Greenlight Reinsurance, Ltd. (GLRE) Upgraded to Hold at Zacks Investment Research
Greenlight Reinsurance, Ltd. (NASDAQ:GLRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
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 research analysts have also commented on the company. BidaskClub lowered Greenlight Reinsurance from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. ValuEngine upgraded Greenlight Reinsurance from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Finally, TheStreet upgraded Greenlight Reinsurance from a “c” rating to a “b-” rating in a research report on Wednesday.
Shares of Greenlight Reinsurance (NASDAQ GLRE) traded down $0.05 on Friday, reaching $21.90. The company’s stock had a trading volume of 41,726 shares, compared to its average volume of 93,090. The stock has a market capitalization of $817.90 million, a P/E ratio of 19.91 and a beta of 0.79.
Greenlight Reinsurance (NASDAQ:GLRE) last announced its quarterly earnings data on Monday, October 30th. The financial services provider reported $0.53 EPS for the quarter, missing the Zacks’ consensus estimate of $0.79 by ($0.26). The firm had revenue of $236.15 million during the quarter, compared to the consensus estimate of $200.80 million. Greenlight Reinsurance had a net margin of 5.91% and a return on equity of 4.74%. equities analysts forecast that Greenlight Reinsurance will post 0.5 EPS for the current year.
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In other news, Director Leonard R. Goldberg sold 1,754 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $22.76, for a total value of $39,921.04. Following the transaction, the director now directly owns 170,021 shares in the company, valued at approximately $3,869,677.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sherry Diaz sold 3,055 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $23.00, for a total value of $70,265.00. Following the completion of the transaction, the insider now owns 33,500 shares in the company, valued at $770,500. The disclosure for this sale can be found here. 21.81% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Nationwide Fund Advisors raised its stake in Greenlight Reinsurance by 72.0% during the 2nd quarter. Nationwide Fund Advisors now owns 38,808 shares of the financial services provider’s stock worth $811,000 after buying an additional 16,240 shares during the period. Two Sigma Investments LP acquired a new stake in Greenlight Reinsurance during the 4th quarter worth $1,947,000. Dimensional Fund Advisors LP raised its stake in Greenlight Reinsurance by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,635,474 shares of the financial services provider’s stock worth $37,289,000 after buying an additional 105,305 shares during the period. Bank of New York Mellon Corp raised its stake in Greenlight Reinsurance by 4.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 184,334 shares of the financial services provider’s stock worth $3,768,000 after buying an additional 7,040 shares during the period. Finally, CWA Asset Management Group LLC raised its stake in Greenlight Reinsurance by 14.8% during the 4th quarter. CWA Asset Management Group LLC now owns 52,063 shares of the financial services provider’s stock worth $1,187,000 after buying an additional 6,709 shares during the period. 45.48% of the stock is currently owned by institutional investors and hedge funds.
Greenlight Reinsurance Company Profile
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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