Hsbc Holdings PLC Makes New Investment in Greenlight Capital Re, Ltd. $GLRE

Hsbc Holdings PLC bought a new position in shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE) in the first quarter, HoldingsChannel reports. The firm bought 47,283 shares of the financial services provider’s stock, valued at approximately $813,000.

Other hedge funds have also modified their holdings of the company. AQR Capital Management LLC boosted its stake in shares of Greenlight Capital Re by 61.1% in the first quarter. AQR Capital Management LLC now owns 44,893 shares of the financial services provider’s stock valued at $608,000 after buying an additional 17,029 shares in the last quarter. Empowered Funds LLC raised its position in Greenlight Capital Re by 8.3% in the first quarter. Empowered Funds LLC now owns 117,805 shares of the financial services provider’s stock worth $1,596,000 after acquiring an additional 9,066 shares in the last quarter. Jane Street Group LLC acquired a new stake in Greenlight Capital Re in the first quarter valued at $335,000. First Trust Advisors LP lifted its holdings in Greenlight Capital Re by 3.2% in the second quarter. First Trust Advisors LP now owns 81,531 shares of the financial services provider’s stock valued at $1,172,000 after acquiring an additional 2,553 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in shares of Greenlight Capital Re by 0.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider’s stock worth $9,532,000 after purchasing an additional 2,180 shares in the last quarter. 41.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on GLRE shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Greenlight Capital Re in a research note on Monday, July 6th. Wall Street Zen cut shares of Greenlight Capital Re from a “buy” rating to a “hold” rating in a research note on Sunday, June 7th. Finally, Zacks Research raised shares of Greenlight Capital Re to a “hold” rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

Insider Transactions at Greenlight Capital Re

In related news, COO Patrick O’brien sold 3,026 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $16.36, for a total value of $49,505.36. Following the sale, the chief operating officer directly owned 208,633 shares of the company’s stock, valued at approximately $3,413,235.88. This represents a 1.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ian Isaacs sold 9,230 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $16.33, for a total transaction of $150,725.90. Following the transaction, the director owned 60,191 shares of the company’s stock, valued at $982,919.03. This trade represents a 13.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 85,472 shares of company stock worth $1,472,107. Corporate insiders own 24.67% of the company’s stock.

Greenlight Capital Re Stock Performance

NASDAQ GLRE opened at $17.44 on Thursday. The business has a 50 day moving average price of $16.33 and a 200 day moving average price of $16.04. The company has a market capitalization of $578.48 million, a P/E ratio of 7.36 and a beta of 0.32. Greenlight Capital Re, Ltd. has a 1-year low of $11.56 and a 1-year high of $19.39. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.46 and a quick ratio of 2.46.

Greenlight Capital Re (NASDAQ:GLRE) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.20). The firm had revenue of $189.66 million for the quarter, compared to analysts’ expectations of $160.88 million. Greenlight Capital Re had a return on equity of 11.69% and a net margin of 11.47%. Sell-side analysts expect that Greenlight Capital Re, Ltd. will post 1.8 EPS for the current fiscal year.

About Greenlight Capital Re

Greenlight Capital Re Ltd. (NASDAQ: GLRE) is a Bermuda‐incorporated reinsurer externally managed by Greenlight Capital Re Services Ltd., a subsidiary of Greenlight Capital, Inc Since its formation in 2016 and subsequent initial public offering in 2017, the company has focused on providing customized reinsurance solutions to insurers worldwide. Greenlight Capital Re operates as an independent, publicly traded entity, leveraging the investment expertise and underwriting rigor that underpin its parent’s investment platform.

The company’s core business activities encompass both treaty and facultative reinsurance across a broad spectrum of property and casualty lines.