Zacks Investment Research lowered shares of Greenlight Reinsurance, Ltd. (NASDAQ:GLRE) from a buy rating to a hold rating in a research note published on Friday morning.

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. “

GLRE has been the topic of several other research reports. ValuEngine cut Greenlight Reinsurance from a buy rating to a hold rating in a research report on Tuesday, June 6th. TheStreet cut Greenlight Reinsurance from a b- rating to a c+ rating in a research report on Tuesday, May 9th. Finally, BidaskClub cut Greenlight Reinsurance from a hold rating to a sell rating in a research report on Wednesday, July 19th.

Greenlight Reinsurance (NASDAQ GLRE) opened at 22.00 on Friday. The company’s 50-day moving average is $21.84 and its 200 day moving average is $21.52. The company has a market cap of $821.50 million, a price-to-earnings ratio of 15.77 and a beta of 0.77. Greenlight Reinsurance has a 12 month low of $19.25 and a 12 month high of $24.10.

Greenlight Reinsurance (NASDAQ:GLRE) last released its quarterly earnings data on Monday, July 31st. The financial services provider reported ($0.96) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.00) by $0.04. The firm had revenue of $121.48 million during the quarter, compared to the consensus estimate of $139.90 million. Greenlight Reinsurance had a return on equity of 5.96% and a net margin of 8.42%. Equities analysts forecast that Greenlight Reinsurance will post $0.75 earnings per share for the current fiscal year.

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In related news, Director Leonard R. Goldberg sold 1,754 shares of Greenlight Reinsurance stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $22.76, for a total transaction of $39,921.04. Following the transaction, the director now owns 170,021 shares of the company’s stock, valued at $3,869,677.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Leonard R. Goldberg sold 1,659 shares of Greenlight Reinsurance stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $22.75, for a total value of $37,742.25. Following the transaction, the director now directly owns 170,021 shares in the company, valued at approximately $3,867,977.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,066 shares of company stock worth $181,317. 21.81% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new position in shares of Greenlight Reinsurance during the second quarter valued at about $113,000. Karp Capital Management Corp bought a new position in shares of Greenlight Reinsurance during the first quarter valued at about $213,000. UBS Asset Management Americas Inc. bought a new position in shares of Greenlight Reinsurance during the first quarter valued at about $236,000. Advisory Services Network LLC bought a new position in shares of Greenlight Reinsurance during the first quarter valued at about $237,000. Finally, Russell Investments Group Ltd. bought a new position in shares of Greenlight Reinsurance during the first quarter valued at about $239,000. 45.43% of the stock is currently owned by institutional investors.

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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