Greenlight Reinsurance, Ltd. (GLRE) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Greenlight Reinsurance, Ltd. (NASDAQ:GLRE) from a sell rating to a hold rating in a report published 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. “
Several other analysts also recently issued reports on the company. TheStreet upgraded Greenlight Reinsurance from a c rating to a b- rating in a report on Wednesday, November 1st. ValuEngine downgraded Greenlight Reinsurance from a buy rating to a hold rating in a report on Friday, September 1st. Finally, BidaskClub upgraded Greenlight Reinsurance from a sell rating to a hold rating in a report on Wednesday, August 2nd.
Shares of Greenlight Reinsurance (NASDAQ:GLRE) opened at $21.90 on Friday. Greenlight Reinsurance has a 1-year low of $19.65 and a 1-year high of $24.10. The firm has a market cap of $817.90, a PE ratio of 19.91 and a beta of 0.79.
Greenlight Reinsurance (NASDAQ:GLRE) last posted its quarterly earnings data on Monday, October 30th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by ($0.26). The company had revenue of $236.15 million for the quarter, compared to analyst estimates of $200.80 million. Greenlight Reinsurance had a return on equity of 4.74% and a net margin of 5.91%. research analysts anticipate that Greenlight Reinsurance will post 0.05 EPS for the current year.
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In other Greenlight Reinsurance news, Director Leonard R. Goldberg sold 1,754 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $22.76, for a total transaction of $39,921.04. Following the sale, the director now owns 170,021 shares in the company, valued at approximately $3,869,677.96. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Sherry Diaz sold 3,055 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were 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 approximately $770,500. The disclosure for this sale can be found here. 21.81% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of Greenlight Reinsurance in the 2nd quarter valued at about $113,000. Karp Capital Management Corp acquired a new position in shares of Greenlight Reinsurance in the 1st quarter valued at about $213,000. UBS Asset Management Americas Inc. acquired a new position in shares of Greenlight Reinsurance in the 1st quarter valued at about $236,000. Russell Investments Group Ltd. acquired a new position in shares of Greenlight Reinsurance in the 1st quarter valued at about $239,000. Finally, Stevens Capital Management LP acquired a new position in shares of Greenlight Reinsurance in the 3rd quarter valued at about $270,000. Institutional investors own 45.49% of the company’s stock.
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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