Mirae Asset Global Investments Co. Ltd. Acquires 57,224 Shares of W.R. Berkley Corporation $WRB

Key Points

• Mirae Asset Global Investments opened a new W.R. Berkley position, acquiring 57,224 shares valued at approximately $3.9 million. Institutional investors collectively own 68.82% of the insurer’s stock.
• W.R. Berkley reported quarterly EPS of $1.17, beating the $1.15 consensus estimate, while revenue of $3.74 billion fell short of expectations and was down 0.8% year over year.
• Analyst sentiment was mostly cautious: the stock had an average “Reduce” rating and a consensus price target of $70.56. Shares were reported at $75.22 after falling 2.3% during Friday’s trading.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of W.R. Berkley Corporation (NYSE:WRB - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 57,224 shares of the insurance provider's stock, valued at approximately $3,865,000.

Other large investors have also made changes to their positions in the company. Allied Private Wealth LLC purchased a new stake in W.R. Berkley during the second quarter valued at about $29,000. IFP Advisors Inc lifted its stake in shares of W.R. Berkley by 44.7% in the 2nd quarter. IFP Advisors Inc now owns 466 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 144 shares in the last quarter. Security National Bank of SO Dak purchased a new stake in shares of W.R. Berkley during the 2nd quarter worth about $45,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of W.R. Berkley during the 2nd quarter worth about $49,000. Finally, Western Wealth Management LLC purchased a new stake in shares of W.R. Berkley during the 1st quarter worth about $177,000. 68.82% of the stock is owned by hedge funds and other institutional investors.

W.R. Berkley Stock Down 2.3%

NYSE:WRB traded down $1.76 during trading hours on Friday, hitting $75.22. The stock had a trading volume of 1,851,120 shares, compared to its average volume of 2,366,465. 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 Corporation has a 1-year low of $62.87 and a 1-year high of $79.26. The business has a 50 day simple moving average of $71.19 and a two-hundred day simple moving average of $69.43. The company has a market cap of $27.93 billion, a PE ratio of 15.90, a price-to-earnings-growth ratio of 1.93 and a beta of 0.23.

W.R. Berkley (NYSE:WRB - Get Free Report) last posted its earnings results on Monday, October 19th. The insurance provider reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.02. W.R. Berkley had a net margin of 12.53% and a return on equity of 19.63%. The business had revenue of $3.74 billion for the quarter, compared to analysts' expectations of $3.82 billion. During the same period in the previous year, the company posted $1.10 earnings per share. The business's revenue for the quarter was down .8% compared to the same quarter last year. Analysts predict that W.R. Berkley Corporation will post 4.91 EPS for the current year.

W.R. Berkley Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Monday, September 21st. W.R. Berkley's dividend payout ratio is presently 8.46%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods restated a "market perform" rating on shares of W.R. Berkley in a report on Tuesday, July 21st. Morgan Stanley set a $70.00 price objective on shares of W.R. Berkley and gave the stock an "equal weight" rating in a research report on Tuesday, October 6th. Bank of America downgraded shares of W.R. Berkley from a "neutral" rating to an "underperform" rating and cut their target price for the company from $74.00 to $68.00 in a research note on Thursday, July 16th. Mizuho lifted their target price on shares of W.R. Berkley from $70.00 to $73.00 and gave the company a "neutral" rating in a report on Tuesday, October 20th. Finally, Oppenheimer set a $70.00 target price on shares of W.R. Berkley in a report on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $70.56.

W.R. Berkley Profile

W.R. Berkley Corporation is an insurance holding company that provides commercial property and casualty insurance, reinsurance, and related services. Its offerings include coverage for businesses and professionals across areas such as property, casualty, workers' compensation, transportation, and specialty risks.

Founded in 1967 by William R. Berkley, the company operates through a group of insurance businesses with expertise in specific markets and customer needs. Its operations serve customers in the United States and select international markets.

William R.

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