Greenlight Reinsurance (NASDAQ:GLRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $24.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 6.43% from the stock’s previous close.

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. “

GLRE has been the topic of several other research reports. BidaskClub upgraded Greenlight Reinsurance from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. ValuEngine lowered Greenlight Reinsurance from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, TheStreet upgraded Greenlight Reinsurance from a “c” rating to a “b-” rating in a research note on Wednesday, November 1st.

Shares of Greenlight Reinsurance (NASDAQ:GLRE) opened at $22.55 on Tuesday. Greenlight Reinsurance has a twelve month low of $19.70 and a twelve month high of $24.10. The stock has a market capitalization of $829.10, a PE ratio of 20.18 and a beta of 0.79.

Greenlight Reinsurance (NASDAQ:GLRE) last released its earnings results on Monday, October 30th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.26). Greenlight Reinsurance had a return on equity of 4.74% and a net margin of 5.91%. The company had revenue of $236.15 million for the quarter, compared to the consensus estimate of $200.80 million. equities analysts expect that Greenlight Reinsurance will post 0.05 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. Usca Ria LLC raised its stake in Greenlight Reinsurance by 1.0% in the second quarter. Usca Ria LLC now owns 24,850 shares of the financial services provider’s stock valued at $519,000 after buying an additional 250 shares during the period. The Manufacturers Life Insurance Company raised its stake in Greenlight Reinsurance by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 22,861 shares of the financial services provider’s stock valued at $479,000 after buying an additional 649 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Greenlight Reinsurance by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 117,135 shares of the financial services provider’s stock valued at $2,449,000 after buying an additional 665 shares during the period. Parametric Portfolio Associates LLC grew its position in shares of Greenlight Reinsurance by 5.4% in the first quarter. Parametric Portfolio Associates LLC now owns 13,764 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 699 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Greenlight Reinsurance by 1.1% in the second quarter. Goldman Sachs Group Inc. now owns 94,232 shares of the financial services provider’s stock valued at $1,969,000 after purchasing an additional 998 shares during the last quarter. Hedge funds and other institutional investors own 47.04% of the company’s stock.

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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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