Otter Creek Advisors LLC Decreases Position in W.R. Berkley Corporation $WRB

Key Points

• Otter Creek Advisors LLC reduced its stake in W.R. Berkley Corporation by 52.6%, now holding approximately 38,091 shares valued at $2.8 million.
• W.R. Berkley Corporation reported earnings per share of $1.05 for the latest quarter, exceeding analysts' expectations of $1.03.
• The company declared a quarterly dividend of $0.09 per share, with a yield of 0.5% and a payout ratio of 8.20%.

Otter Creek Advisors LLC cut its stake in shares of W.R. Berkley Corporation (NYSE:WRB - Free Report) by 52.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,091 shares of the insurance provider's stock after selling 42,265 shares during the period. W.R. Berkley accounts for about 2.0% of Otter Creek Advisors LLC's portfolio, making the stock its 28th biggest position. Otter Creek Advisors LLC's holdings in W.R. Berkley were worth $2,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hilltop National Bank purchased a new stake in W.R. Berkley during the second quarter valued at approximately $27,000. Spectrum Wealth Counsel LLC purchased a new stake in shares of W.R. Berkley in the first quarter worth approximately $29,000. Garde Capital Inc. purchased a new stake in shares of W.R. Berkley in the first quarter worth approximately $30,000. N.E.W. Advisory Services LLC purchased a new stake in shares of W.R. Berkley in the first quarter worth approximately $36,000. Finally, Keystone Global Partners LLC purchased a new stake in shares of W.R. Berkley in the first quarter worth approximately $41,000. 68.82% of the stock is currently owned by hedge funds and other institutional investors.

W.R. Berkley Stock Up 0.4%

Shares of NYSE:WRB opened at $73.96 on Friday. 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 $28.05 billion, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 2.53 and a beta of 0.42. The business's 50 day moving average is $73.61 and its 200 day moving average is $71.83. 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 (NYSE:WRB - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The insurance provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.10 billion for the quarter, compared to analysts' expectations of $3.10 billion. W.R. Berkley had a return on equity of 18.83% and a net margin of 12.32%.During the same quarter in the prior year, the firm earned $1.04 earnings per share. Sell-side analysts predict that W.R. Berkley Corporation will post 4.33 EPS for the current year.

W.R. Berkley Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, September 22nd. W.R. Berkley's dividend payout ratio (DPR) is 8.20%.

Analysts Set New Price Targets

WRB has been the subject of several research analyst reports. Wells Fargo & Company lifted their target price on W.R. Berkley from $68.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 8th. Wolfe Research initiated coverage on W.R. Berkley in a research report on Monday, September 15th. They set a "peer perform" rating for the company. Barclays reiterated an "underweight" rating and set a $73.00 target price on shares of W.R. Berkley in a research report on Wednesday, October 8th. TD Cowen downgraded W.R. Berkley from a "buy" rating to a "hold" rating and set a $78.00 target price for the company. in a research report on Friday, June 27th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of W.R. Berkley in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, W.R. Berkley currently has an average rating of "Hold" and an average price target of $73.69.

W.R. Berkley 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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