James River Group plummets after announcing Q1 loss, stock offering

James River group

05/05/2021 21:49

** James River Group Holdings  JRVR.O  shares down ~25% in
extended trading after property-casualty insurance firm
announces Q1 results and launches stock offering
    ** JRVR reports Q1 adj loss of $3.54, while Street consensus
view was 63 cents/sh profit, per Refinitiv data  urn:newsml:reuters.com:*:nGNX8dLJGh
    ** Co also announces $175 mln equity offering for general
corp purposes
    ** Barclays and KBW acting as jt bookrunners
    ** Co has ~30.77 mln shares outstanding for ~$1.4 bln market
cap, per Refinitiv
    ** Shares closed regular session on Weds down 1.7% at
$46.50, extending YTD loss to 5.4%
    ** Avg rating among 7 analysts covering JRVR is "buy" and
median PT is $58 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))