Greenlight Capital Re (NASDAQ:GLRE) Stock Rating Upgraded by Zacks Research

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

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

Greenlight Capital Re Stock Down 2.7%

GLRE opened at $15.89 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.46 and a quick ratio of 2.46. The company’s 50-day moving average is $17.69 and its 200 day moving average is $15.28. Greenlight Capital Re has a fifty-two week low of $11.56 and a fifty-two week high of $19.39. The firm has a market capitalization of $527.07 million, a P/E ratio of 6.70 and a beta of 0.38.

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

Insider Transactions at Greenlight Capital Re

In related news, General Counsel David Sigmon sold 7,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $17.33, for a total transaction of $129,975.00. Following the completion of the sale, the general counsel owned 32,678 shares in the company, valued at approximately $566,309.74. This trade represents a 18.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph P. Platt, Jr. sold 11,747 shares of Greenlight Capital Re stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $16.87, for a total transaction of $198,171.89. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,500 shares of company stock valued at $1,097,117 in the last 90 days. 24.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GLRE. AQR Capital Management LLC boosted its holdings in Greenlight Capital Re by 61.1% in the 1st quarter. AQR Capital Management LLC now owns 44,893 shares of the financial services provider’s stock worth $608,000 after buying an additional 17,029 shares during the period. Empowered Funds LLC boosted its holdings in Greenlight Capital Re by 8.3% in the 1st quarter. Empowered Funds LLC now owns 117,805 shares of the financial services provider’s stock worth $1,596,000 after buying an additional 9,066 shares during the period. Jane Street Group LLC bought a new position in Greenlight Capital Re in the 1st quarter worth approximately $335,000. First Trust Advisors LP boosted its holdings in Greenlight Capital Re by 3.2% in the 2nd quarter. First Trust Advisors LP now owns 81,531 shares of the financial services provider’s stock worth $1,172,000 after buying an additional 2,553 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in Greenlight Capital Re by 0.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider’s stock worth $9,532,000 after buying an additional 2,180 shares during the period. 41.52% of the stock is owned by institutional investors.

Greenlight Capital Re Company 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.