W.R. Berkley Corporation (NYSE: WRB) reported its quarterly earnings on Monday, revealing earnings per share (EPS) of $1.13. This figure exceeded analysts’ expectations, which had estimated the EPS at $1.12, according to Zacks Investment Research. The company, headquartered in Greenwich, Connecticut, also noted a return on equity of 18.86% and a net margin of 13.01% for the period.
Following the earnings announcement, shares of W.R. Berkley experienced a slight decline, trading down 0.3% to $66.92. A total of 4,328,944 shares exchanged hands, significantly surpassing the average volume of 2,614,542 shares. Currently, the company holds a market capitalization of $25.43 billion, with a price-to-earnings ratio of 14.06 and a price-to-earnings-growth ratio of 2.50. Over the past year, the stock has fluctuated between a low of $57.75 and a high of $78.96.
Dividend Declaration and Insider Activity
In addition to its earnings report, W.R. Berkley announced a quarterly dividend, which was paid on December 29, 2023. Shareholders on record as of December 15, 2023 received a dividend of $0.09 per share, translating to an annualized dividend of $0.36 and a yield of 0.5%. The company’s dividend payout ratio stands at 7.56%.
Recent insider trading activity has also captured attention. On January 23, 2024, major shareholder Sumitomo Insurance Co. Ltd. acquired 368,000 shares at an average price of $66.96 each, amounting to a total investment of approximately $24.64 million. Following this acquisition, the insider holds 54,589,504 shares, valued at around $3.66 billion, reflecting a 0.68% increase in their shareholding.
Institutional Investor Activity
Various institutional investors have recently adjusted their holdings in W.R. Berkley. During the third quarter, Invesco Ltd. increased its stake by 33.4%, now owning 4,892,799 shares valued at approximately $374.89 million. Other notable changes include Holocene Advisors LP, which acquired a new stake valued at about $29.62 million, and AQR Capital Management LLC, which raised its position by 15.9% during the same period.
Additionally, Zurcher Kantonalbank Zurich Cantonalbank significantly lifted its holdings by 228.6% in the third quarter, now owning 241,783 shares worth approximately $18.53 million. Overall, institutional and hedge funds collectively own 68.82% of W.R. Berkley’s stock.
W.R. Berkley Corporation specializes in underwriting and selling commercial property and casualty insurance, alongside specialty insurance products and reinsurance. The company focuses on niche markets, providing tailored coverage for industries including transportation, construction, and professional services. With a diverse product portfolio, W.R. Berkley continues to position itself as a key player in the insurance sector.
