FBR Capital Raises Price Target on James River Group (JRVR) to $40; Reiterates Outperform
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FBR Capital reiterated an Outperform rating on James River Group Holdings (NASDAQ: JRVR), and raised the price target to $40.00 (from $36.00), after hosting meetings with management and investors. Gross and net premiums at JRVR are growing by 20% and 10%, respectively and FBR expects to see continued growth.
Analyst Randy Binner commented, "We recently hosted meetings with JRVR management and institutional investors and left with a number of favorable takeaways. Our core call continues to be that JRVR is a high-quality underwriter with excess reserves and capital that will support a 6%-plus all-in dividend yield. To this, we increasingly believe that JRVR’s growth profile is improving, moving away from the industry where growth is flat. Also, the name remains our top takeout idea, given 48% private equity ownership, and our anticipation of increased M&A for insurers in 2H16. We maintain our Outperform rating."
Shares of James River Group Holdings closed at $36.21 yesterday.
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