Allspring Global Investments Holdings LLC Lowers Holdings in W.R. Berkley Corporation $WRB

Key Points

• Allspring Global Investments Holdings LLC significantly reduced its holdings in W.R. Berkley Corporation by 86.7% during the second quarter, now owning just 13,816 shares valued at approximately $1,007,000.
• Multiple institutional investors, including Vanguard and Inspire Investing, have adjusted their positions, contributing to a total institutional ownership of 68.82% in the company.
• W.R. Berkley reported its latest quarterly earnings, showing an EPS of $1.10, beating analyst expectations and a year-over-year revenue increase of 10.8%.

Allspring Global Investments Holdings LLC reduced its position in shares of W.R. Berkley Corporation (NYSE:WRB - Free Report) by 86.7% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,816 shares of the insurance provider's stock after selling 90,176 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in W.R. Berkley were worth $1,007,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC increased its position in shares of W.R. Berkley by 21.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 39,456 shares of the insurance provider's stock valued at $2,936,000 after acquiring an additional 6,966 shares in the last quarter. Concurrent Investment Advisors LLC boosted its stake in W.R. Berkley by 9.1% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 3,596 shares of the insurance provider's stock valued at $264,000 after purchasing an additional 300 shares during the last quarter. Apollon Wealth Management LLC increased its holdings in shares of W.R. Berkley by 16.5% in the 2nd quarter. Apollon Wealth Management LLC now owns 5,567 shares of the insurance provider's stock worth $409,000 after purchasing an additional 788 shares in the last quarter. Inspire Investing LLC raised its stake in shares of W.R. Berkley by 256.0% in the second quarter. Inspire Investing LLC now owns 15,545 shares of the insurance provider's stock worth $1,142,000 after purchasing an additional 11,178 shares during the last quarter. Finally, Aberdeen Group plc raised its stake in shares of W.R. Berkley by 4.0% in the second quarter. Aberdeen Group plc now owns 190,613 shares of the insurance provider's stock worth $14,004,000 after purchasing an additional 7,251 shares during the last quarter. Institutional investors own 68.82% of the company's stock.

W.R. Berkley Stock Performance

Shares of WRB opened at $74.93 on Thursday. The business has a 50-day simple moving average of $73.86 and a two-hundred day simple moving average of $71.96. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.31. W.R. Berkley Corporation has a 52 week low of $55.97 and a 52 week high of $78.48. The stock has a market cap of $28.42 billion, a price-to-earnings ratio of 15.74, a PEG ratio of 2.58 and a beta of 0.42.

W.R. Berkley (NYSE:WRB - Get Free Report) last announced its quarterly earnings data on Monday, October 20th. The insurance provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.07 by $0.03. W.R. Berkley had a return on equity of 19.35% and a net margin of 13.01%.The company had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the company posted $0.93 EPS. The firm's revenue was up 10.8% on a year-over-year basis. On average, analysts expect that W.R. Berkley Corporation will post 4.33 EPS for the current year.

W.R. Berkley Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 22nd were issued a $0.09 dividend. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $0.36 annualized dividend and a yield of 0.5%. W.R. Berkley's dividend payout ratio is currently 7.56%.

Analyst Upgrades and Downgrades

WRB has been the subject of several research analyst reports. Jefferies Financial Group reduced their price objective on W.R. Berkley from $76.00 to $75.00 and set a "hold" rating for the company in a report on Tuesday. Truist Financial set a $84.00 price objective on shares of W.R. Berkley and gave the company a "buy" rating in a report on Tuesday. Wolfe Research started coverage on shares of W.R. Berkley in a research report on Monday, September 15th. They set a "peer perform" rating on the stock. Weiss Ratings restated a "buy (b)" rating on shares of W.R. Berkley in a report on Wednesday, October 8th. Finally, TD Cowen lowered shares of W.R. Berkley from a "buy" rating to a "hold" rating and set a $78.00 target price for the company. in a research note on Friday, June 27th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $75.67.

W.R. Berkley Company Profile

W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writers worldwide. It operates in two segments, Insurance and Reinsurance & Monoline Excess. The Insurance segment underwrites commercial insurance business, including excess and surplus lines, admitted lines, and specialty personal lines.

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