Greenlight Capital Re (NASDAQ:GLRE) Raised to “Hold” at Zacks Research

Greenlight Capital Re (NASDAQ:GLRE) was upgraded by analysts at Zacks Research to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

A number of other research firms have also commented on GLRE. Weiss Ratings upgraded shares of Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a research note on Tuesday, March 17th. Wall Street Zen downgraded Greenlight Capital Re from a “strong-buy” rating to a “hold” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Greenlight Capital Re currently has a consensus rating of “Moderate Buy”.

Greenlight Capital Re Price Performance

GLRE stock opened at $15.89 on Wednesday. The company has a market capitalization of $527.07 million, a P/E ratio of 6.70 and a beta of 0.38. Greenlight Capital Re has a twelve month low of $11.56 and a twelve month high of $19.39. The business has a 50 day simple moving average of $17.69 and a 200-day simple moving average of $15.28. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.01.

Greenlight Capital Re (NASDAQ:GLRE) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.20). Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. The business had revenue of $189.66 million during the quarter, compared to analyst estimates of $160.88 million. As a group, equities analysts anticipate that Greenlight Capital Re will post 2 EPS for the current year.

Insider Buying and Selling

In other news, General Counsel David Sigmon sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $17.33, for a total value of $129,975.00. Following the completion of the sale, the general counsel directly owned 32,678 shares of the company’s stock, valued at $566,309.74. This trade represents a 18.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph P. Platt, Jr. sold 11,747 shares of Greenlight Capital Re stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $16.87, for a total value of $198,171.89. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,500 shares of company stock worth $1,097,117 in the last ninety days. 24.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Greenlight Capital Re

Several institutional investors have recently made changes to their positions in GLRE. Private Management Group Inc. increased its holdings in shares of Greenlight Capital Re by 25.6% in the 4th quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider’s stock valued at $21,903,000 after purchasing an additional 306,468 shares in the last quarter. Vanguard Group Inc. grew its position in Greenlight Capital Re by 3.5% during the third quarter. Vanguard Group Inc. now owns 1,469,818 shares of the financial services provider’s stock worth $18,667,000 after buying an additional 49,929 shares during the period. CWA Asset Management Group LLC grew its position in Greenlight Capital Re by 6.9% during the fourth quarter. CWA Asset Management Group LLC now owns 977,105 shares of the financial services provider’s stock worth $14,246,000 after buying an additional 62,707 shares during the period. Ameriprise Financial Inc. increased its holdings in Greenlight Capital Re by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider’s stock valued at $9,532,000 after buying an additional 2,180 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Greenlight Capital Re by 4.1% in the fourth quarter. Wells Fargo & Company MN now owns 340,375 shares of the financial services provider’s stock valued at $4,963,000 after buying an additional 13,430 shares in the last quarter. 41.52% of the stock is currently owned by hedge funds and other institutional investors.

Greenlight Capital Re Company Profile

Greenlight Capital Re Ltd. (NASDAQ: GLRE) is a Bermuda‐incorporated reinsurer externally managed by Greenlight Capital Re Services Ltd., a subsidiary of Greenlight Capital, Inc Since its formation in 2016 and subsequent initial public offering in 2017, the company has focused on providing customized reinsurance solutions to insurers worldwide. Greenlight Capital Re operates as an independent, publicly traded entity, leveraging the investment expertise and underwriting rigor that underpin its parent’s investment platform.

The company’s core business activities encompass both treaty and facultative reinsurance across a broad spectrum of property and casualty lines.