Zacks Investment Research upgraded shares of Greenlight Capital Re (NASDAQ:GLRE) from a hold rating to a buy rating in a report published on Wednesday. They currently have $16.00 price objective on the financial services provider’s stock.
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 subject of several other reports. BidaskClub lowered Greenlight Capital Re from a hold rating to a sell rating in a report on Saturday, May 12th. ValuEngine lowered Greenlight Capital Re from a sell rating to a strong sell rating in a report on Monday, April 2nd. Finally, TheStreet lowered Greenlight Capital Re from a c rating to a d rating in a report on Friday, March 23rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $20.50.
Shares of Greenlight Capital Re opened at $13.80 on Wednesday, Marketbeat.com reports. The stock has a market cap of $514.26 million, a PE ratio of -11.40 and a beta of 0.88. Greenlight Capital Re has a 52-week low of $13.55 and a 52-week high of $23.15.
Greenlight Capital Re (NASDAQ:GLRE) last announced its quarterly earnings results on Monday, April 30th. The financial services provider reported ($3.85) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($4.43) by $0.58. The business had revenue of $0.14 million during the quarter, compared to analyst estimates of $30.20 million. Greenlight Capital Re had a negative return on equity of 23.81% and a negative net margin of 40.65%. sell-side analysts anticipate that Greenlight Capital Re will post -4.2 earnings per share for the current year.
In related news, insider Barry Brendan sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $15.34, for a total value of $383,500.00. Following the completion of the sale, the insider now directly owns 118,546 shares in the company, valued at approximately $1,818,495.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Leonard R. Goldberg bought 12,000 shares of Greenlight Capital Re stock in a transaction that occurred on Wednesday, June 6th. The stock was bought at an average price of $15.25 per share, with a total value of $183,000.00. Following the completion of the acquisition, the director now owns 166,641 shares in the company, valued at approximately $2,541,275.25. The disclosure for this purchase can be found here. 21.38% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Continental Advisors LLC acquired a new position in shares of Greenlight Capital Re during the first quarter worth approximately $5,657,000. River & Mercantile Asset Management LLP bought a new stake in shares of Greenlight Capital Re during the first quarter valued at approximately $4,974,000. Wells Fargo & Company MN increased its position in shares of Greenlight Capital Re by 110.3% during the first quarter. Wells Fargo & Company MN now owns 291,485 shares of the financial services provider’s stock valued at $4,678,000 after purchasing an additional 152,863 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Greenlight Capital Re by 6.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,285,367 shares of the financial services provider’s stock valued at $36,680,000 after purchasing an additional 131,632 shares during the period. Finally, Hourglass Capital LLC bought a new stake in shares of Greenlight Capital Re during the first quarter valued at approximately $2,111,000. Hedge funds and other institutional investors own 43.22% of the company’s stock.
Greenlight Capital Re Company Profile
Greenlight Capital Re, Ltd., through its subsidiaries, engages in the provision of property and casualty reinsurance products and services worldwide. Its frequency business comprises contracts containing small losses emanating from multiple events and enables the clients to increase their underwriting capacity; and severity business includes contracts with the potential for significant losses emanating from one event or various events.
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