Mariner Wealth Advisors LLC Cuts Holdings in W.R. Berkley Corporation (WRB)
Mariner Wealth Advisors LLC lowered its position in shares of W.R. Berkley Corporation (NYSE:WRB) by 7.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,083 shares of the insurance provider’s stock after selling 607 shares during the quarter. Mariner Wealth Advisors LLC’s holdings in W.R. Berkley Corporation were worth $559,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in WRB. World Asset Management Inc raised its stake in W.R. Berkley Corporation by 1.0% during the first quarter. World Asset Management Inc now owns 6,650 shares of the insurance provider’s stock valued at $470,000 after buying an additional 63 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in W.R. Berkley Corporation by 6.0% during the first quarter. UBS Asset Management Americas Inc. now owns 425,030 shares of the insurance provider’s stock valued at $30,020,000 after buying an additional 23,934 shares in the last quarter. State of Wisconsin Investment Board raised its stake in W.R. Berkley Corporation by 92.0% during the first quarter. State of Wisconsin Investment Board now owns 23,772 shares of the insurance provider’s stock valued at $1,679,000 after buying an additional 11,392 shares in the last quarter. Martingale Asset Management L P acquired a new stake in W.R. Berkley Corporation during the first quarter valued at approximately $635,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in W.R. Berkley Corporation during the first quarter valued at approximately $236,000. Hedge funds and other institutional investors own 71.18% of the company’s stock.
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WRB has been the topic of several research reports. Royal Bank Of Canada restated a “hold” rating and set a $72.00 price objective on shares of W.R. Berkley Corporation in a research note on Tuesday, August 29th. BidaskClub upgraded W.R. Berkley Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Zacks Investment Research cut W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. Buckingham Research initiated coverage on W.R. Berkley Corporation in a research note on Monday, September 11th. They set a “neutral” rating and a $67.00 price objective on the stock. Finally, Keefe, Bruyette & Woods restated a “neutral” rating on shares of W.R. Berkley Corporation in a research note on Sunday, September 3rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $67.14.
Shares of W.R. Berkley Corporation (NYSE WRB) opened at 65.33 on Monday. W.R. Berkley Corporation has a 12 month low of $55.55 and a 12 month high of $73.17. The firm has a market capitalization of $7.92 billion, a PE ratio of 13.87 and a beta of 0.88. The stock’s 50 day moving average price is $66.79 and its 200-day moving average price is $68.57.
W.R. Berkley Corporation (NYSE:WRB) last announced its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.10). The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.61 billion. W.R. Berkley Corporation had a return on equity of 7.58% and a net margin of 7.86%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 EPS. On average, equities analysts anticipate that W.R. Berkley Corporation will post $2.98 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Tuesday, September 19th. W.R. Berkley Corporation’s dividend payout ratio is 11.84%.
W.R. Berkley Corporation declared that its Board of Directors has approved a share repurchase program on Tuesday, August 8th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the insurance provider to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
About W.R. Berkley Corporation
W. R. Berkley Corporation is an insurance holding company. It operates through two segments: Insurance and Reinsurance-Global. The Insurance segment consists of its commercial insurance business operations, comprising excess and surplus lines, and admitted lines, throughout the United States, as well as its insurance business operations in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia.
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