Why WR Berkley Corporation (WRB) Went Up Last Week?

We recently published a list of 10 Stocks Outperform Broader Market Last Week. In this article, we are going to take a look at where WR Berkley Corporation (NYSE:WRB) stands against other stocks that outperformed broader market last week.

Wall Street’s main indices traded lower week-on-week as investor sentiment continued to be dragged by the ongoing trade tensions globally.

The tech-heavy Nasdaq was down by 2.59 percent versus its level on March 21. Meanwhile, the S&P 500 declined by 1.5 percent and the Dow Jones dropped by 0.956 percent.

Ten individual stocks, on the other hand, managed to stay stronger, three of which were particularly notable as funds flocking to gold assets spilled over into their stocks.

In this article, we listed last week’s 10 top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million trading volume.

An insurance agent sitting across a desk from a client reviewing their policy.

WR Berkley Corporation (NYSE:WRB)

WR Berkley rallied by 12.7 percent week-on-week to hit a new all-time high, finishing Friday’s trading at $71.27 versus the $63.24 registered on March 21, following news that Japan-based Mitsui Sumitomo Insurance was planning to acquire a significant stake in the company.

Having hovered around the $60 level during the first four trading days of the week, shares of WRB shot up on Friday after Mitsui announced that it would acquire a 15-percent stake in the company through open market purchase or private third-party transactions.

Despite the acquisition, the Berkley family clarified that it would not sell any of its common shares ownership in the company and that Mitsui would not purchase any more shares directly from the firm.

WRB is a commercial lines property and casualty insurance holding firm based in Greenwich, Connecticut.

Overall, WRB ranks 4th on our list of stocks that outperformed broader market last week. While we acknowledge the potential of WRB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as WRB but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.