W.R. Berkley (NYSE:WRB) Issues Quarterly Earnings Results

Key Points

• W.R. Berkley exceeded earnings expectations, reporting quarterly EPS of $1.17 versus the $1.15 analyst consensus. Revenue reached $3.74 billion, below estimates of $3.82 billion.
• The company declared a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 0.5% yield; its payout ratio is 8.21%.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $70.28, below the stock’s reported trading price of $74.10.

W.R. Berkley (NYSE:WRB - Get Free Report) posted its quarterly earnings results on Monday. The insurance provider reported $1.17 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.02, FiscalAI reports. The business had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.82 billion. W.R. Berkley had a net margin of 12.94% and a return on equity of 19.44%.

W.R. Berkley Price Performance

Shares of NYSE:WRB traded down $1.32 during midday trading on Monday, reaching $74.10. 3,293,124 shares of the company were exchanged, compared to its average volume of 2,304,959. The stock has a market cap of $27.51 billion, a PE ratio of 15.22, a price-to-earnings-growth ratio of 1.79 and a beta of 0.27. The business's fifty day moving average is $69.77 and its two-hundred day moving average is $69.06. W.R. Berkley has a one year low of $62.87 and a one year high of $78.96. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were given a dividend of $0.10 per share. The ex-dividend date was Monday, September 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.5%. W.R. Berkley's dividend payout ratio is currently 8.21%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on WRB shares. Mizuho set a $70.00 target price on shares of W.R. Berkley and gave the company a "neutral" rating in a research note on Wednesday, October 7th. UBS Group reiterated a "neutral" rating and issued a $77.00 price target (up from $71.00) on shares of W.R. Berkley in a research note on Monday, July 27th. Cantor Fitzgerald raised their price target on W.R. Berkley from $73.00 to $74.00 and gave the company a "neutral" rating in a report on Wednesday, October 7th. Wells Fargo & Company set a $65.00 price objective on W.R. Berkley and gave the company an "underweight" rating in a research report on Monday, October 12th. Finally, Atlantic Securities set a $74.00 price objective on W.R. Berkley in a research report on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $70.28.

About W.R. Berkley

W.R. Berkley Corporation is an insurance holding company that operates through a group of specialized insurance businesses. The company primarily provides commercial property and casualty insurance, serving businesses, organizations and other commercial customers with coverage tailored to specific industries and risks.

Its products and services include workers' compensation, commercial automobile, property, general liability, professional liability, directors and officers liability, excess and surplus lines, and other specialty insurance products.

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