Hsbc Holdings PLC Sells 632,626 Shares of W.R. Berkley Corporation $WRB

Key Points

• HSBC Holdings PLC cut its stake in W.R. Berkley by 36.4% in the first quarter, selling 632,626 shares and leaving it with 1,103,332 shares valued at about $73.2 million.
• Analyst sentiment on W.R. Berkley is mixed: recent moves included upgrades and downgrades, but the overall consensus rating is “Reduce” with an average price target of $70.
• The insurer reported better-than-expected earnings of $1.30 per share for the latest quarter and also raised its quarterly dividend to $0.10 per share, up from $0.09.

Hsbc Holdings PLC decreased its stake in shares of W.R. Berkley Corporation (NYSE:WRB - Free Report) by 36.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,103,332 shares of the insurance provider's stock after selling 632,626 shares during the period. Hsbc Holdings PLC owned 0.29% of W.R. Berkley worth $73,181,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Entrust Financial LLC purchased a new stake in shares of W.R. Berkley in the fourth quarter worth about $25,000. Hazlett Burt & Watson Inc. boosted its position in shares of W.R. Berkley by 140.0% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 360 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 210 shares during the period. DV Equities LLC purchased a new position in W.R. Berkley during the fourth quarter valued at approximately $29,000. Triumph Capital Management bought a new stake in W.R. Berkley during the 3rd quarter worth approximately $35,000. Finally, Quarry LP bought a new stake in W.R. Berkley during the 4th quarter worth approximately $39,000. Institutional investors own 68.82% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Mizuho raised their price target on shares of W.R. Berkley from $68.00 to $72.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Brean Capital cut shares of W.R. Berkley from a "buy" rating to a "neutral" rating and set a $73.00 price target on the stock. in a report on Wednesday, March 25th. The Goldman Sachs Group upgraded W.R. Berkley from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $71.00 to $73.00 in a research report on Monday, June 8th. Wolfe Research lowered W.R. Berkley from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen upgraded W.R. Berkley from a "sell" rating to a "hold" rating in a research note on Saturday, April 25th. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat, W.R. Berkley presently has a consensus rating of "Reduce" and an average target price of $70.00.

W.R. Berkley Stock Performance

W.R. Berkley stock opened at $71.79 on Monday. The firm's fifty day moving average price is $68.48 and its 200-day moving average price is $68.32. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market cap of $26.73 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 3.39 and a beta of 0.29. W.R. Berkley Corporation has a fifty-two week low of $62.87 and a fifty-two week high of $78.96.

W.R. Berkley (NYSE:WRB - Get Free Report) last announced its earnings results on Tuesday, April 21st. The insurance provider reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.17. W.R. Berkley had a net margin of 12.64% and a return on equity of 18.92%. The company had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.18 billion. During the same period in the previous year, the business earned $1.01 earnings per share. The firm's quarterly revenue was up 1.3% compared to the same quarter last year. On average, equities research analysts expect that W.R. Berkley Corporation will post 4.66 earnings per share for the current fiscal year.

W.R. Berkley Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Tuesday, June 23rd were given a dividend of $0.10 per share. This is a boost from W.R. Berkley's previous quarterly dividend of $0.09. The ex-dividend date was Tuesday, June 23rd. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. W.R. Berkley's dividend payout ratio is currently 8.47%.

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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