W. R. Berkley's Q3 2024 Earnings: What to Expect

Barchart · 10/15 10:56

W. R. Berkley Corporation (WRB), headquartered in Greenwich, Connecticut, is a leading commercial lines property and casualty insurer. With a market cap of $22.73 billion, the company offers a wide range of specialty insurance products and services tailored to meet the needs of businesses worldwide. W. R. Berkley is scheduled to release its Q3 earnings after the market closes on Thursday, Oct. 21.

Ahead of the event, analysts expect WRB to report a profit of $0.93 per share, up 3.3% from $0.90 in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in its last four quarterly reports.

Its adjusted earnings of $1.04 per share for the last quarter surpassed the consensus estimate by 13%. Record premiums and higher investment income drove the earnings beat.

For fiscal 2024, analysts expect WRB to report EPS of $3.99, up 21.7% from $3.28 in fiscal 2023.

WRB stock is up 25.7% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 22.9% gains and the iShares U.S. Financial Services ETF (IYG) 23.4% returns over the same time frame.

Shares of WRB increased for four consecutive trading sessions after its Q2 earnings release on Jul. 22. The company reported revenue of $3.37 billion, which exceeded Street forecasts of $3.30 billion.

The consensus opinion on WRB stock is moderately bullish, with an overall “Moderate Buy” rating. Of the 14 analysts covering the stock, six advise a “Strong Buy” rating, seven suggest a “Hold,” and one indicates a “Strong Sell.”

WRB's average analyst price target is $61.49, indicating a potential upside of 3.8% from the current levels.

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On the date of publication, Rashmi Kumari 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.