Greenlight Reinsurance, Ltd. to Post Q3 2017 Earnings of $0.65 Per Share, Langen Mcalenn Forecasts (GLRE)
Greenlight Reinsurance, Ltd. (NASDAQ:GLRE) – Research analysts at Langen Mcalenn lifted their Q3 2017 earnings per share (EPS) estimates for Greenlight Reinsurance in a report issued on Monday. Langen Mcalenn analyst R. Glasspiegel now anticipates that the financial services provider will post earnings per share of $0.65 for the quarter, up from their previous forecast of ($0.57). Langen Mcalenn also issued estimates for Greenlight Reinsurance’s FY2017 earnings at $0.50 EPS.
Greenlight Reinsurance (NASDAQ:GLRE) last announced its quarterly earnings results on Monday, July 31st. The financial services provider reported ($0.96) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.00) by $0.04. Greenlight Reinsurance had a return on equity of 5.96% and a net margin of 8.42%. The business had revenue of $121.48 million for the quarter, compared to analyst estimates of $139.90 million.
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Other equities analysts have also issued research reports about the stock. ValuEngine lowered shares of Greenlight Reinsurance from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research lowered shares of Greenlight Reinsurance from a “buy” rating to a “hold” rating in a research note on Friday, September 15th. Finally, BidaskClub lowered shares of Greenlight Reinsurance from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th.
Shares of Greenlight Reinsurance (NASDAQ GLRE) opened at 22.20 on Thursday. Greenlight Reinsurance has a 1-year low of $19.25 and a 1-year high of $24.10. The company has a 50-day moving average price of $21.56 and a 200-day moving average price of $21.31. The stock has a market cap of $828.97 million, a price-to-earnings ratio of 15.91 and a beta of 0.74.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Greenlight Reinsurance by 3.0% in the second quarter. Vanguard Group Inc. now owns 2,513,766 shares of the financial services provider’s stock valued at $52,538,000 after buying an additional 73,367 shares in the last quarter. Fiduciary Management Inc. WI lifted its position in shares of Greenlight Reinsurance by 0.6% during the second quarter. Fiduciary Management Inc. WI now owns 2,065,537 shares of the financial services provider’s stock worth $43,170,000 after purchasing an additional 11,692 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Greenlight Reinsurance by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,937,805 shares of the financial services provider’s stock worth $40,500,000 after purchasing an additional 145,473 shares in the last quarter. Morgan Stanley lifted its position in shares of Greenlight Reinsurance by 6.0% during the first quarter. Morgan Stanley now owns 899,461 shares of the financial services provider’s stock worth $19,879,000 after purchasing an additional 50,646 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Greenlight Reinsurance by 4.9% during the second quarter. State Street Corp now owns 600,463 shares of the financial services provider’s stock worth $12,549,000 after purchasing an additional 28,255 shares in the last quarter. Hedge funds and other institutional investors own 45.43% of the company’s stock.
In other news, Director Leonard R. Goldberg sold 1,754 shares of Greenlight Reinsurance stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $22.76, for a total transaction of $39,921.04. Following the sale, the director now directly owns 170,021 shares in the company, valued at approximately $3,869,677.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sherry Diaz sold 3,055 shares of Greenlight Reinsurance stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $23.00, for a total transaction of $70,265.00. Following the sale, the insider now owns 33,500 shares in the company, valued at $770,500. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,468 shares of company stock worth $147,928. Insiders own 21.81% of the company’s stock.
About Greenlight Reinsurance
Greenlight Capital Re, Ltd. is a holding company. The Company analyzes its underwriting operations using 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 significant losses emanating from one event or multiple events.
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