W.R. Berkley Corporation $WRB Stock Position Reduced by Amundi

Key Points

• Amundi cut its W.R. Berkley position by 10.3% in the first quarter, selling 82,961 shares and retaining 721,040 shares worth about $47.8 million. Institutional investors and hedge funds collectively own 68.82% of the insurer.
• W.R. Berkley reported quarterly EPS of $1.27, exceeding estimates of $1.08, while revenue reached $3.72 billion, above expectations and up 2.4% year over year.
• The company raised its quarterly dividend to $0.10 from $0.09, but analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and an average price target of $70.94, below its $72.68 opening price.

Amundi decreased its position in W.R. Berkley Corporation (NYSE:WRB - Free Report) by 10.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 721,040 shares of the insurance provider's stock after selling 82,961 shares during the quarter. Amundi owned 0.19% of W.R. Berkley worth $47,791,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in WRB. Entrust Financial LLC acquired a new position in shares of W.R. Berkley in the 4th quarter valued at about $25,000. Hazlett Burt & Watson Inc. raised its stake in W.R. Berkley by 140.0% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 360 shares of the insurance provider's stock worth $26,000 after acquiring an additional 210 shares during the period. DV Equities LLC acquired a new stake in W.R. Berkley during the fourth quarter worth about $29,000. Triumph Capital Management bought a new position in W.R. Berkley in the third quarter worth about $35,000. Finally, Quarry LP acquired a new position in W.R. Berkley in the fourth quarter valued at approximately $39,000. 68.82% of the stock is owned by institutional investors and hedge funds.

W.R. Berkley Trading Up 0.2%

W.R. Berkley stock opened at $72.68 on Monday. 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 firm has a market cap of $27.06 billion, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 3.34 and a beta of 0.29. W.R. Berkley Corporation has a 1 year low of $62.87 and a 1 year high of $78.96. The firm's 50 day moving average price is $69.86 and its two-hundred day moving average price is $68.63.

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

W.R. Berkley Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 23rd were issued a $0.10 dividend. The ex-dividend date was Tuesday, June 23rd. This is a positive change from W.R. Berkley's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 0.6%. W.R. Berkley's dividend payout ratio is 8.21%.

Analyst Ratings Changes

A number of research analysts recently issued reports on WRB shares. Morgan Stanley boosted their price objective on W.R. Berkley from $72.00 to $75.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods reiterated a "market perform" rating on shares of W.R. Berkley in a research note on Tuesday, July 21st. Oppenheimer set a $70.00 price target on shares of W.R. Berkley in a report on Tuesday, July 21st. Truist Financial upped their price target on shares of W.R. Berkley from $78.00 to $83.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Finally, Evercore reaffirmed an "underperform" rating and issued a $68.00 price objective on shares of W.R. Berkley in a report on Friday, July 10th. 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 company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $70.94.

About W.R. Berkley

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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