W.R. Berkley (NYSE:WRB) Major Shareholder Sumitomo Insurance Co Mitsui Buys 250,221 Shares

W.R. Berkley Corporation (NYSE:WRB) major shareholder Sumitomo Insurance Co Mitsui bought 250,221 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were purchased at an average cost of $67.75 per share, with a total value of $16,952,472.75. Following the acquisition, the insider directly owned 56,353,656 shares of the company’s stock, valued at approximately $3,817,960,194. This trade represents a 0.45% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

W.R. Berkley Stock Performance

NYSE WRB traded up $0.96 on Wednesday, hitting $70.15. 1,778,781 shares of the company’s stock traded hands, compared to its average volume of 2,508,529. The firm’s 50-day moving average price is $69.48 and its two-hundred day moving average price is $72.04. The firm has a market capitalization of $26.66 billion, a PE ratio of 15.76, a P/E/G ratio of 2.87 and a beta of 0.37. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.29. W.R. Berkley Corporation has a 1-year low of $59.55 and a 1-year high of $78.96.

W.R. Berkley (NYSE:WRB) last issued its earnings results on Monday, January 26th. The insurance provider reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.01). W.R. Berkley had a return on equity of 18.35% and a net margin of 12.10%.The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same period last year, the business earned $1.13 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, analysts expect that W.R. Berkley Corporation will post 4.33 EPS for the current year.

W.R. Berkley Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 29th. Stockholders of record on Monday, December 15th were paid a $0.09 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.5%. W.R. Berkley’s dividend payout ratio is presently 8.09%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on WRB shares. Mizuho dropped their price objective on shares of W.R. Berkley from $69.00 to $67.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 27th. Weiss Ratings restated a “buy (b)” rating on shares of W.R. Berkley in a research report on Wednesday, January 21st. Wells Fargo & Company cut their price objective on shares of W.R. Berkley from $68.00 to $66.00 and set an “equal weight” rating for the company in a report on Tuesday, January 27th. Barclays reissued an “underweight” rating and set a $64.00 target price (down from $73.00) on shares of W.R. Berkley in a research note on Thursday, January 8th. Finally, Bank of America cut their price target on W.R. Berkley from $69.00 to $66.00 and set a “neutral” rating for the company in a research note on Tuesday, January 27th. Four equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $69.67.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Compass Financial Services Inc acquired a new position in W.R. Berkley in the 3rd quarter valued at about $26,000. Hilltop National Bank acquired a new stake in shares of W.R. Berkley during the 2nd quarter worth approximately $27,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of W.R. Berkley during the 2nd quarter valued at approximately $27,000. Elevation Point Wealth Partners LLC acquired a new position in W.R. Berkley in the second quarter valued at approximately $34,000. Finally, Triumph Capital Management purchased a new position in W.R. Berkley in the third quarter worth approximately $35,000. Institutional investors and hedge funds own 68.82% of the company’s stock.

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.