We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
W.R. Berkley (WRB) Board Gives Nod to Share Buyback Program
Read MoreHide Full Article
The board of directors of W.R. Berkley Corporation (WRB - Free Report) recently approved a new share buyback program in order to return more value to its shareholders. The company is now authorized to repurchase 10 million shares.
The recent authorization translates into 8% of the company’s outstanding shares as of Jun 30, 2017.
W.R. Berkley Corp. undertakes share buybacks alongside paying quarterly dividends and special dividends (last quarter the company announced a special dividend of 50 cents per share, amounting to $61 million). Though the company did not buyback shares through the first half of 2017, it has 6.8 million shares remaining under the authorization as of Jun 30, 2017.
W.R. Berkley Corp. has sufficient liquidity, which supports buybacks. A lower share count due to share repurchases also adds to the bottom line. Given its financial strength, we expect more shares to be repurchased going forward.
Concurrently, the board of directors also approved a quarterly dividend of 14 cents per share. The dividend will be paid on Oct 4, 2017 to shareholders of record on Sep 20, 2017. The company’s dividend presently yields 0.82%.
Shares of W.R. Berkley Corp. have underperformed the industry year to date. While W.R. Berkley Corp. shares have gained 3.05%, the industry has registered an increase of 9.47%. Nonetheless, we expect the company’s shareholder-friendly moves to drive the stock higher. Besides buyback and increasing payouts, the company also focuses on increasing its book value, in its efforts to enhance shareholders value. Book value per share rose 4.7% from year-end 2016 to $43.59 as of Jun 30, 2017.
Several insurers have hiked their dividend or resorted to share buybacks to reward their shareholders. Recently, United Fire Group Inc. (UFCS) increased dividend payout by 12% to 28 cents per share. The Progressive Corporation (PGR) has a 25-million shares repurchase program under its authorization while CNO Financial Group (CNO) has $300 million share buyback program under its authorization.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge. With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research. It's not the one you think. See This Ticker Free >>
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
W.R. Berkley (WRB) Board Gives Nod to Share Buyback Program
The board of directors of W.R. Berkley Corporation (WRB - Free Report) recently approved a new share buyback program in order to return more value to its shareholders. The company is now authorized to repurchase 10 million shares.
The recent authorization translates into 8% of the company’s outstanding shares as of Jun 30, 2017.
W.R. Berkley Corp. undertakes share buybacks alongside paying quarterly dividends and special dividends (last quarter the company announced a special dividend of 50 cents per share, amounting to $61 million). Though the company did not buyback shares through the first half of 2017, it has 6.8 million shares remaining under the authorization as of Jun 30, 2017.
W.R. Berkley Corp. has sufficient liquidity, which supports buybacks. A lower share count due to share repurchases also adds to the bottom line. Given its financial strength, we expect more shares to be repurchased going forward.
Concurrently, the board of directors also approved a quarterly dividend of 14 cents per share. The dividend will be paid on Oct 4, 2017 to shareholders of record on Sep 20, 2017. The company’s dividend presently yields 0.82%.
Shares of W.R. Berkley Corp. have underperformed the industry year to date. While W.R. Berkley Corp. shares have gained 3.05%, the industry has registered an increase of 9.47%. Nonetheless, we expect the company’s shareholder-friendly moves to drive the stock higher. Besides buyback and increasing payouts, the company also focuses on increasing its book value, in its efforts to enhance shareholders value. Book value per share rose 4.7% from year-end 2016 to $43.59 as of Jun 30, 2017.
W.R. Berkley Corp carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Several insurers have hiked their dividend or resorted to share buybacks to reward their shareholders. Recently, United Fire Group Inc. (UFCS) increased dividend payout by 12% to 28 cents per share. The Progressive Corporation (PGR) has a 25-million shares repurchase program under its authorization while CNO Financial Group (CNO) has $300 million share buyback program under its authorization.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge. With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research. It's not the one you think. See This Ticker Free >>