Connor Clark & Lunn Investment Management Ltd. Trims Stock Holdings in James River Group Holdings, Ltd. (NASDAQ:JRVR)

Connor Clark & Lunn Investment Management Ltd. lowered its position in shares of James River Group Holdings, Ltd. (NASDAQ:JRVR) by 36.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,372 shares of the insurance provider’s stock after selling 76,217 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in James River Group were worth $836,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Empowered Funds LLC grew its stake in James River Group by 5.3% during the third quarter. Empowered Funds LLC now owns 112,641 shares of the insurance provider’s stock valued at $706,000 after acquiring an additional 5,628 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in James River Group by 36.0% during the third quarter. Los Angeles Capital Management LLC now owns 41,976 shares of the insurance provider’s stock valued at $263,000 after acquiring an additional 11,106 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in James River Group during the third quarter valued at approximately $157,000. Perpetual Ltd grew its stake in James River Group by 33.3% during the third quarter. Perpetual Ltd now owns 140,000 shares of the insurance provider’s stock valued at $878,000 after acquiring an additional 35,000 shares in the last quarter. Finally, CWM LLC grew its stake in James River Group by 40.7% during the third quarter. CWM LLC now owns 38,890 shares of the insurance provider’s stock valued at $244,000 after acquiring an additional 11,254 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.

James River Group Trading Up 1.7 %

Shares of JRVR opened at $4.71 on Thursday. The firm has a market cap of $178.18 million, a price-to-earnings ratio of -1.14 and a beta of 0.17. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.65 and a current ratio of 0.65. James River Group Holdings, Ltd. has a fifty-two week low of $4.35 and a fifty-two week high of $11.49. The firm has a 50 day moving average price of $6.06 and a 200-day moving average price of $7.04.

James River Group (NASDAQ:JRVR) last announced its quarterly earnings data on Monday, November 11th. The insurance provider reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.89). The business had revenue of $191.50 million during the quarter, compared to the consensus estimate of $137.28 million. James River Group had a positive return on equity of 3.90% and a negative net margin of 20.84%. The company’s revenue was down 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.48 earnings per share. As a group, equities research analysts forecast that James River Group Holdings, Ltd. will post -0.35 earnings per share for the current year.

James River Group Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a dividend of $0.01 per share. The ex-dividend date is Monday, December 16th. This represents a $0.04 dividend on an annualized basis and a yield of 0.85%. James River Group’s dividend payout ratio is currently -4.94%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. JMP Securities reduced 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 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 dropped their target price on shares of James River Group from $12.50 to $12.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, James River Group currently has an average rating of “Moderate Buy” and a consensus price target of $11.00.

James River Group Company 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.