Greenlight Reinsurance, Ltd. (GLRE) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research lowered shares of Greenlight Reinsurance, Ltd. (NASDAQ:GLRE) from a buy rating to a hold rating in a research report report 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. “
Other research analysts have also recently issued research reports about the stock. ValuEngine raised shares of Greenlight Reinsurance from a hold rating to a buy rating in a research report on Friday, July 7th. BidaskClub raised shares of Greenlight Reinsurance from a sell rating to a hold rating in a research report on Wednesday, August 2nd.
Greenlight Reinsurance (NASDAQ GLRE) traded down 0.23% on Friday, reaching $21.65. 88,752 shares of the company traded hands. The stock has a market capitalization of $808.43 million, a price-to-earnings ratio of 15.52 and a beta of 0.75. The stock has a 50 day moving average of $21.93 and a 200-day moving average of $21.31. Greenlight Reinsurance has a 1-year low of $19.25 and a 1-year high of $24.10.
Greenlight Reinsurance (NASDAQ:GLRE) last posted its earnings results on Monday, July 31st. The financial services provider reported ($0.96) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.00) by $0.04. Greenlight Reinsurance had a net margin of 8.42% and a return on equity of 5.96%. The company had revenue of $121.48 million for the quarter, compared to analysts’ expectations of $139.90 million. On average, equities analysts anticipate that Greenlight Reinsurance will post $0.70 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 shares were sold at an average price of $22.76, for a total transaction of $39,921.04. Following the sale, the director now directly owns 170,021 shares in the company, valued at $3,869,677.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sherry Diaz sold 3,055 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $23.00, for a total transaction of $70,265.00. Following the sale, the insider now owns 33,500 shares in the company, valued at $770,500. The disclosure for this sale can be found here. Insiders sold 7,546 shares of company stock worth $170,771 in the last ninety days. 21.81% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Greenlight Reinsurance by 3.0% during the second quarter. Vanguard Group Inc. now owns 2,513,766 shares of the financial services provider’s stock worth $52,538,000 after purchasing an additional 73,367 shares during the period. Fiduciary Management Inc. WI increased its stake in Greenlight Reinsurance by 0.6% during the second quarter. Fiduciary Management Inc. WI now owns 2,065,537 shares of the financial services provider’s stock worth $43,170,000 after purchasing an additional 11,692 shares during the period. Dimensional Fund Advisors LP increased its stake in Greenlight Reinsurance by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,937,805 shares of the financial services provider’s stock worth $40,500,000 after purchasing an additional 145,473 shares during the period. Morgan Stanley increased its stake in Greenlight Reinsurance by 6.0% during the first quarter. Morgan Stanley now owns 899,461 shares of the financial services provider’s stock worth $19,879,000 after purchasing an additional 50,646 shares during the period. Finally, State Street Corp increased its stake in Greenlight Reinsurance by 4.9% during the second quarter. State Street Corp now owns 600,463 shares of the financial services provider’s stock worth $12,549,000 after purchasing an additional 28,255 shares during the period. Institutional investors own 45.43% 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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