W.R. Berkley Corporation (NYSE:WRB) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has significantly reduced its position in W.R. Berkley Corporation by 81.9%, leaving it with 39,295 shares valued at approximately $2.8 million as of the latest SEC filing.
• W.R. Berkley recently announced an increase in its quarterly dividend from $0.08 to $0.09, with a current dividend yield of 0.5%.
• The company reported $1.05 earnings per share for the latest quarter, surpassing analyst expectations and indicating a 12.32% net margin.

Bank of Nova Scotia trimmed its position in W.R. Berkley Corporation (NYSE:WRB - Free Report) by 81.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,295 shares of the insurance provider's stock after selling 178,240 shares during the period. Bank of Nova Scotia's holdings in W.R. Berkley were worth $2,796,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of WRB. Spectrum Wealth Counsel LLC acquired a new stake in shares of W.R. Berkley in the 1st quarter valued at approximately $29,000. Garde Capital Inc. purchased a new position in W.R. Berkley in the first quarter worth $30,000. Optiver Holding B.V. lifted its holdings in W.R. Berkley by 107.3% in the fourth quarter. Optiver Holding B.V. now owns 427 shares of the insurance provider's stock valued at $25,000 after acquiring an additional 221 shares during the period. N.E.W. Advisory Services LLC purchased a new stake in shares of W.R. Berkley during the 1st quarter worth $36,000. Finally, Mpwm Advisory Solutions LLC acquired a new position in shares of W.R. Berkley during the 4th quarter worth $37,000. 68.82% of the stock is owned by institutional investors and hedge funds.

W.R. Berkley Price Performance

Shares of W.R. Berkley stock opened at $70.58 on Thursday. The stock has a market capitalization of $26.78 billion, a P/E ratio of 16.08, a PEG ratio of 2.42 and a beta of 0.39. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.31. The business's fifty day moving average price is $71.22 and its 200 day moving average price is $67.73. W.R. Berkley Corporation has a twelve month low of $55.12 and a twelve month high of $76.38.

W.R. Berkley (NYSE:WRB - Get Free Report) last released 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 during the quarter, compared to analyst estimates of $3.10 billion. W.R. Berkley had a net margin of 12.32% and a return on equity of 18.83%. During the same quarter in the prior year, the business earned $1.04 earnings per share. As a group, research analysts anticipate that W.R. Berkley Corporation will post 4.33 earnings per share for the current year.

W.R. Berkley Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 23rd were given a $0.09 dividend. The ex-dividend date of this dividend was Monday, June 23rd. This is a positive change from W.R. Berkley's previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 0.5%. W.R. Berkley's dividend payout ratio (DPR) is currently 8.20%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods increased their price target on shares of W.R. Berkley from $65.00 to $75.00 and gave the company a "market perform" rating in a report on Monday, May 19th. Wells Fargo & Company reduced their price objective on W.R. Berkley from $71.00 to $68.00 and set an "equal weight" rating for the company in a report on Tuesday, July 22nd. Morgan Stanley boosted their target price on W.R. Berkley from $63.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Wall Street Zen downgraded W.R. Berkley from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Finally, UBS Group increased their price objective on shares of W.R. Berkley from $78.00 to $80.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $71.75.

W.R. Berkley Company 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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