Bank of Nova Scotia Sells 33,327 Shares of W.R. Berkley Corporation $WRB

Key Points

• Bank of Nova Scotia trimmed its W.R. Berkley stake by 9.7% in the first quarter, selling 33,327 shares and ending with 310,476 shares worth about $20.6 million.
• W.R. Berkley beat earnings expectations in its latest quarterly report, posting $1.27 EPS versus $1.08 expected and revenue of $3.72 billion versus $3.28 billion forecast. The company also raised its quarterly dividend to $0.10 per share from $0.09.
• Wall Street remains mixed on WRB: analysts have a consensus rating of "Reduce" with an average price target of $70.44, even as some firms recently upgraded or lifted targets on the stock.

Bank of Nova Scotia lessened its position in shares of W.R. Berkley Corporation (NYSE:WRB - Free Report) by 9.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 310,476 shares of the insurance provider's stock after selling 33,327 shares during the quarter. Bank of Nova Scotia owned 0.08% of W.R. Berkley worth $20,578,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of WRB. Brighton Jones LLC grew its stake in shares of W.R. Berkley by 75.6% during the 4th quarter. Brighton Jones LLC now owns 50,503 shares of the insurance provider's stock valued at $2,955,000 after purchasing an additional 21,737 shares during the period. Empowered Funds LLC increased its position in shares of W.R. Berkley by 9.7% during the 1st quarter. Empowered Funds LLC now owns 33,990 shares of the insurance provider's stock valued at $2,419,000 after purchasing an additional 3,013 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of W.R. Berkley by 399.0% in the 1st quarter. Acadian Asset Management LLC now owns 9,506 shares of the insurance provider's stock worth $675,000 after purchasing an additional 7,601 shares during the period. Cary Street Partners Financial LLC lifted its stake in shares of W.R. Berkley by 691.9% in the 2nd quarter. Cary Street Partners Financial LLC now owns 586 shares of the insurance provider's stock worth $43,000 after purchasing an additional 512 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in shares of W.R. Berkley by 12.0% in the second quarter. NewEdge Advisors LLC now owns 9,825 shares of the insurance provider's stock worth $722,000 after buying an additional 1,056 shares during the last quarter. Institutional investors own 68.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on WRB shares. The Goldman Sachs Group raised shares of W.R. Berkley from a "neutral" rating to a "buy" rating and upped their target price for the company from $71.00 to $73.00 in a report on Monday, June 8th. Morgan Stanley lifted their price target on shares of W.R. Berkley from $72.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Weiss Ratings downgraded shares of W.R. Berkley from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, May 20th. BMO Capital Markets upgraded W.R. Berkley from an "underperform" rating to a "market perform" rating and upped their price objective for the stock from $64.00 to $68.00 in a research note on Thursday, April 23rd. Finally, Wells Fargo & Company reaffirmed an "underweight" rating and issued a $68.00 target price (up from $67.00) on shares of W.R. Berkley in a report on Tuesday. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company's stock. According to MarketBeat, W.R. Berkley presently has a consensus rating of "Reduce" and an average price target of $70.44.

W.R. Berkley Stock Performance

Shares of NYSE WRB opened at $75.48 on Friday. The firm has a fifty day moving average price of $69.20 and a 200-day moving average price of $68.45. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a market cap of $28.10 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 3.51 and a beta of 0.29. W.R. Berkley Corporation has a 1 year low of $62.87 and a 1 year high of $78.96.

W.R. Berkley (NYSE:WRB - Get Free Report) last announced its quarterly earnings data 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 19.49%. The firm had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same period last year, the firm earned $1.05 EPS. The company's revenue was up 2.4% on a year-over-year basis. Equities analysts anticipate that W.R. Berkley Corporation will post 4.75 earnings per share for the current fiscal year.

W.R. Berkley Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 23rd were issued a dividend of $0.10 per share. This is a boost from W.R. Berkley's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, June 23rd. W.R. Berkley's payout ratio is 8.21%.

Key Headlines Impacting W.R. Berkley

Here are the key news stories impacting W.R. Berkley this week:

• Positive Sentiment: WRB is being highlighted as a top long-term momentum stock, with coverage pointing to strong style scores and market-beating characteristics that can support investor demand. Article Title
• Positive Sentiment: Analysts and market commentary are reacting favorably to W.R. Berkley’s Q2 results, with reports saying the earnings beat and ongoing share buybacks are reinforcing the bull case and leading some firms to raise price targets. Article Title
• Positive Sentiment: WRB is also being described as a strong value stock and a portfolio “ballast,” which may appeal to investors looking for quality, defensive exposure in property and casualty insurance. Article Title
• Neutral Sentiment: One report compares W.R. Berkley with Allstate on value metrics, which is more of a relative-stock-selection piece than a clear catalyst for the shares. Article Title
• Neutral Sentiment: Another article notes that W.R. Berkley’s baby bonds offer 7%+ yields at investment-grade risk, which supports the company’s credit profile but is unlikely to move the common stock materially on its own. Article Title
• Negative Sentiment: There is some caution in the analyst community, as one report says W.R. Berkley currently carries an average rating of “Reduce,” suggesting valuation or upside concerns remain. Article Title

W.R. Berkley 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.

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