California State Teachers Retirement System Sells 73,915 Shares of W.R. Berkley Corporation $WRB

Key Points

• California State Teachers Retirement System reduced its W.R. Berkley stake by 19.3%, selling 73,915 shares and retaining 309,615 shares valued at approximately $20.5 million. Institutional investors collectively own 68.82% of the company.
• W.R. Berkley reported quarterly EPS of $1.27, beating estimates of $1.08, while revenue reached $3.72 billion, up 2.4% year over year. The company also increased its quarterly dividend from $0.09 to $0.10 per share.
• Analyst sentiment remains mixed, with three Buy, nine Hold, and six Sell ratings; the consensus rating is “Reduce” with a $70.94 price target, below the stock’s reported $72.68 price.

California State Teachers Retirement System lessened its holdings in W.R. Berkley Corporation (NYSE:WRB - Free Report) by 19.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 309,615 shares of the insurance provider's stock after selling 73,915 shares during the quarter. California State Teachers Retirement System owned about 0.08% of W.R. Berkley worth $20,521,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in WRB. Entrust Financial LLC bought a new stake in shares of W.R. Berkley in the 4th quarter worth approximately $25,000. Hazlett Burt & Watson Inc. increased its position in W.R. Berkley by 140.0% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 360 shares of the insurance provider's stock valued at $26,000 after buying an additional 210 shares in the last quarter. DV Equities LLC purchased a new position in W.R. Berkley during the fourth quarter valued at $29,000. Triumph Capital Management bought a new stake in W.R. Berkley in the third quarter worth $35,000. Finally, Quarry LP bought a new stake in W.R. Berkley in the fourth quarter worth $39,000. 68.82% of the stock is currently owned by hedge funds and other institutional investors.

W.R. Berkley Price Performance

NYSE WRB opened at $72.68 on Friday. W.R. Berkley Corporation has a 52 week low of $62.87 and a 52 week high of $78.96. The firm has a market capitalization of $27.06 billion, a P/E ratio of 14.92, a PEG ratio of 3.34 and a beta of 0.29. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average price of $69.86 and a 200-day moving average price of $68.63.

W.R. Berkley (NYSE:WRB - Get Free Report) last posted its quarterly earnings data on Monday, July 20th. The insurance provider reported $1.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same quarter last year, the firm posted $1.05 earnings per share. The firm's revenue was up 2.4% compared to the same quarter last year. Equities research analysts anticipate that W.R. Berkley Corporation will post 4.79 earnings per share for the current year.

W.R. Berkley Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Tuesday, June 23rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.6%. This is a boost from W.R. Berkley's previous quarterly dividend of $0.09. The ex-dividend date was Tuesday, June 23rd. W.R. Berkley's dividend payout ratio (DPR) is presently 8.21%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on WRB. Evercore restated an "underperform" rating and set a $68.00 price target on shares of W.R. Berkley in a report on Friday, July 10th. Atlantic Securities set a $74.00 price target on shares of W.R. Berkley in a research note on Wednesday, July 15th. Wells Fargo & Company reissued an "underweight" rating and set a $68.00 price objective (up from $67.00) on shares of W.R. Berkley in a research report on Tuesday, July 21st. Truist Financial raised their price objective on shares of W.R. Berkley from $78.00 to $83.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Finally, The Goldman Sachs Group raised shares of W.R. Berkley from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $71.00 to $73.00 in a report on Monday, June 8th. Three investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $70.94.

About W.R. Berkley

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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