Greenlight Reinsurance, Ltd. (GLRE) Upgraded to Buy at ValuEngine
ValuEngine upgraded shares of Greenlight Reinsurance, Ltd. (NASDAQ:GLRE) from a hold rating to a buy rating in a report published on Monday.
GLRE has been the topic of a number of other reports. Zacks Investment Research raised shares of Greenlight Reinsurance from a strong sell rating to a hold rating in a report on Wednesday, April 19th. BidaskClub cut shares of Greenlight Reinsurance from a hold rating to a sell rating in a report on Wednesday, July 19th. Finally, TheStreet cut shares of Greenlight Reinsurance from a b- rating to a c+ rating in a report on Tuesday, May 9th.
Shares of Greenlight Reinsurance (NASDAQ GLRE) remained flat at $22.75 during midday trading on Monday. 27,677 shares of the stock traded hands. The firm has a market cap of $849.51 million, a price-to-earnings ratio of 16.31 and a beta of 0.77. The company has a 50-day moving average price of $20.94 and a 200 day moving average price of $21.54. Greenlight Reinsurance has a 12-month low of $19.25 and a 12-month high of $24.10.
Greenlight Reinsurance (NASDAQ:GLRE) last issued its earnings results on Monday, July 31st. The financial services provider reported ($0.96) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.00) by $0.04. The company had revenue of $121.48 million for the quarter, compared to analysts’ expectations of $139.90 million. Greenlight Reinsurance had a net margin of 8.42% and a return on equity of 5.96%. On average, equities research analysts predict that Greenlight Reinsurance will post $0.72 EPS for the current year.
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In other news, Director Leonard R. Goldberg sold 1,659 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $22.75, for a total value of $37,742.25. Following the sale, the director now directly owns 170,021 shares of the company’s stock, valued at approximately $3,867,977.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 3,257 shares of company stock worth $71,131. 21.81% of the stock is owned by insiders.
Large investors have recently modified their holdings of the stock. State Street Corp boosted its stake in shares of Greenlight Reinsurance by 9.7% in the fourth quarter. State Street Corp now owns 631,636 shares of the financial services provider’s stock worth $14,398,000 after buying an additional 55,606 shares during the last quarter. Norges Bank purchased a new stake in shares of Greenlight Reinsurance during the fourth quarter worth about $6,623,000. Moon Capital Management LLC boosted its stake in shares of Greenlight Reinsurance by 5.7% in the first quarter. Moon Capital Management LLC now owns 68,700 shares of the financial services provider’s stock worth $1,518,000 after buying an additional 3,705 shares during the last quarter. Citadel Advisors LLC boosted its stake in shares of Greenlight Reinsurance by 72.4% in the first quarter. Citadel Advisors LLC now owns 40,251 shares of the financial services provider’s stock worth $889,000 after buying an additional 16,903 shares during the last quarter. Finally, AXA purchased a new stake in shares of Greenlight Reinsurance during the first quarter worth about $375,000. 47.75% of the stock is currently owned by institutional investors.
About Greenlight Reinsurance
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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