berkley from $78.00 to $83.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $70.56.

W.R. Berkley Stock Performance

WRB opened at $69.70 on Wednesday. The firm has a market cap of $25.88 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 1.66 and a beta of 0.27. The business's fifty day moving average is $69.73 and its 200-day moving average is $68.64. W.R. Berkley has a 52-week low of $62.87 and a 52-week high of $78.96. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.37 and a current ratio of 0.37.

W.R. Berkley (NYSE:WRB - Get Free Report) last released its earnings results on Monday, July 20th. The insurance provider reported $1.27 EPS for the quarter, beating the consensus estimate of $1.08 by $0.19. W.R. Berkley had a net margin of 12.94% and a return on equity of 19.44%. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same period last year, the firm earned $1.05 EPS. The business's quarterly revenue was up 2.4% compared to the same quarter last year. Sell-side analysts expect that W.R. Berkley will post 4.87 EPS for the current fiscal year.

Hedge Funds Weigh In On W.R. Berkley

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CX Institutional raised its position in shares of W.R. Berkley by 10.5% during the 3rd quarter. CX Institutional now owns 4,552 shares of the insurance provider's stock valued at $307,000 after buying an additional 433 shares in the last quarter. QRG Capital Management Inc. increased its stake in W.R. Berkley by 13.9% in the second quarter. QRG Capital Management Inc. now owns 43,570 shares of the insurance provider's stock valued at $3,073,000 after acquiring an additional 5,316 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in W.R. Berkley by 2.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,467 shares of the insurance provider's stock valued at $668,000 after purchasing an additional 243 shares in the last quarter. Security National Bank of SO Dak purchased a new position in shares of W.R. Berkley in the 2nd quarter worth about $45,000. Finally, Sequoia Financial Advisors LLC increased its position in shares of W.R. Berkley by 55.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,948 shares of the insurance provider's stock valued at $1,054,000 after purchasing an additional 5,304 shares during the last quarter. Hedge funds and other institutional investors own 68.82% of the company's stock.

W.R. Berkley Company Profile

W.R. Berkley Corporation is an insurance holding company that specializes in commercial property and casualty insurance and reinsurance. Through a group of operating units, the company provides coverage for businesses and organizations facing risks related to property damage, liability, workers' compensation, transportation, professional services and other specialty exposures.

The company generally focuses on specialty and complex risks that may require tailored underwriting, industry expertise and customized policy structures.

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