Pinnacle Wealth Management Advisory Group LLC Sells 53,169 Shares of Greenlight Capital Re, Ltd. $GLRE

Pinnacle Wealth Management Advisory Group LLC lowered its stake in shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE) by 31.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 116,881 shares of the financial services provider’s stock after selling 53,169 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Greenlight Capital Re were worth $1,891,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GLRE. Private Management Group Inc. lifted its position in shares of Greenlight Capital Re by 25.6% during the 4th quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider’s stock valued at $21,903,000 after acquiring an additional 306,468 shares during the period. Pinnacle Associates Ltd. bought a new position in shares of Greenlight Capital Re in the fourth quarter worth $2,480,000. Millennium Management LLC raised its stake in Greenlight Capital Re by 546.5% in the fourth quarter. Millennium Management LLC now owns 199,314 shares of the financial services provider’s stock valued at $2,906,000 after purchasing an additional 168,486 shares in the last quarter. HRT Financial LP raised its stake in Greenlight Capital Re by 459.1% in the fourth quarter. HRT Financial LP now owns 118,654 shares of the financial services provider’s stock valued at $1,729,000 after purchasing an additional 97,433 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Greenlight Capital Re by 73.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 229,630 shares of the financial services provider’s stock worth $3,348,000 after purchasing an additional 96,983 shares during the period. Institutional investors own 41.52% of the company’s stock.

Insider Activity

In related news, COO Patrick O’brien sold 3,026 shares of Greenlight Capital Re stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $16.36, for a total transaction 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. The trade was a 1.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ian Isaacs sold 4,054 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $15.42, for a total transaction of $62,512.68. Following the transaction, the director owned 20,000 shares of the company’s stock, valued at approximately $308,400. This represents a 16.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 27,972 shares of company stock worth $452,099. Corporate insiders own 24.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on GLRE shares. Weiss Ratings lowered shares of Greenlight Capital Re from a “buy (b)” rating to a “hold (c+)” rating in a report on Wednesday, August 5th. Wall Street Zen downgraded shares of Greenlight Capital Re from a “buy” rating to a “hold” rating in a report on Sunday, June 7th. Finally, Zacks Research upgraded shares of Greenlight Capital Re to a “hold” rating in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold”.

Greenlight Capital Re Price Performance

Shares of GLRE stock opened at $14.98 on Thursday. The company has a quick ratio of 2.43, a current ratio of 2.43 and a debt-to-equity ratio of 0.01. Greenlight Capital Re, Ltd. has a twelve month low of $11.56 and a twelve month high of $19.39. The company has a market cap of $488.95 million, a P/E ratio of 10.19 and a beta of 0.32. The business has a fifty day simple moving average of $16.03 and a 200 day simple moving average of $16.42.

Greenlight Capital Re (NASDAQ:GLRE) last released its quarterly earnings data on Tuesday, August 4th. The financial services provider reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.54). The business had revenue of $137.46 million during the quarter, compared to analyst estimates of $165.31 million. Greenlight Capital Re had a net margin of 7.47% and a return on equity of 7.28%. On average, sell-side analysts forecast that Greenlight Capital Re, Ltd. will post 1.25 EPS for the current fiscal year.

Greenlight Capital Re Profile

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.