Millennium Management LLC Reduces Position in James River Group Holdings, Ltd. (NASDAQ:JRVR)

Millennium Management LLC reduced its stake in James River Group Holdings, Ltd. (NASDAQ:JRVR) by 26.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 778,039 shares of the insurance provider’s stock after selling 286,718 shares during the quarter. Millennium Management LLC owned about 2.06% of James River Group worth $6,014,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of James River Group by 22.9% during the 1st quarter. Vanguard Group Inc. now owns 2,579,287 shares of the insurance provider’s stock worth $23,987,000 after purchasing an additional 479,823 shares during the last quarter. AQR Capital Management LLC raised its holdings in James River Group by 2,512.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,377,017 shares of the insurance provider’s stock valued at $10,644,000 after acquiring an additional 1,324,309 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in James River Group by 143.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 512,968 shares of the insurance provider’s stock worth $4,771,000 after buying an additional 302,257 shares during the last quarter. Marshall Wace LLP grew its holdings in James River Group by 39.2% in the 2nd quarter. Marshall Wace LLP now owns 469,963 shares of the insurance provider’s stock valued at $3,633,000 after buying an additional 132,300 shares during the period. Finally, Cubist Systematic Strategies LLC increased its stake in shares of James River Group by 7.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 275,519 shares of the insurance provider’s stock valued at $2,130,000 after acquiring an additional 20,085 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

Wall Street Analyst Weigh In

JRVR has been the subject of several research analyst reports. JMP Securities dropped their price target on 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 dropped their target price 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 lowered their price target on James River Group from $12.50 to $12.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.17.

James River Group Stock Performance

Shares of NASDAQ JRVR opened at $6.27 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.37. The firm’s 50-day moving average price is $6.88 and its two-hundred day moving average price is $7.73. The stock has a market capitalization of $237.17 million, a P/E ratio of -3.00 and a beta of 0.16. James River Group Holdings, Ltd. has a 52-week low of $6.12 and a 52-week high of $15.47.

James River Group (NASDAQ:JRVR) last announced its earnings results on Monday, August 5th. The insurance provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.09). James River Group had a positive return on equity of 11.66% and a negative net margin of 12.79%. The firm had revenue of $188.30 million for the quarter, compared to the consensus estimate of $169.39 million. During the same period in the previous year, the firm earned $0.53 EPS. James River Group’s revenue for the quarter was down 3.3% on a year-over-year basis. As a group, sell-side analysts forecast that James River Group Holdings, Ltd. will post 1.85 earnings per share for the current year.

James River Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $0.05 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.20 dividend on an annualized basis and a yield of 3.19%. James River Group’s payout ratio is presently -9.57%.

About James River Group

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.