Greenlight Capital Re Ltd. (GLRE) Stock Rating Lowered by Zacks Investment Research
Greenlight Capital Re Ltd. (NASDAQ:GLRE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday.
According to Zacks, “GREENLIGHT CAPITAL REINSURANCE LTD. is an AM Best A- (Excellent) rated specialty property and casualty reinsurance company based in the Cayman Islands. The Company provides a variety of custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces. Greenlight Re selectively offers customized reinsurance solutions in markets where capacity and alternatives are limited. With a focus on deriving superior returns from both sides of the balance sheet, Greenlight Re’s assets are managed according to a value-oriented equity-focused strategy that complements the Company’s business goal of long-term growth in book value per share. “
A number of other analysts have also recently commented on the company. Janney Montgomery Scott started coverage on Greenlight Capital Re in a research note on Wednesday, June 1st. They set a “buy” rating for the company. Langen Mcalenn reissued a “buy” rating on shares of Greenlight Capital Re in a research note on Wednesday, June 1st.
Greenlight Capital Re (NASDAQ:GLRE) opened at 20.05 on Monday. The company’s market cap is $748.27 million. The stock has a 50 day moving average of $20.76 and a 200-day moving average of $20.67. Greenlight Capital Re has a 52-week low of $16.05 and a 52-week high of $25.20.
Greenlight Capital Re (NASDAQ:GLRE) last announced its quarterly earnings results on Monday, August 1st. The company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates of ($1.09) by $0.60. On average, analysts forecast that Greenlight Capital Re will post $1.16 EPS for the current year.
In related news, Director Leonard R. Goldberg sold 5,555 shares of the stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $20.31, for a total transaction of $112,822.05. Following the completion of the sale, the director now directly owns 168,361 shares of the company’s stock, valued at approximately $3,419,411.91. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ian Isaacs sold 12,000 shares of the stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $21.45, for a total value of $257,400.00. Following the sale, the director now directly owns 42,830 shares of the company’s stock, valued at $918,703.50. The disclosure for this sale can be found here. Corporate insiders own 22.08% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. BBR Partners LLC increased its position in Greenlight Capital Re by 108.0% in the second quarter. BBR Partners LLC now owns 721,285 shares of the company’s stock worth $14,541,000 after buying an additional 374,492 shares during the period. Dimensional Fund Advisors LP increased its position in Greenlight Capital Re by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,478,950 shares of the company’s stock worth $29,815,000 after buying an additional 113,675 shares during the period. Weatherbie Capital LLC increased its position in Greenlight Capital Re by 14.9% in the second quarter. Weatherbie Capital LLC now owns 627,419 shares of the company’s stock worth $12,649,000 after buying an additional 81,227 shares during the period. Vanguard Group Inc. increased its position in Greenlight Capital Re by 4.0% in the second quarter. Vanguard Group Inc. now owns 2,117,881 shares of the company’s stock worth $42,696,000 after buying an additional 80,626 shares during the period. Finally, J.Safra Asset Management Corp purchased a new position in Greenlight Capital Re during the second quarter worth $1,411,000. 42.83% of the stock is owned by institutional investors and hedge funds.
About Greenlight Capital Re
Greenlight Capital Re, Ltd. is a property and casualty reinsurance holding company. The Company operates through property and casualty reinsurance segment. Its underwriting operations are classified into two categories: frequency business, which is characterized as contracts containing a number of small losses emanating from multiple events, and severity business, which is characterized as contracts with the potential for losses emanating from one event or multiple events.
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