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W. R. Berkley Corporation (WRB), headquartered in Greenwich, Connecticut, is an insurance holding company that is among the largest commercial lines writers in the U.S. Valued at $20.25 billion by market cap, the company operates worldwide in two segments of the property casualty insurance business: Insurance and Reinsurance & Monoline Excess. The insurance major is expected to announce its fiscal second-quarter earnings for 2024 after the market closes on Monday, July 22.
Ahead of the event, analysts expect WRB to report a profit of $1.40 per share on a diluted basis, up 22.8% from $1.14 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports. In the previous quarter, the company saw its net investment income rise 43.2% year over year to a record $319.84 million.
For fiscal 2024, analysts expect WRB to report EPS of $5.82, up 18.3% from $4.92 in fiscal 2023.
WRB stock has outperformed the S&P 500’s ($SPX) 23.8% gains over the past 52 weeks, with shares up 33% during this period. Similarly, it outshined the KBW Property & Casualty Insurance Invesco ETF’s (KBWP) 25.2% gains over the same time frame.
On Apr. 23, WRB shares closed down more than 5% after the company reported its Q1 results. Its investment fund losses were $29 million. The company also said it did not repurchase any shares during the quarter. Its net premiums written rose 10.7% year over year to $2.85 billion. Its EPS was $1.64, representing an increase of 54.7% year over year.
Analysts’ consensus opinion on WRB stock is bullish, with a “Moderate Buy” rating overall. Out of 11 analysts covering the stock, five advise a “Strong Buy” rating, and six suggest a “Hold.” The average analyst price target for WRB is $89.27, indicating a 12.7% potential upside from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
