Wells Fargo & Company Lowers W. R. Berkley (NYSE:WRB) Price Target to $67.00

W. R. Berkley (NYSE:WRB) had its target price reduced by stock analysts at Wells Fargo & Company from $68.00 to $67.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 11.82% from the company’s current price.

A number of other analysts also recently issued reports on WRB. Truist Financial raised their price target on shares of W. R. Berkley from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Morgan Stanley initiated coverage on W. R. Berkley in a research note on Thursday, December 5th. They issued an “equal weight” rating and a $65.00 price target on the stock. UBS Group raised their price objective on W. R. Berkley from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Evercore ISI upped their target price on shares of W. R. Berkley from $57.00 to $60.00 and gave the company an “in-line” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada lifted their price target on shares of W. R. Berkley from $57.00 to $63.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $63.74.

W. R. Berkley Stock Performance

Shares of NYSE:WRB opened at $59.92 on Tuesday. The business’s 50 day moving average price is $60.29 and its 200-day moving average price is $58.42. W. R. Berkley has a 1 year low of $48.48 and a 1 year high of $65.49. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market capitalization of $22.83 billion, a PE ratio of 15.35, a P/E/G ratio of 1.17 and a beta of 0.67.

W. R. Berkley (NYSE:WRB) last released its quarterly earnings data on Monday, October 21st. The insurance provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. W. R. Berkley had a net margin of 11.96% and a return on equity of 20.41%. The company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. W. R. Berkley’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts expect that W. R. Berkley will post 3.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On W. R. Berkley

A number of institutional investors and hedge funds have recently modified their holdings of WRB. Wedmont Private Capital lifted its holdings in W. R. Berkley by 2.3% during the 4th quarter. Wedmont Private Capital now owns 8,038 shares of the insurance provider’s stock worth $456,000 after buying an additional 181 shares during the last quarter. Kiely Wealth Advisory Group Inc. lifted its stake in W. R. Berkley by 49.9% during the second quarter. Kiely Wealth Advisory Group Inc. now owns 580 shares of the insurance provider’s stock worth $46,000 after purchasing an additional 193 shares during the last quarter. Armstrong Advisory Group Inc. boosted its holdings in W. R. Berkley by 51.0% in the third quarter. Armstrong Advisory Group Inc. now owns 619 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 209 shares in the last quarter. Brighton Jones LLC increased its stake in W. R. Berkley by 1.7% in the second quarter. Brighton Jones LLC now owns 12,879 shares of the insurance provider’s stock valued at $1,012,000 after purchasing an additional 212 shares during the last quarter. Finally, Benjamin Edwards Inc. raised its holdings in W. R. Berkley by 12.2% during the second quarter. Benjamin Edwards Inc. now owns 2,173 shares of the insurance provider’s stock worth $171,000 after purchasing an additional 236 shares in the last quarter. Institutional investors and hedge funds own 68.82% of the company’s stock.

About W. R. Berkley

W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writers worldwide. It operates in two segments, Insurance and Reinsurance & Monoline Excess. The Insurance segment underwrites commercial insurance business, including excess and surplus lines, admitted lines, and specialty personal lines.