Greenlight Capital Re (NASDAQ:GLRE) Rating Increased to Hold at Zacks Research

Greenlight Capital Re (NASDAQ:GLRE) was upgraded by investment analysts at Zacks Research to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research analysts have also recently weighed in on the stock. Weiss Ratings raised shares of Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a research note on Tuesday, March 17th. Wall Street Zen cut Greenlight Capital Re from a “strong-buy” rating to a “hold” rating in a report on Saturday, May 9th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Greenlight Capital Re currently has an average rating of “Moderate Buy”.

Greenlight Capital Re Trading Down 2.7%

NASDAQ:GLRE opened at $15.89 on Wednesday. Greenlight Capital Re has a 52-week low of $11.56 and a 52-week high of $19.39. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $17.69 and a 200-day simple moving average of $15.28. The company has a market capitalization of $527.07 million, a PE ratio of 6.70 and a beta of 0.38.

Greenlight Capital Re (NASDAQ:GLRE) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.20). The business had revenue of $189.66 million for the quarter, compared to analysts’ expectations of $160.88 million. Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. On average, equities research analysts expect that Greenlight Capital Re will post 2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Greenlight Capital Re news, Director Joseph P. Platt, Jr. sold 23,613 shares of Greenlight Capital Re stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $18.01, for a total value of $425,270.13. Following the completion of the sale, the director directly owned 11,747 shares of the company’s stock, valued at approximately $211,563.47. The trade was a 66.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel David Sigmon sold 7,500 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $17.33, for a total value of $129,975.00. Following the completion of the transaction, the general counsel owned 32,678 shares of the company’s stock, valued at $566,309.74. This trade represents a 18.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 62,500 shares of company stock valued at $1,097,117. Company insiders own 24.67% of the company’s stock.

Institutional Investors Weigh In On Greenlight Capital Re

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in Greenlight Capital Re by 14.9% in the 1st quarter. Bank of America Corp DE now owns 88,059 shares of the financial services provider’s stock worth $1,523,000 after buying an additional 11,416 shares during the last quarter. Empowered Funds LLC grew its holdings in Greenlight Capital Re by 9.8% in the first quarter. Empowered Funds LLC now owns 178,029 shares of the financial services provider’s stock valued at $3,078,000 after purchasing an additional 15,845 shares during the period. Quantinno Capital Management LP increased its position in Greenlight Capital Re by 65.9% during the first quarter. Quantinno Capital Management LP now owns 51,526 shares of the financial services provider’s stock worth $891,000 after purchasing an additional 20,459 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Greenlight Capital Re during the first quarter worth approximately $1,343,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in Greenlight Capital Re by 64.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 127,798 shares of the financial services provider’s stock worth $2,210,000 after purchasing an additional 50,099 shares during the period. Hedge funds and other institutional investors own 41.52% of the company’s stock.

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.