W.R. Berkley Corporation (NYSE:WRB) announced that its Board of Directors has authorized a share buyback program, which allows the company to repurchase 10,000,000 shares on Tuesday, August 8th, EventVestor reports. This repurchase authorization allows the insurance provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
W.R. Berkley Corporation (NYSE WRB) opened at 68.39 on Thursday. W.R. Berkley Corporation has a 52 week low of $55.55 and a 52 week high of $73.17. The company has a 50 day moving average of $69.38 and a 200 day moving average of $69.10. The stock has a market capitalization of $8.29 billion, a P/E ratio of 14.52 and a beta of 0.87.
W.R. Berkley Corporation (NYSE:WRB) last issued its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by $0.10. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.61 billion. W.R. Berkley Corporation had a return on equity of 7.67% and a net margin of 7.86%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 earnings per share. Equities analysts expect that W.R. Berkley Corporation will post $2.94 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be given a $0.14 dividend. The ex-dividend date is Tuesday, September 19th. This represents a $0.56 dividend on an annualized basis and a yield of 0.82%. W.R. Berkley Corporation’s dividend payout ratio is presently 11.84%.
WRB has been the subject of a number of recent research reports. Boenning Scattergood restated a “hold” rating on shares of W.R. Berkley Corporation in a report on Wednesday, July 26th. BidaskClub lowered shares of W.R. Berkley Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. Zacks Investment Research upgraded shares of W.R. Berkley Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $67.00 price objective on shares of W.R. Berkley Corporation in a report on Wednesday, May 17th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $70.00 price objective (up from $68.00) on shares of W.R. Berkley Corporation in a report on Friday, July 7th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $63.83.
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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