W.R. Berkley, a commercial insurance company, is the IBD Stock Of The Day. WRB stock is setting up in a base and holding key support, near possible early entries. But buying remains risky with the market in correction.
WRB Stock
W.R. Berkley rose 1.4% to 68.76 in the stock market today. The stock was in a flat base, on a weekly chart, with a 71.63 buy point.
WRB stock is also finding support at its 50-day line.
Shares closed right on a short downward-sloping trendline from the April 21 peak. Getting above Tuesday's high of 68.90 could offer a specific early entry. However, the shaky market makes such a move dicey.
WRB stock has a 96 Composite Rating. The EPS Rating is also 96.
Among other insurance stocks, Progressive rose 1.6% to 114.73. PGR stock was in a flat base with a 120.27 buy point, also finding support at the 50-day line. Allstate rose 2.5% and was sitting above its 200-day line.
Overall, IBD's Insurance-Property/Casualty group holds a No. 24 rank out of 197 tracked.
Berkley's U.S. insurance segment underwrites commercial insurance policies that are often more complicated or specialized than those offered by standard insurance companies.
That segment serves a wide variety of businesses, from property and casualty to workers' compensation. Other services are tailored to industries such as agriculture, fine art and jewelry, cybersecurity and energy. It also operates in more than 60 nations around the world.
The company brought in around $9.5 billion in revenue last year. Most of that came from its insurance business.
Berkley's first-quarter earnings per share, reported in April, beat expectations. Net premiums written rose 18%. Higher rates helped investment income. However, WRB stock dipped after the results.
