WR Berkley (NYSE:WRB) Stock, Quote.Headers.trade-ideas

WR Berkley

W.R. Berkley is an insurance holding company with a host of subsidiaries that primarily underwrite commercial casualty insurance. The firm specializes in niche products that include various excess and surplus lines, workers' compensation insurance, self-insurance consulting, reinsurance, and regional commercial lines for small and midsize businesses.

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Cincinnati Financial Corporation (NASDAQ: CINF) has been gaining momentum on the back of higher level of insured exposure, rate increase, agent-focused business model, consistent cash flow and a solid capital position.

Here&#39;s Why Hold Strategy is Apt for Cincinnati Financial

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Wall Street started the new week on a positive note, with all major indices in the green. A rebound in tech stocks following last week’s dips bolstered overall investor sentiment.

US Stocks Rebound As Tech Surges, CrowdStrike Continues Selloff, Oil Hits 1-Month Lows: What&#39;s Driving Markets Monday?

The Travelers Companies (NYSE: TRV) reported second-quarter 2024 core income of $2.51 per share, which beat the Zacks Consensus Estimate by 25.5%.

Shares gained 0.5% in the pre-market trading session to reflect the outperformance.

Travelers Q2 Earnings Beat, Revenues Miss Estimates

WR Berkley Corp

Warby Parker Inc

W.R. Berkley Corporation 5.70% Subordinated Debentures due 2058

W.R. Berkley Corporation 5.10% Subordinated Debentures due 2059

W.R. Berkley Corporation 4.25% Subordinated Debentures due 2060

W.R. Berkley Corporation 4.125% Subordinated Debentures due 2061

W. R. Berkley Corporation (NYSE:<a href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) announced today that its Board of Directors has declared a special cash dividend on its common stock of 25 cents per share to be paid on September 30,2024 to stockholders of record at the close of business on September 23, 2024.
In addition, the Board of Directors has declared a regular quarterly cash dividend on its common stock of 8 cents per share to be paid on September 30, 2024 to stockholders of record at the close of business on September 23, 2024. The per share dividend amount reflects the 3-for-2 common stock split effected on July 10, 2024.

W. R. Berkley  Has Declared A Special Cash Dividend On Its Common Stock Of $0.25 Per Share To Be Paid On September 30,2024

Barclays analyst Alex Scott initiates coverage on WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) with a Underweight rating and announces Price Target of $56.

Price Target

Initiation

Barclays Initiates Coverage On WR Berkley with Underweight Rating, Announces Price Target of $56

WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) has outperformed the market over the past 10 years by 4.27% on an annualized basis producing an average annual return of 15.12%. Currently, WR Berkley has a market capitalization of $22.19 billion. 
Buying $100 In WRB: If an investor had bought $100 of WRB stock 10 years ago, it would be worth $408.66 today based on a price of $58.30 for WRB at the time of writing.
<h3>WR Berkley's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724783431_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning WR Berkley Stock In The Last 10 Years

WR Berkley's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) short percent of float has fallen 16.47% since its last report. The company recently reported that it has 8.67 million shares sold short, which is 2.89% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.85 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>WR Berkley Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724692516_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for WR Berkley has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing WR Berkley's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, WR Berkley's peer group average for short interest as a percentage of float is 2.05%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Peering Into WR Berkley's Recent Short Interest

Cincinnati Financial Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cinf#NASDAQ">CINF</a>) has been gaining momentum on the back of higher level of insured exposure, rate increase, agent-focused business model, consistent cash flow and a solid capital position.
<h3>Growth Projections</h3>
The Zacks Consensus Estimate for Cincinnati Financial&#39;s 2024 earnings per share indicates an increase of 9.1% from the year-ago reported number. The consensus estimate for revenues is pegged at $9.85 billion, implying a year-over-year improvement of 10.8%.
The consensus estimate for 2025 earnings per share and revenues indicates an increase of 7.1% and 10%, respectively, from the corresponding 2024 estimates.
<h3>Northbound Estimate Revision</h3>
The Zacks Consensus Estimate for 2024 and 2025 earnings has moved 5.6% and 0.8% north, respectively, in the past 30 days, reflecting analysts&#39; optimism.
<h3>Earnings Surprise History</h3>
Cincinnati Financial has a solid earnings surprise history. It beat estimates in each of the last four quarters, the average being 27%.
<h3>Zacks Rank &amp; Price Performance</h3>
Cincinnati Financial currently carries a Zacks Rank #3 (Hold). Year to date, the stock has gained 26.7% compared with the industry&#39;s growth of 23.7%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/b6/74566.jpg?v=1443931473" />
Image Source: Zacks Investment Research
<h3>Style Score</h3>
CINF has a VGM Score of B. The VGM Score helps identify stocks with the most attractive value, best growth and the most promising momentum.
<h3>Business Tailwinds</h3>
Prudent pricing, an agent-centric model, a higher level of insured exposures and disciplined expansion of Cincinnati Re should benefit premiums, the primary driver of an insurer&#39;s top line. We expect 2026 net earned premiums to witness a three-year CAGR of 8.5%. CINF boasts above-average industry premium growth.
The Excess and Surplus line has been performing well since its inception in 2008. This segment should continue to benefit from new business written, higher renewal written premiums and higher average renewal estimated pricing. Technology and data are also being used to identify new exposures in emerging businesses.
Improving interest income from fixed-maturity securities and a decrease in equity portfolio dividends in an improved rate environment should drive net investment income.
Notably, its free cash flow conversion has remained more than 150% over the last many quarters, reflecting its solid earnings.
Banking on operational efficiency that ensures continuous cash flows, this insurer boasts increasing dividends for 64 straight years. Its dividend yield of 2.4% is better than the industry average of 0.2%, making the stock an attractive pick for yield-seeking investors. Given the board&#39;s positive outlook and confidence in outstanding capital, liquidity and financial flexibility, we expect the momentum to continue.
Being a property and casualty insurer, CINF is exposed to catastrophe losses, inducing volatility in its underwriting profitability. Nonetheless, banking on prudent underwriting, CINF&#39;s solid track record of 34 years of favorable reserve development is appreciable.
CINF has been witnessing an increase in expenses over the past many years due to a rise in insurance loss and policyholder benefits as well as underwriting, acquisition and insurance expenses, resulting in margin contraction.
<h3>Stocks to Consider</h3>
Some better-ranked stocks from the property and casualty insurance industry are NMI Holdings Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nmih#NASDAQ">NMIH</a>), W.R. Berkley Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wrb#NYSE">WRB</a>) and Arch Capital Group Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acgl#NASDAQ">ACGL</a>), each carrying a Zacks Rank #2 (Buy) at present.
NMI Holdings&#39; earnings surpassed estimates in each of the last four quarters, the average surprise being 10.15%. Shares of NMIH have jumped 28.9% year to date. The Zacks Consensus Estimate for NMIH&#39;s 2024 and 2025 earnings implies year-over-year growth of 15.6% and 5.5%, respectively.
W.R. Berkley&#39;s earnings surpassed estimates in each of the last four quarters, the average surprise being 11.43%. Shares of WRB have skyrocketed 22.1% year to date. The Zacks Consensus Estimate for WRB&#39;s 2024 and 2025 earnings implies year-over-year growth of 22.8% and 5.6%, respectively.
Arch Capital&#39;s earnings surpassed estimates in each of the last four quarters, the average surprise being 28.93%. Shares of ACGL have jumped 38.1% year to date. The Zacks Consensus Estimate for ACGL&#39;s 2024 and 2025 earnings implies year-over-year growth of 6.5% and 2.5%, respectively.
<a href="https://www.zacks.com/stock/news/2323877/here-s-why-hold-strategy-is-apt-for-cincinnati-financial-cinf?cid=CS-BENZ-FT-analyst_blog|rank_focused-2323877">To read this article on Zacks.com click here.</a>

Here's Why Hold Strategy is Apt for Cincinnati Financial

Truist Securities analyst Mark Hughes maintains WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) with a Buy and raises the price target from $62 to $64.

Truist Securities Maintains Buy on WR Berkley, Raises Price Target to $64

WIIM

W.R. Berkley shares are trading higher after the company reported better-than-expected Q2 EPS results

Wells Fargo analyst Elyse Greenspan maintains WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) with a Overweight and lowers the price target from $62 to $59.

Wells Fargo Maintains Overweight on WR Berkley, Lowers Price Target to $59

RBC Capital analyst Scott Heleniak reiterates WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) with a Sector Perform and maintains $57 price target.

Reiteration

RBC Capital Reiterates Sector Perform on WR Berkley, Maintains $57 Price Target

WR Berkley Q2 2024 Operating EPS $1.04 Beats $0.92 Estimate, Net Premiums Written $3.13B

Wall Street started the new week on a positive note, with all major indices in the green. A rebound in tech stocks following last week&#8217;s dips bolstered overall investor sentiment. Investors focused on the start of the tech earnings season, looking past President Joe Biden&#8216;s withdrawal<a href="https://www.benzinga.com/general/politics/24/07/39886916/harris-vs-trump-can-bidens-vp-defeat-former-president-head-to-head-polls-reveal-close-race"> from the reelection campaign.</a>
Semiconductor stocks, which plunged last week due to threats of increased curbs on China, rallied on Monday. The VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) and the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) both rose by 2.5%.
The tech-heavy Nasdaq 100 index surged 1% by 12:40 p.m. in New York, poised to snap a three-day losing streak. The S&amp;P 500 edged up 0.7%, while blue-chip stocks in the Dow Jones took a breather. Small-cap stocks showed a 0.4% gain.
In the election arena, betting-implied odds of Kamala Harris winning the November election rose to 29% after Biden dropped his reelection campaign. 
Treasury yields increased, with the 30-year yield up 5 basis points to 4.5%, sending the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down by 0.7%. The dollar remained steady.
In commodities, metals softened with gold, silver and copper down 0.4%, 0.5% and 1%, respectively. In energy, natural gas spiked by 7%, driven by Freeport LNG resuming shipments after Hurricane Beryl and expectations of higher cooling demand due to hot weather. Oil prices, tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), fell 0.7%, with West Texas Intermediate (WTI) light crude on track to close at its lowest level in over a month.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) dropped 1.8%.
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %change</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,723.29</td>
<td>1.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,541.77</td>
<td>0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,192.78</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,296.68</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:40 p.m. ET </figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071924&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.6% higher to $552.42.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;held steady at $402.80.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) rose 1.1% to $480.36.</li>
<li>Sector-wise, the Technological Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 1.6%, while the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) tumbled 13% after plummeting over 11% Friday, after the cybersecurity company was downgraded by several investment banks, including Scotiabank, Guggenheim and BTIG, coupled with trimmed price target cuts.</li>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) surged 3.8% after Reuters reported Monday the chipmaker is developing a version of its new flagship Blackwell AI chip tailored for the Chinese market, ensuring it complies with U.S. export controls.</li>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) fell 6.4% in reaction to quarterly results that showed earnings broadly matching expectations but a miss on the revenue front. </li>
<li>Other stocks reacting to company earnings were Truist Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>), up 2.9% and IQVIA Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IQV#NYSE">IQV</a>), up 6.2%. </li>
<li>Mattel Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) rallied over 19% following reports of an acquisition offer by L Catterton.</li>
<li>Companies expected to report earnings after the close include Cadence Design Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>), NXP Semiconductors NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>), Nucor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>), Brown &amp; Brown Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRO#NYSE">BRO</a>) and W.R. Berkley Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>). </li>
</ul>
Read Now:
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<li> <a href="https://bzresearch.myclickfunnels.com/latest-research-webinar-redirect-evergreen?utm_source=website-content" target="_blank" rel="noreferrer noopener">Turn Trading Into The Ultimate Side Hustle Using Benzinga Tools In A Free Webinar</a></li>
</ul>
Photo via Shutterstock.

US Stocks Rebound As Tech Surges, CrowdStrike Continues Selloff, Oil Hits 1-Month Lows: What's Driving Markets Monday?

The Travelers Companies (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/trv#NYSE">TRV</a>) reported second-quarter 2024 core income of $2.51 per share, which beat the Zacks Consensus Estimate by 25.5%.
Shares gained 0.5% in the pre-market trading session to reflect the outperformance.
The bottom line skyrocketed from 6 cents earned in the year-ago quarter, driven by solid underlying results, net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses.
<h3>The Travelers Companies, Inc. Price, Consensus and EPS Surprise</h3>
<div class="chart_embed">
<h3><img alt="The Travelers Companies, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/8e/1721401506.png" style="height:265px; width:587px" title="" /></h3>
The Travelers Companies, Inc. price-consensus-eps-surprise-chart | The Travelers Companies, Inc. Quote
</div>
<h3>Behind Q2 Headlines</h3>
Travelers&#39; total revenues increased 12.4% from the year-ago quarter to $11.3 billion, primarily driven by higher premiums. The top-line figure, however, missed the Zacks Consensus Estimate by 1%.
Net written premiums increased 8% year over year to a record $11.1 billion, driven by strong growth across all three segments. The figure was higher than our estimate of $10.4 billion.
Net investment income increased 24.2% year over year to $885 million, primarily due to strong fixed-income returns and growth in fixed-maturity investments. The figure was higher than our estimate of $852.14 million. The Zacks Consensus Estimate was pegged at $861.2 million.
Catastrophe loss was $1.51 billion, pre-tax, wider than a loss of $1.18 million, pre-tax, incurred in the year-ago quarter.
Travelers witnessed an underwriting loss of $65 million, narrower than a loss of $640 million incurred in the year-ago quarter. The consolidated underlying combined ratio of 87.7 improved 340 basis points (bps) year over year.&nbsp; The combined ratio improved 630 bps year over year to 100.2 due to an improvement in the underlying combined ratio, higher net favorable prior-year reserve development and lower catastrophe losses as a percentage of net earned premiums.&nbsp; The Zacks Consensus Estimate was pegged at 97.
Core return on equity expanded 20 basis points to 8.1%. Adjusted book value per share (excludes net unrealized investment gains/losses) of $126.52 increased 3% year over year. At quarter-end, statutory capital and surplus were $25.21 billion and the debt-to-capital ratio was 24.4%.
<h3>Segment Update</h3>
Business Insurance: Net written premiums increased 7% year over year to about $5.5 billion, reflecting a 10% increase in renewal premium change, 85% retention and a 9% increase in new business. Business Insurance net written premiums beat our estimate of $5.3 billion.
The combined ratio improved 400 bps year over year to 96.1 on net favorable prior-year reserve development, lower catastrophe losses and an improvement in the underlying combined ratio.&nbsp; Our estimate was 97.4. The Zacks Consensus Estimate was pegged at 96.
Segment income of $656 million increased 63.1% year over year on net favorable prior-year reserve development compared to net unfavorable prior-year reserve development in the prior year quarter, higher net investment income and a higher underlying underwriting gain. The figure was lower than our estimate of $732 million.
Bond &amp; Specialty Insurance: Net written premiums increased 8% year over year to $1 billion, reflecting strong production in both surety and management liability. Our estimate was $987.1 million.
The combined ratio deteriorated by 1060 bps year over year to 87.7 due to lower net favorable prior-year reserve development and higher catastrophe losses.&nbsp; Our estimate was 75.3. The Zacks Consensus Estimate was pegged at 82.
Segment income of $170 million decreased 26.1% year over year due to lower net favorable prior-year reserve development and higher catastrophe losses, partially offset by a higher underlying underwriting gain and higher net investment income. The figure was lower than our estimate of $244.9 million.
Personal Insurance: Net written premiums of $4.5 billion increased 9% year over year, reflecting a strong renewal premium change in both Domestic Automobile and Homeowners and Other.&nbsp; Our estimate was $4 billion.
The combined ratio improved 1350 bps year over year to 108.5, driven by an improvement in the underlying combined ratio, higher net favorable prior year reserve development and lower catastrophe losses as a percentage of net earned premiums. Our estimate was 116.3. The Zacks Consensus Estimate was pegged at 102.
Segment loss was $153 million, narrower than $538 million loss incurred in the year-ago quarter, attributable to higher underlying underwriting gain, higher net favorable prior year reserve development and higher net investment income, partially offset by higher catastrophe losses. Our estimate was a loss of $394.1 million.&nbsp;
<h3>Dividend and Share Repurchase Update</h3>
This property and casualty insurer returned $498 million to shareholders in the second quarter of 2024. It bought back 1.2 million shares for $253 million in the second quarter. At June end, TRV had $5.54 billion remaining under its authorization.
The board also announced a quarterly dividend of $1.05 per share. The dividend will be paid out on Sep 28, 2024, to shareholders of record at the close of business on Sep 10, 2024.&nbsp;
<h3>Zacks Rank</h3>
Travelers currently carries a Zacks Rank #3 (Hold).
<h3>Performance of Another Insurer</h3>
The Progressive Corporation&#39;s PGR second-quarter 2024 earnings per share of $2.65 beat the Zacks Consensus Estimate of $1.99. The bottom line improved more than five times year over year. Operating revenues of $18.3 billion beat the Zacks Consensus Estimate by 1.4% and increased 18.9% year over year.
Net premiums earned grew 19% to $17.2 billion and beat our estimate of $16.7 billion. Combined ratio improved 850 bps from the prior-year quarter&#39;s level to 91.9.
<h3>Upcoming Releases</h3>
RLI Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rli#NYSE">RLI</a>) will report second -quarter 2024 results on Jul 22, after market close. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $1.35, indicating an increase of 16.4% from the year-ago quarter&#39;s reported figure.
RLI&#39;s earnings beat estimates in three of the last four quarters while missing in one.
W.R. Berkley Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wrb#NYSE">WRB</a>) will report second-quarter 2024 results on Jul 22, before market open. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at 82 cents, suggesting an increase of 7.9% from the year-ago quarter&#39;s reported figure.
WRB&#39;s earnings beat estimates in the last four reported quarters.
<a href="https://www.zacks.com/stock/news/2305537/travelers-trv-q2-earnings-beat-revenues-miss-estimates?cid=CS-BENZ-FT-analyst_blog|earnings_article-2305537">To read this article on Zacks.com click here.</a>

The Progressive Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pgr#NYSE">PGR</a>) second-quarter 2024 earnings per share of $2.65 beat the Zacks Consensus Estimate of $1.99. The bottom line improved more than five times year over year.
Operating revenues of $18.3 billion beat the Zacks Consensus Estimate by 1.4% and increased 18.9% year over year.
Shares gained 2.3% in the pre-market trading session to reflect the outperformance.
<h3>The Progressive Corporation Price, Consensus and EPS Surprise</h3>
<div class="chart_embed">
<h3><img alt="The Progressive Corporation Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/c0/1721142510.png" style="height:265px; width:587px" title="" /></h3>
The Progressive Corporation price-consensus-eps-surprise-chart | The Progressive Corporation Quote
</div>
<h3>Behind the Headlines</h3>
Net premiums written were $17.9 billion in the quarter, up 22% from $14.7 billion a year ago. Premiums beat our estimate of $17.3 billion.
Net premiums earned grew 19% to $17.2 billion and beat our estimate of $16.7 billion.
Net realized loss on securities was $126.3 billion against $126.9 million earned in the year-ago quarter.
Combined ratio &mdash; the percentage of premiums paid out as claims and expenses &mdash; improved 850 basis points (bps) from the prior-year quarter&#39;s level to 91.9.
<h3>June Policies in Force</h3>
Policies in force were strong in the Personal Auto segment, up 10% from the year-ago month&#39;s figure to 21.5 million. Special Lines improved 8% to 6.3 million.
In the Personal Auto segment, Direct Auto increased 12% year over year to 12.6 million, while Agency Auto increased 6% to 9 million.
Progressive&#39;s Commercial Auto segment rose 1% year over year to 1.1 million. The Property business had 3.3 million policies in force, up 12%.
<h3>Financial Update</h3>
Progressive&#39;s book value per share was $39.85 as of Jun 30, 2024, up 43.8% from $27.71 as of Jun 30, 2023.
Return on equity in June 2024 was 40.2%, up from 8% reported in the year-ago period. The total debt-to-total capital ratio improved 640 bps to 22.8.
<h3>Zacks Rank</h3>
Progressive currently has a Zacks Rank #3 (Hold).
<h3>Upcoming Releases</h3>
The Travelers Companies (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/trv#NYSE">TRV</a>) will report second-quarter 2024 results on Jul 19, before market open. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $2.49, suggesting an increase of 4,050% from the year-ago quarter&#39;s reported figure.
TRV&#39;s earnings beat estimates in one of the last four quarters while missing in the other three.
RLI Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rli#NYSE">RLI</a>) will report second-quarter 2024 results on Jul 22, after market close. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $1.35, indicating an increase of 16.4% from the year-ago quarter&#39;s reported figure.
RLI&#39;s earnings beat estimates in three of the last four quarters while missing in one.
W.R. Berkley Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wrb#NYSE">WRB</a>) will report second-quarter 2024 results on Jul 22, before market open. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at 82 cents, suggesting an increase of 7.9% from the year-ago quarter&#39;s reported figure.
WRB&#39;s earnings beat estimates in the last four reported quarters.
<a href="https://www.zacks.com/stock/news/2302874/progressive-s-pgr-q2-earnings-beat-premiums-rise-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2302874">To read this article on Zacks.com click here.</a>

Progressive's Q2 Earnings Beat, Premiums Rise Y/Y

WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) has outperformed the market over the past 15 years by 2.34% on an annualized basis producing an average annual return of 14.67%. Currently, WR Berkley has a market capitalization of $20.87 billion. 
Buying $1000 In WRB: If an investor had bought $1000 of WRB stock 15 years ago, it would be worth $7,898.60 today based on a price of $54.43 for WRB at the time of writing.
<h3>WR Berkley's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721226620_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 15 Years Ago Would Be Worth $7,900 Today

WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) has outperformed the market over the past 10 years by 3.67% on an annualized basis producing an average annual return of 14.43%. Currently, WR Berkley has a market capitalization of $20.09 billion. 
Buying $1000 In WRB: If an investor had bought $1000 of WRB stock 10 years ago, it would be worth $3,835.77 today based on a price of $78.58 for WRB at the time of writing.
<h3>WR Berkley's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1719853213_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

RBC Capital analyst Scott Heleniak reiterates WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) with a Sector Perform and maintains $86 price target.

RBC Capital Reiterates Sector Perform on WR Berkley, Maintains $86 Price Target

TD Cowen analyst Andrew Kilgerman initiates coverage on WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) with a Buy rating and announces Price Target of $103.

TD Cowen Initiates Coverage On WR Berkley with Buy Rating, Announces Price Target of $103

WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) has outperformed the market over the past 15 years by 2.57% on an annualized basis producing an average annual return of 15.23%. Currently, WR Berkley has a market capitalization of $20.50 billion. 
Buying $100 In WRB: If an investor had bought $100 of WRB stock 15 years ago, it would be worth $824.28 today based on a price of $80.17 for WRB at the time of writing.
<h3>WR Berkley's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1718901022_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 15 Years Ago, You Would Have $800 Today

WR Berkley's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) short percent of float has risen 11.41% since its last report. The company recently reported that it has 5.90 million shares sold short, which is 2.93% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.01 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>WR Berkley Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1718383511_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for WR Berkley has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing WR Berkley's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, WR Berkley's peer group average for short interest as a percentage of float is 2.07%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Looking Into WR Berkley's Recent Short Interest

W.R. Berkley Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wrb#NYSE">WRB</a>) board of directors approved a special cash dividend of 50 cents per share. Concurrently, the board also approved a 9.1% hike in annual cash dividend to 48 cents. Shareholders, as of the close of business on Jun 24, 2024, will receive the quarterly dividend on Jun 28, 2024. 
The recent dividend hike is the 19th straight increase by the insurer. It also pays special dividends. Notably, WRB has continually paid dividends for nearly five decades. 
W.R. Berkley, banking on operational strength, has a solid balance sheet with sufficient liquidity and strong cash flows. A strong capital position enables the nation&#39;s largest commercial lines property casualty insurance provider to distribute wealth to shareholders via share repurchases, special dividends and dividend hikes. 
Apart from dividends, the company resorts to regular share buybacks as another way to enhance shareholder value. 
Improved pricing, expansion of international business, reserve discipline, a solid balance sheet and a prudent capital management policy should help WRB maintain its streak of dividend hikes and special dividends. The company targets a return on equity of 15% over the long term. 
Additionally, the board of directors has also approved a 3-for-2 stock split in the form of a stock dividend to shareholders of record as of Jun 24, 2024. The split will take effect on Jul 10. 
Shares of WRB have gained 10.5% year to date, compared with the industry&#39;s 14.2% increase. Its solid insurance business, strong international business and a sturdy financial position should help drive shares.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/57/68790.jpg?v=1465104723" /> 
Image Source: Zacks Investment Research
WRB currently carries a Zacks Rank #5 (Strong Sell).
<h3>Other Shareholder-Friendly Moves in the Insurance Space</h3>
The board of directors of Radian Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rdn#NYSE">RDN</a>) authorized a share buyback program to return more value to investors. With the latest authorization, the board increased the authorization by $600 million to $900 million. The program remains active through Jun 30, 2026. 
Improving mortgage insurance portfolio, declining claims, a well-performing homogenous segment and a solid capital position should help the insurer deliver impressive results. This, in turn, should poise the company well with sufficient liquidity and aid in boosting shareholders&#39; value. 
Recently, the board of directors of AXIS Capital Holdings Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/axs#NYSE">AXS</a>) authorized a share buyback program to return more value to investors. The latest authorization will allow the company to spend up to $300 million to repurchase its common stock. 
Intensified focus on specialty lines, continuous investment in growth areas, including wholesale insurance and lower middle markets, exit from the volatile catastrophe and property reinsurance space and reduction of risk exposure while concentrating on accident and health, casualty, credit and surety, and specialty reinsurance lines should help the insurer deliver impressive results. This, in turn, should poise the company well with sufficient liquidity and aid in boosting shareholders&#39; value. 
The board of RenaissanceRe (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rnr#NYSE">RNR</a>) approved a renewal of the authorized share repurchase program, bringing the total current authorization to $500 million. RenaissanceRe boosts shareholder value by banking on its ability to generate free cash flow. In February 2024, the company&#39;s board of directors approved a 2.6% hike in the quarterly dividend. The increased dividend marked the 29th straight year of a dividend hike. Its dividend yield of 0.7% remains higher than the industry average of 0.3%. 
Improving premiums in specialty lines given market dislocation and rate increases, higher demand for reinsurance in Florida, and the acquisition of Validus Re, AlphaCat and the Talbot Treaty reinsurance business from AIG enhance the scale of its global property and casualty reinsurance business. These also boost profitability and thus aid in enhancing shareholders&#39; value.
<a href="https://www.zacks.com/stock/news/2287963/w-r-berkley-wrb-boosts-shareholders-value-via-several-moves?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2287963">To read this article on Zacks.com click here.</a>

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