James River Group (NASDAQ:JRVR) trades up 6.5% on insider buying activity
James River Group Holdings, Ltd. (NASDAQ: JRVR – Get a rating) shares rose 6.5% on Tuesday on insider buying activity. The company traded as high as $23.17 and last traded at $23.17. Around 5,109 shares were traded at midday, down 99% from the average daily volume of 372,764 shares. The stock had previously closed at $21.75. Specifically, CEO Frank D’orazio acquired 50,000 shares of the company in a transaction that took place on Thursday, March 3. The stock was purchased at an average price of $20.64 per share, for a total transaction of $1,032,000.00. The acquisition was disclosed in an SEC filing, which is available via this link. Additionally, Chief Financial Officer Sarah C. Doran acquired 4,800 shares of the company in a transaction that took place on Friday, March 4. The shares were purchased at an average price of $20.16 per share, with a total value of $96,768.00. Disclosure of this purchase can be found here. Insiders have acquired a total of 78,800 shares of the company valued at $1,618,128 over the past three months. Company insiders own 2.80% of the company’s shares.
JRVR has been the subject of several recent research reports. B. Riley cut his price target on James River Group shares from $42.00 to $31.00 and set a “buy” rating for the company in a Friday, March 4 report. JMP Securities cut its price target on James River Group shares from $45.00 to $36.00 and set a “market outperformance” rating for the company in a Tuesday, March 1 report. Truist Financial raised its price target on James River Group shares from $27.00 to $30.00 in a Tuesday, March 1 research report. Keefe, Bruyette & Woods downgraded James River Group shares from a “market performance” rating to an “outperform” rating and reduced their price target for the stock from $39.00 to 35, $00 in a research report from Friday, November 12. Ultimately, Zacks Investment Research downgraded shares of James River Group from a “held” rating to a “strong sell” rating in a research report on Tuesday. One analyst rated the security with a sell rating, one assigned a hold rating and four assigned a buy rating. According to data from MarketBeat.com, James River Group has an average rating of “Buy” and an average target price of $32.00.
The company has a market capitalization of $831.72 million, a P/E ratio of -4.28 and a beta of 0.41. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt ratio of 0.36. The stock has a 50-day moving average of $26.90.
James River Group (NASDAQ:JRVR – Get a rating) last released its results on Monday, February 28. The insurance provider reported ($1.81) earnings per share for the quarter, missing the consensus estimate of $0.12 per ($1.93). James River Group had a negative return on equity of 24.27% and a negative net margin of 22.36%. The company posted revenue of $207.34 million for the quarter, compared to $198.57 million expected by analysts. During the same period of the previous year, the company posted ($0.95) EPS. The company’s revenue for the quarter increased 6.8% on an annual basis. On average, sell-side analysts expect James River Group Holdings, Ltd. has an EPS of 1.98 for the current financial year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 31. Shareholders of record on Monday, March 14 will receive a dividend of $0.05 per share. This represents an annualized dividend of $0.20 and a yield of 0.90%. The ex-dividend date is Friday, March 11. James River Group’s payout ratio is -23.12%.
Hedge funds and other institutional investors have recently changed their positions in the company. Moors & Cabot Inc. acquired a new stake in James River Group during Q3 valued at approximately $632,000. Teacher Retirement System of Texas acquired a new position in James River Group stock in Q3 worth $221,000. Citizens Financial Group Inc RI acquired a new position in shares of James River Group in Q3 worth $243,000. AlphaCrest Capital Management LLC acquired a new position in shares of James River Group in Q3 worth $252,000. Finally, Jefferies Group LLC acquired a new position in shares of James River Group in Q3 worth $268,000. Institutional investors and hedge funds own 98.75% of the company’s shares.
James River Group Company Profile (NASDAQ: JRVR)
James River Group Holdings Ltd. owns and operates a group of specialty insurance and reinsurance companies. It operates through the following segments: excess and excess lines, admitted specialty insurance, property and casualty reinsurance, and corporate and other. The Surplus and Excess Lines segment offers E&S commercial lines property and liability insurance products.
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