Greenlight Capital Re Ltd. (NASDAQ:GLRE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors 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. “

Greenlight Capital Re (NASDAQ:GLRE) opened at 22.60 on Friday. The firm has a 50-day moving average price of $20.45 and a 200-day moving average price of $20.38. The stock’s market cap is $844.47 million. Greenlight Capital Re has a 52 week low of $16.05 and a 52 week high of $22.95.

In related news, Director Ian Isaacs sold 12,000 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $21.45, for a total transaction of $257,400.00. Following the sale, the director now owns 42,830 shares of the company’s stock, valued at approximately $918,703.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Leonard R. Goldberg sold 5,700 shares of the firm’s stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $20.62, for a total value of $117,534.00. Following the sale, the director now directly owns 168,361 shares in the company, valued at approximately $3,471,603.82. The disclosure for this sale can be found here. 22.08% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of the company. Weatherbie Capital LLC increased its stake in shares of Greenlight Capital Re by 14.9% in the second quarter. Weatherbie Capital LLC now owns 627,419 shares of the company’s stock valued at $12,649,000 after buying an additional 81,227 shares during the last quarter. AXA acquired a new stake in shares of Greenlight Capital Re during the second quarter valued at approximately $256,000. Alliancebernstein L.P. increased its stake in shares of Greenlight Capital Re by 2.7% in the second quarter. Alliancebernstein L.P. now owns 50,145 shares of the company’s stock valued at $1,011,000 after buying an additional 1,300 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of Greenlight Capital Re by 0.9% in the second quarter. HighTower Advisors LLC now owns 52,998 shares of the company’s stock valued at $1,068,000 after buying an additional 493 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Greenlight Capital Re by 1.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 786,354 shares of the company’s stock valued at $15,853,000 after buying an additional 11,630 shares during the last quarter. 43.05% of the stock is currently owned by institutional investors and hedge funds.

Greenlight Capital Re Company Profile

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.

5 Day Chart for NASDAQ:GLRE

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