W.R. Berkley Corporation $WRB Shares Sold by Sei Investments Co.

Key Points

• Sei Investments reduced its W.R. Berkley stake by 18.6% in the first quarter, selling 39,611 shares and retaining 173,565 shares valued at approximately $11.5 million. Institutional investors and hedge funds collectively own 68.82% of WRB.
• W.R. Berkley exceeded quarterly expectations, reporting $1.27 in EPS versus the $1.08 consensus estimate and $3.72 billion in revenue versus forecasts of $3.28 billion. Revenue increased 2.4% year over year.
• The company raised its quarterly dividend from $0.09 to $0.10 per share, while analysts maintained a generally cautious outlook: WRB has an average “Reduce” rating and an average price target of $70.94.

Sei Investments Co. cut its position in W.R. Berkley Corporation (NYSE:WRB - Free Report) by 18.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 173,565 shares of the insurance provider's stock after selling 39,611 shares during the period. Sei Investments Co.'s holdings in W.R. Berkley were worth $11,504,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of WRB. Entrust Financial LLC acquired a new position in shares of W.R. Berkley during the fourth quarter worth $25,000. Hazlett Burt & Watson Inc. raised its stake in 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 buying an additional 210 shares in the last quarter. DV Equities LLC purchased a new stake in W.R. Berkley during the 4th quarter worth about $29,000. Triumph Capital Management purchased a new stake in W.R. Berkley during the 3rd quarter worth about $35,000. Finally, Quarry LP acquired a new position in shares of W.R. Berkley during the 4th quarter worth about $39,000. 68.82% of the stock is currently owned by institutional investors and hedge funds.

W.R. Berkley Stock Down 1.0%

Shares of NYSE WRB opened at $72.68 on Friday. The business has a 50-day moving average price of $69.86 and a 200 day moving average price of $68.63. The stock has a market cap of $27.06 billion, a PE ratio of 14.92, a price-to-earnings-growth ratio of 3.38 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. W.R. Berkley Corporation has a 52-week low of $62.87 and a 52-week high of $78.96.

W.R. Berkley (NYSE:WRB - Get Free Report) last released its quarterly earnings results on Monday, July 20th. The insurance provider reported $1.27 EPS for the quarter, topping the consensus estimate of $1.08 by $0.19. The company had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.28 billion. W.R. Berkley had a return on equity of 19.49% and a net margin of 12.94%.The firm's revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 earnings per share. Equities research analysts forecast that W.R. Berkley Corporation will post 4.79 earnings per share for the current year.

W.R. Berkley Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders 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%. The ex-dividend date of this dividend was Tuesday, June 23rd. This is an increase from W.R. Berkley's previous quarterly dividend of $0.09. W.R. Berkley's payout ratio is 8.21%.

Analysts Set New Price Targets

A number of research analysts have recently commented on WRB shares. Keefe, Bruyette & Woods reiterated a "market perform" rating on shares of W.R. Berkley in a report on Tuesday, July 21st. Evercore restated an "underperform" rating and set a $68.00 target price on shares of W.R. Berkley in a research note on Friday, July 10th. Morgan Stanley upped their price target on W.R. Berkley from $72.00 to $75.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. BMO Capital Markets upgraded shares of W.R. Berkley from an "underperform" rating to a "market perform" rating and increased their price target for the company from $64.00 to $68.00 in a research note on Thursday, April 23rd. Finally, Mizuho raised their price objective on shares of W.R. Berkley from $72.00 to $74.00 and gave the stock a "neutral" rating in a report on Tuesday, July 21st. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $70.94.

W.R. Berkley Company 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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