W.R. Berkley Corporation (NYSE:WRB) had its price target hoisted by investment analysts at Bank of America Corporation from $73.00 to $74.00 in a report released on Wednesday, October 25th. The brokerage presently has a “neutral” rating on the insurance provider’s stock. Bank of America Corporation’s target price indicates a potential upside of 7.65% from the company’s previous close.
A number of other brokerages have also commented on WRB. UBS AG lifted their price target on W.R. Berkley Corporation from $63.00 to $66.00 and gave the company a “sell” rating in a research note on Wednesday, October 25th. Boenning Scattergood reaffirmed a “hold” rating on shares of W.R. Berkley Corporation in a research note on Wednesday, October 25th. BidaskClub downgraded W.R. Berkley Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. Zacks Investment Research upgraded W.R. Berkley Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. Finally, Morgan Stanley restated an “equal weight” rating and set a $70.00 price objective (up previously from $68.00) on shares of W.R. Berkley Corporation in a report on Friday, July 7th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $67.75.
Shares of W.R. Berkley Corporation (NYSE:WRB) traded up $0.07 during mid-day trading on Wednesday, hitting $68.74. The stock had a trading volume of 328,300 shares, compared to its average volume of 390,736. W.R. Berkley Corporation has a 12-month low of $56.98 and a 12-month high of $73.17. The firm has a market capitalization of $8,363.65, a price-to-earnings ratio of 27.14, a price-to-earnings-growth ratio of 3.14 and a beta of 0.92. The company has a quick ratio of 0.35, a current ratio of 0.34 and a debt-to-equity ratio of 0.45.
W.R. Berkley Corporation declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 8th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.
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Several hedge funds and other institutional investors have recently modified their holdings of WRB. Atlanta Capital Management Co. L L C lifted its position in shares of W.R. Berkley Corporation by 33.2% during the 2nd quarter. Atlanta Capital Management Co. L L C now owns 3,564,878 shares of the insurance provider’s stock valued at $246,583,000 after buying an additional 888,016 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of W.R. Berkley Corporation by 5,691.5% during the 2nd quarter. Janus Henderson Group PLC now owns 683,863 shares of the insurance provider’s stock valued at $47,303,000 after purchasing an additional 672,055 shares during the period. Victory Capital Management Inc. raised its stake in shares of W.R. Berkley Corporation by 18.5% during the 3rd quarter. Victory Capital Management Inc. now owns 2,859,546 shares of the insurance provider’s stock valued at $190,846,000 after purchasing an additional 446,774 shares during the period. Janus Capital Management LLC raised its stake in shares of W.R. Berkley Corporation by 703.9% during the 1st quarter. Janus Capital Management LLC now owns 431,245 shares of the insurance provider’s stock valued at $30,459,000 after purchasing an additional 377,600 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of W.R. Berkley Corporation by 778.9% during the 2nd quarter. Renaissance Technologies LLC now owns 370,900 shares of the insurance provider’s stock valued at $25,655,000 after purchasing an additional 328,700 shares during the period. 71.03% of the stock is currently owned by hedge funds and other institutional investors.
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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