Bank of New York Mellon Corp Cuts Stock Holdings in James River Group Holdings, Ltd. (NASDAQ:JRVR)

Bank of New York Mellon Corp cut its stake in shares of James River Group Holdings, Ltd. (NASDAQ:JRVR) by 5.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 120,672 shares of the insurance provider’s stock after selling 7,095 shares during the period. Bank of New York Mellon Corp owned 0.32% of James River Group worth $933,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in JRVR. Levin Capital Strategies L.P. purchased a new stake in James River Group during the first quarter valued at about $93,000. Simplicity Wealth LLC purchased a new stake in shares of James River Group during the 2nd quarter worth about $93,000. Pallas Capital Advisors LLC acquired a new stake in James River Group during the 2nd quarter worth approximately $170,000. Quadrature Capital Ltd acquired a new stake in James River Group during the 1st quarter worth approximately $172,000. Finally, CWM LLC raised its holdings in James River Group by 1,902.6% in the second quarter. CWM LLC now owns 27,636 shares of the insurance provider’s stock valued at $214,000 after buying an additional 26,256 shares during the period. 95.21% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

JRVR has been the subject of several research reports. JMP Securities decreased their price objective on shares of James River Group from $14.00 to $11.00 and set a “market outperform” rating for the company in a research note on Tuesday, August 6th. Truist Financial decreased their price target on shares of James River Group from $9.00 to $8.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Finally, Compass Point cut their price objective on James River Group from $12.50 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $11.17.

James River Group Price Performance

Shares of JRVR stock opened at $6.49 on Friday. The firm has a fifty day simple moving average of $7.44 and a 200-day simple moving average of $7.90. The company has a market capitalization of $245.49 million, a PE ratio of -3.11 and a beta of 0.17. James River Group Holdings, Ltd. has a twelve month low of $6.14 and a twelve month high of $15.88. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.37.

James River Group (NASDAQ:JRVR) last posted its quarterly earnings data on Monday, August 5th. The insurance provider reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.09). James River Group had a negative net margin of 12.79% and a positive return on equity of 11.66%. The firm had revenue of $188.30 million during the quarter, compared to analysts’ expectations of $169.39 million. During the same period in the previous year, the company earned $0.53 earnings per share. The business’s quarterly revenue was down 3.3% on a year-over-year basis. Equities research analysts anticipate that James River Group Holdings, Ltd. will post 1.85 earnings per share for the current fiscal year.

James River Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.20 annualized dividend and a yield of 3.08%. James River Group’s dividend payout ratio is presently -9.57%.

James River Group Profile

James River Group Holdings, Ltd., through its subsidiaries, provides specialty insurance services. It operates through Excess and Surplus Lines, and Specialty Admitted Insurance segments. The Excess and Surplus Lines segment underwrites liability and property insurance in the United States Puerto Rice, and the United States Virgin Islands.